Movado Group Inc. (MOV) Shares Bought by Citadel Advisors LLC
Citadel Advisors LLC boosted its position in Movado Group Inc. (NYSE:MOV) by 22.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 66,987 shares of the company’s stock after purchasing an additional 12,275 shares during the period. Citadel Advisors LLC owned about 0.41% of Movado Group worth $1,691,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of MOV. Vanguard Group Inc. grew its holdings in Movado Group by 4.5% during the first quarter. Vanguard Group Inc. now owns 1,557,766 shares of the company’s stock valued at $38,866,000 after purchasing an additional 67,655 shares during the period. JPMorgan Chase & Co. increased its position in Movado Group by 36.9% in the first quarter. JPMorgan Chase & Co. now owns 1,097,610 shares of the company’s stock worth $27,386,000 after buying an additional 295,892 shares during the last quarter. FMR LLC increased its position in Movado Group by 62.5% in the second quarter. FMR LLC now owns 588,709 shares of the company’s stock worth $14,865,000 after buying an additional 226,510 shares during the last quarter. Deprince Race & Zollo Inc. purchased a new stake in Movado Group in the second quarter worth $10,666,000. Finally, Northern Trust Corp raised its stake in shares of Movado Group by 31.5% in the second quarter. Northern Trust Corp now owns 400,216 shares of the company’s stock valued at $10,105,000 after buying an additional 95,967 shares during the period. Institutional investors and hedge funds own 64.33% of the company’s stock.
MOV has been the topic of a number of recent research reports. ValuEngine raised Movado Group from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Zacks Investment Research upgraded Movado Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 9th. Finally, BidaskClub lowered Movado Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Movado Group has a consensus rating of “Buy” and a consensus price target of $30.33.
Shares of Movado Group Inc. (NYSE MOV) opened at 28.00 on Monday. Movado Group Inc. has a 52-week low of $20.50 and a 52-week high of $31.95. The company has a market cap of $643.19 million, a price-to-earnings ratio of 24.14 and a beta of 0.22. The stock has a 50 day moving average of $25.42 and a 200 day moving average of $23.94.
Movado Group (NYSE:MOV) last released its quarterly earnings results on Tuesday, August 29th. The company reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.25 by $0.18. Movado Group had a net margin of 4.97% and a return on equity of 7.74%. The firm had revenue of $128.80 million during the quarter, compared to analyst estimates of $122.00 million. During the same quarter in the prior year, the firm earned $0.27 EPS. The business’s revenue for the quarter was up .5% compared to the same quarter last year. On average, equities research analysts expect that Movado Group Inc. will post $1.63 EPS for the current year.
Movado Group announced that its Board of Directors has initiated a share repurchase plan on Tuesday, August 29th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 25th. Investors of record on Monday, September 11th were issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date was Friday, September 8th. Movado Group’s payout ratio is 45.22%.
In other Movado Group news, major shareholder Miriam Grinberg Phalen sold 2,504 shares of the company’s stock in a transaction that occurred on Tuesday, September 19th. The shares were sold at an average price of $27.38, for a total transaction of $68,559.52. Following the completion of the sale, the insider now directly owns 1,376 shares of the company’s stock, valued at $37,674.88. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Sallie A. Demarsilis sold 8,977 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $28.50, for a total transaction of $255,844.50. Following the sale, the chief financial officer now directly owns 37,379 shares of the company’s stock, valued at $1,065,301.50. The disclosure for this sale can be found here. In the last three months, insiders sold 14,611 shares of company stock worth $412,201. 33.30% of the stock is currently owned by insiders.
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.
Receive News & Stock Ratings for Movado Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Movado Group Inc. and related stocks with our FREE daily email newsletter.