Movado Group Inc. (MOV) Stake Increased by Gamco Investors INC. ET AL
Gamco Investors INC. ET AL boosted its stake in Movado Group Inc. (NYSE:MOV) by 6.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 88,901 shares of the company’s stock after buying an additional 5,501 shares during the period. Gamco Investors INC. ET AL owned approximately 0.39% of Movado Group worth $2,245,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. PNC Financial Services Group Inc. increased its position in shares of Movado Group by 1.0% in the first quarter. PNC Financial Services Group Inc. now owns 4,777 shares of the company’s stock valued at $119,000 after buying an additional 47 shares in the last quarter. Mckinley Capital Management LLC Delaware purchased a new position in shares of Movado Group during the first quarter valued at $161,000. Bank of Montreal Can increased its position in shares of Movado Group by 3.6% in the first quarter. Bank of Montreal Can now owns 7,732 shares of the company’s stock valued at $193,000 after buying an additional 268 shares in the last quarter. Arizona State Retirement System increased its position in shares of Movado Group by 1.3% in the first quarter. Arizona State Retirement System now owns 8,023 shares of the company’s stock valued at $200,000 after buying an additional 100 shares in the last quarter. Finally, Brandes Investment Partners LP purchased a new position in shares of Movado Group during the first quarter valued at $217,000. 62.97% of the stock is owned by institutional investors.
Movado Group Inc. (MOV) opened at 23.70 on Friday. Movado Group Inc. has a 12-month low of $20.50 and a 12-month high of $31.95. The firm’s 50 day moving average is $24.12 and its 200 day moving average is $23.73. The company has a market cap of $544.63 million, a P/E ratio of 19.83 and a beta of 0.35.
Movado Group (NYSE:MOV) last announced its quarterly earnings results on Thursday, May 25th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.10 by $0.09. The company had revenue of $99.30 million during the quarter, compared to analysts’ expectations of $100.23 million. Movado Group had a net margin of 5.13% and a return on equity of 7.04%. The business’s revenue for the quarter was down 13.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.19 EPS. Equities research analysts anticipate that Movado Group Inc. will post $1.37 EPS for the current fiscal year.
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Several brokerages recently weighed in on MOV. ValuEngine raised shares of Movado Group from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Zacks Investment Research raised shares of Movado Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 9th. Finally, BidaskClub downgraded shares of Movado Group from a “hold” rating to a “sell” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $31.00.
About Movado Group
Movado Group, Inc designs, sources, markets and distributes watches. The Company operates through two segments: Wholesale and Retail. The Wholesale segment includes the design, development, sourcing, marketing and distribution of watches, and after-sales service activities and shipping. It sells all of its brands to jewelry store chains and department stores, as well as independent jewelers.
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