Municipal Employees Retirement System of Michigan Holds Position in Movado Group Inc. (MOV)
Municipal Employees Retirement System of Michigan held its stake in shares of Movado Group Inc. (NYSE:MOV) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,620 shares of the company’s stock at the end of the first quarter. Municipal Employees Retirement System of Michigan’s holdings in Movado Group were worth $165,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the company. Arizona State Retirement System raised its position in shares of Movado Group by 1.3% in the first quarter. Arizona State Retirement System now owns 8,023 shares of the company’s stock worth $200,000 after buying an additional 100 shares during the period. Bank of Montreal Can raised its position in shares of Movado Group by 3.6% in the first quarter. Bank of Montreal Can now owns 7,732 shares of the company’s stock worth $193,000 after buying an additional 268 shares during the period. Virginia Retirement Systems ET AL raised its position in shares of Movado Group by 1.1% in the first quarter. Virginia Retirement Systems ET AL now owns 35,700 shares of the company’s stock worth $891,000 after buying an additional 400 shares during the period. First Midwest Bank Trust Division raised its position in shares of Movado Group by 3.3% in the first quarter. First Midwest Bank Trust Division now owns 15,273 shares of the company’s stock worth $381,000 after buying an additional 487 shares during the period. Finally, Comerica Bank raised its position in shares of Movado Group by 3.7% in the first quarter. Comerica Bank now owns 16,920 shares of the company’s stock worth $405,000 after buying an additional 602 shares during the period. 64.66% of the stock is currently owned by hedge funds and other institutional investors.
Movado Group Inc. (NYSE:MOV) opened at 24.05 on Friday. Movado Group Inc. has a 12-month low of $20.23 and a 12-month high of $31.95. The firm has a market capitalization of $552.67 million, a price-to-earnings ratio of 20.13 and a beta of 0.35. The company’s 50-day moving average price is $22.64 and its 200-day moving average price is $24.76.
Movado Group (NYSE:MOV) last released its earnings results on Thursday, May 25th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by $0.09. The firm had revenue of $99.30 million for the quarter, compared to the consensus estimate of $100.23 million. Movado Group had a return on equity of 7.04% and a net margin of 5.13%. The company’s revenue was down 13.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.19 EPS. Equities analysts expect that Movado Group Inc. will post $1.37 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 20th. Stockholders of record on Tuesday, June 6th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, June 2nd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.16%. Movado Group’s payout ratio is currently 44.07%.
A number of research analysts have recently commented on MOV shares. Cowen and Company lowered their price target on Movado Group from $27.00 to $25.00 and set a “market perform” rating on the stock in a report on Monday, March 20th. Zacks Investment Research raised Movado Group from a “sell” rating to a “hold” rating in a report on Tuesday, May 23rd. Finally, ValuEngine lowered Movado Group from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $31.00.
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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