Schroder Investment Management Group Sells 2,400 Shares of Movado Group, Inc (MOV)
Schroder Investment Management Group trimmed its position in shares of Movado Group, Inc (NYSE:MOV) by 26.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,730 shares of the company’s stock after selling 2,400 shares during the quarter. Schroder Investment Management Group’s holdings in Movado Group were worth $189,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in MOV. Teachers Advisors LLC lifted its stake in shares of Movado Group by 2.9% in the first quarter. Teachers Advisors LLC now owns 35,947 shares of the company’s stock worth $897,000 after acquiring an additional 1,011 shares during the period. Bank of America Corp DE lifted its stake in shares of Movado Group by 81.4% in the first quarter. Bank of America Corp DE now owns 26,348 shares of the company’s stock worth $657,000 after acquiring an additional 11,825 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Movado Group by 6.1% in the second quarter. Russell Investments Group Ltd. now owns 33,024 shares of the company’s stock worth $834,000 after acquiring an additional 1,888 shares during the period. Strs Ohio lifted its stake in shares of Movado Group by 26.0% in the second quarter. Strs Ohio now owns 29,100 shares of the company’s stock worth $734,000 after acquiring an additional 6,000 shares during the period. Finally, Texas Permanent School Fund lifted its stake in shares of Movado Group by 1.1% in the second quarter. Texas Permanent School Fund now owns 11,207 shares of the company’s stock worth $283,000 after acquiring an additional 121 shares during the period. 63.85% of the stock is currently owned by hedge funds and other institutional investors.
In other Movado Group news, CFO Sallie A. Demarsilis sold 5,401 shares of the business’s stock in a transaction that occurred on Monday, November 27th. The stock was sold at an average price of $28.44, for a total value of $153,604.44. Following the transaction, the chief financial officer now directly owns 31,978 shares of the company’s stock, valued at $909,454.32. The sale was disclosed in a legal filing with the SEC, which is available through this link. 33.30% of the stock is currently owned by insiders.
Movado Group (NYSE:MOV) last issued its quarterly earnings results on Tuesday, November 21st. The company reported $1.04 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.86 by $0.18. Movado Group had a return on equity of 8.34% and a net margin of 4.35%. The firm had revenue of $190.69 million for the quarter, compared to analyst estimates of $176.33 million. During the same period in the previous year, the firm earned $0.91 earnings per share. The company’s revenue was up 6.0% compared to the same quarter last year. equities research analysts anticipate that Movado Group, Inc will post 1.74 EPS for the current year.
Movado Group declared that its Board of Directors has initiated a stock 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 repurchase shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, December 1st were paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.64%. The ex-dividend date was Thursday, November 30th. Movado Group’s dividend payout ratio (DPR) is presently 50.49%.
MOV has been the topic of a number of recent analyst reports. Zacks Investment Research raised Movado Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price objective on the stock in a research note on Saturday, September 2nd. BidaskClub lowered Movado Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. ValuEngine raised Movado Group from a “hold” rating to a “buy” rating in a research note on Tuesday, December 5th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Movado Group in a research note on Wednesday, October 11th. One analyst has rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $30.33.
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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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