Movado Group Inc. (MOV) Sees Unusually-High Trading Volume on Earnings Beat
Movado Group Inc. (NYSE:MOV) shares saw unusually-strong trading volume on Tuesday following a better than expected earnings announcement. Approximately 1,180,207 shares changed hands during mid-day trading, an increase of 888% from the previous session’s volume of 119,488 shares.The stock last traded at $28.50 and had previously closed at $23.85.
The company reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.20. The firm had revenue of $128.80 million during the quarter, compared to analyst estimates of $122 million. Movado Group had a return on equity of 7.04% and a net margin of 5.13%. The business’s quarterly revenue was up .5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.27 earnings per share.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Monday, September 11th will be paid a dividend of $0.13 per share. The ex-dividend date is Friday, September 8th. This represents a $0.52 annualized dividend and a yield of 1.82%. Movado Group’s dividend payout ratio is presently 44.07%.
Several equities research analysts have commented on MOV shares. BidaskClub lowered Movado Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. Zacks Investment Research downgraded Movado Group from a “hold” rating to a “sell” rating in a research report on Thursday, June 1st. Finally, ValuEngine downgraded Movado Group from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $31.00.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Movado Group during the fourth quarter valued at about $3,209,000. Teachers Advisors LLC boosted its stake in shares of Movado Group by 11.1% in the fourth quarter. Teachers Advisors LLC now owns 34,936 shares of the company’s stock valued at $1,004,000 after buying an additional 3,477 shares during the last quarter. Bank of Montreal Can boosted its stake 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 during the last quarter. Nationwide Fund Advisors boosted its stake in shares of Movado Group by 75.4% in the first quarter. Nationwide Fund Advisors now owns 44,252 shares of the company’s stock valued at $1,104,000 after buying an additional 19,016 shares during the last quarter. Finally, First Midwest Bank Trust Division boosted its stake in shares of Movado Group by 3.3% in the first quarter. First Midwest Bank Trust Division now owns 15,273 shares of the company’s stock valued at $381,000 after buying an additional 487 shares during the last quarter. 64.33% of the stock is owned by hedge funds and other institutional investors.
The stock’s 50 day moving average is $24.12 and its 200 day moving average is $23.73. The stock has a market cap of $654.93 million, a PE ratio of 23.85 and a beta of 0.35.
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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