Movado Group Inc. (MOV) Shares Sold by Nationwide Fund Advisors
Nationwide Fund Advisors lessened its holdings in shares of Movado Group Inc. (NYSE:MOV) by 25.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 33,082 shares of the company’s stock after selling 11,170 shares during the quarter. Nationwide Fund Advisors owned about 0.20% of Movado Group worth $835,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the company. Systematic Financial Management LP boosted its position in shares of Movado Group by 9.2% during the 2nd quarter. Systematic Financial Management LP now owns 69,041 shares of the company’s stock valued at $1,743,000 after acquiring an additional 5,790 shares during the last quarter. Brandes Investment Partners LP boosted its position in shares of Movado Group by 1,536.0% during the 2nd quarter. Brandes Investment Partners LP now owns 142,429 shares of the company’s stock valued at $3,596,000 after acquiring an additional 133,723 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Movado Group by 0.3% during the 2nd quarter. Principal Financial Group Inc. now owns 117,851 shares of the company’s stock valued at $2,976,000 after acquiring an additional 367 shares during the last quarter. Balter Liquid Alternatives LLC bought a new stake in shares of Movado Group during the 2nd quarter valued at about $332,000. Finally, Victory Capital Management Inc. boosted its position in shares of Movado Group by 8.1% during the 2nd quarter. Victory Capital Management Inc. now owns 19,214 shares of the company’s stock valued at $485,000 after acquiring an additional 1,435 shares during the last quarter. Hedge funds and other institutional investors own 64.53% of the company’s stock.
Shares of Movado Group Inc. (NYSE MOV) opened at 28.20 on Friday. Movado Group Inc. has a 12 month low of $20.50 and a 12 month high of $31.95. The stock’s 50 day moving average price is $27.60 and its 200-day moving average price is $24.72. The company has a market cap of $647.78 million, a P/E ratio of 24.31 and a beta of 0.22.
Movado Group (NYSE:MOV) last released its earnings results on Tuesday, August 29th. The company reported $0.43 earnings per share (EPS) for the quarter, topping the 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 firm had revenue of $128.80 million during the quarter, compared to analysts’ expectations of $122.00 million. During the same quarter last year, the business posted $0.27 earnings per share. The firm’s revenue was up .5% on a year-over-year basis. Equities research analysts expect that Movado Group Inc. will post $1.63 earnings per share for the current year.
Movado Group declared that its Board of Directors has approved a share repurchase plan on Tuesday, August 29th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
MOV has been the subject of a number of research analyst reports. KeyCorp reiterated a “hold” rating on shares of Movado Group in a research report on Wednesday, October 11th. Zacks Investment Research upgraded Movado Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price target for the company in a research report on Saturday, September 2nd. BidaskClub downgraded Movado Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 23rd. Finally, ValuEngine downgraded Movado Group from a “buy” rating to a “hold” rating in a research report on Tuesday, August 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $30.33.
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In related news, major shareholder Miriam Grinberg Phalen sold 2,504 shares of the stock in a transaction dated Tuesday, September 19th. The stock was 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 owns 1,376 shares in the company, valued at $37,674.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Nathan Leventhal sold 3,130 shares of the stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $28.05, for a total value of $87,796.50. Following the sale, the director now owns 14,565 shares of the company’s stock, valued at approximately $408,548.25. The disclosure for this sale can be found here. Insiders have sold 14,611 shares of company stock valued at $412,201 in the last quarter. 32.98% of the stock is currently owned by company 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.
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