Movado Group (MOV) Board Announces Share Buyback Program
Movado Group (NYSE:MOV) announced that its Board of Directors has initiated a share repurchase plan, which allows the company to buyback $50.00 million in outstanding shares on Tuesday, August 29th, EventVestor reports. This buyback authorization allows the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
Shares of Movado Group (MOV) opened at 27.40 on Friday. The firm’s 50-day moving average is $24.52 and its 200-day moving average is $23.76. Movado Group has a one year low of $20.50 and a one year high of $31.95. The company has a market cap of $625.84 million, a PE ratio of 23.64 and a beta of 0.35.
Movado Group (NYSE:MOV) last announced its quarterly earnings data 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. The firm had revenue of $128.80 million for the quarter, compared to the consensus estimate of $122 million. Movado Group had a net margin of 4.97% and a return on equity of 7.74%. The company’s revenue was up .5% on a year-over-year basis. During the same period last year, the firm earned $0.27 EPS. On average, equities analysts anticipate that Movado Group will post $1.61 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Monday, September 11th will be given a dividend of $0.13 per share. The ex-dividend date is Friday, September 8th. This represents a $0.52 annualized dividend and a dividend yield of 1.90%. Movado Group’s payout ratio is 45.22%.
A number of equities research analysts have issued reports on the stock. ValuEngine raised shares of Movado Group from a “hold” rating to a “buy” rating in a report on Friday. BidaskClub cut shares of Movado Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. Finally, Zacks Investment Research raised shares of Movado Group from a “sell” rating to a “hold” rating in a report on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. Movado Group has an average rating of “Hold” and a consensus price target of $31.00.
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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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