Macquarie Group Ltd. Takes $412,000 Position in Movado Group, Inc (MOV)
Macquarie Group Ltd. purchased a new position in shares of Movado Group, Inc (NYSE:MOV) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 14,700 shares of the company’s stock, valued at approximately $412,000. Macquarie Group Ltd. owned 0.06% of Movado Group as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Systematic Financial Management LP raised its stake in Movado Group by 9.2% during the second quarter. Systematic Financial Management LP now owns 69,041 shares of the company’s stock worth $1,743,000 after purchasing an additional 5,790 shares during the period. AHL Partners LLP purchased a new position in shares of Movado Group in the 2nd quarter valued at $403,000. Janus Henderson Group PLC purchased a new position in shares of Movado Group in the 2nd quarter valued at $13,810,000. Foundry Partners LLC raised its stake in shares of Movado Group by 7.5% in the 3rd quarter. Foundry Partners LLC now owns 145,772 shares of the company’s stock valued at $4,082,000 after acquiring an additional 10,196 shares during the period. Finally, Gamco Investors INC. ET AL raised its stake in shares of Movado Group by 6.6% in the 2nd quarter. Gamco Investors INC. ET AL now owns 88,901 shares of the company’s stock valued at $2,245,000 after acquiring an additional 5,501 shares during the period. 63.85% of the stock is currently owned by institutional investors.
In related news, CFO Sallie A. Demarsilis sold 5,401 shares of Movado Group stock in a transaction on Monday, November 27th. The shares were sold at an average price of $28.44, for a total transaction of $153,604.44. Following the sale, the chief financial officer now owns 31,978 shares of the company’s stock, valued at approximately $909,454.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Miriam Grinberg Phalen sold 2,504 shares of Movado Group stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $27.38, for a total transaction of $68,559.52. Following the sale, the insider now directly owns 1,376 shares in the company, valued at approximately $37,674.88. The disclosure for this sale can be found here. Insiders own 32.98% of the company’s stock.
MOV has been the topic of a number of research reports. ValuEngine raised shares of Movado Group from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. KeyCorp reissued a “hold” rating on shares of Movado Group in a research note on Wednesday, October 11th. BidaskClub downgraded shares of Movado Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. Finally, Zacks Investment Research raised shares of Movado Group from a “hold” rating to a “strong-buy” rating and set a $32.00 target price on the stock in a research note on Saturday, September 2nd. One research analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Movado Group has a consensus rating of “Buy” and a consensus price target of $30.33.
Movado Group, Inc (MOV) opened at $31.30 on Friday. Movado Group, Inc has a one year low of $20.50 and a one year high of $33.70. The company has a quick ratio of 3.12, a current ratio of 4.80 and a debt-to-equity ratio of 0.05. The company has a market cap of $689.32, a price-to-earnings ratio of 17.68 and a beta of 0.21.
Movado Group (NYSE:MOV) last issued its earnings results on Tuesday, November 21st. The company reported $1.04 EPS for the quarter, beating the Zacks’ consensus estimate of $0.86 by $0.18. Movado Group had a net margin of 4.35% and a return on equity of 8.34%. The business had revenue of $190.69 million for the quarter, compared to the consensus estimate of $176.33 million. During the same quarter last year, the firm posted $0.91 EPS. The business’s revenue for the quarter was up 6.0% compared to the same quarter last year. sell-side analysts forecast that Movado Group, Inc will post 1.74 earnings per share for the current year.
Movado Group announced that its board has initiated a stock buyback program on Tuesday, August 29th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Friday, December 1st were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.66%. The ex-dividend date was Thursday, November 30th. Movado Group’s dividend payout ratio (DPR) is 50.49%.
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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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