Royce & Associates LP Sells 611,770 Shares of Movado Group Inc. (MOV)
Royce & Associates LP reduced its stake in Movado Group Inc. (NYSE:MOV) by 54.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 516,402 shares of the company’s stock after selling 611,770 shares during the period. Royce & Associates LP owned about 3.16% of Movado Group worth $13,039,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. raised its position in 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 during the last quarter. Arizona State Retirement System raised its position in 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 during the last quarter. Texas Permanent School Fund raised its position in Movado Group by 1.1% in the second quarter. Texas Permanent School Fund now owns 11,207 shares of the company’s stock valued at $283,000 after buying an additional 121 shares during the last quarter. Bank of Montreal Can raised its position in 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. Finally, Virginia Retirement Systems ET AL raised its position in Movado Group by 1.1% in the first quarter. Virginia Retirement Systems ET AL now owns 35,700 shares of the company’s stock valued at $891,000 after buying an additional 400 shares during the last quarter. 64.33% of the stock is owned by hedge funds and other institutional investors.
Movado Group Inc. (NYSE MOV) opened at 27.75 on Friday. The company’s 50-day moving average price is $24.43 and its 200 day moving average price is $23.76. The stock has a market capitalization of $633.84 million, a P/E ratio of 23.94 and a beta of 0.35. Movado Group Inc. has a 52 week low of $20.50 and a 52 week high of $31.95.
Movado Group (NYSE:MOV) last posted its quarterly earnings results on Tuesday, August 29th. The company reported $0.43 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.18. Movado Group had a return on equity of 7.74% and a net margin of 4.97%. The company had revenue of $128.80 million for the quarter, compared to analysts’ expectations of $122 million. During the same period last year, the firm earned $0.27 earnings per share. Movado Group’s quarterly revenue was up .5% on a year-over-year basis. Equities research analysts expect that Movado Group Inc. will post $1.61 EPS for the current fiscal year.
Movado Group announced that its board has authorized a share buyback plan on Tuesday, August 29th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its shares are undervalued.
The firm 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 $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend is Friday, September 8th. Movado Group’s dividend payout ratio is presently 45.22%.
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Several research analysts have recently commented on the company. ValuEngine lowered Movado Group from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Zacks Investment Research raised Movado Group from a “sell” rating to a “hold” rating in a research report on Wednesday, August 9th. Finally, BidaskClub lowered Movado Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the stock. Movado Group has an average rating of “Hold” and an average price target of $31.00.
Movado Group Company Profile
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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