Royal Bank of Canada Cuts Stake in Movado Group Inc. (MOV)
Royal Bank of Canada lowered its stake in Movado Group Inc. (NYSE:MOV) by 27.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 23,173 shares of the company’s stock after selling 8,556 shares during the quarter. Royal Bank of Canada owned approximately 0.14% of Movado Group worth $585,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Systematic Financial Management LP increased its position in shares of Movado Group by 9.2% in the second 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. Vanguard Group Inc. increased its position in shares of Movado Group by 4.5% in the first quarter. Vanguard Group Inc. now owns 1,557,766 shares of the company’s stock valued at $38,866,000 after acquiring an additional 67,655 shares during the last quarter. AHL Partners LLP acquired a new stake in shares of Movado Group in the second quarter valued at about $403,000. Federated Investors Inc. PA increased its position in shares of Movado Group by 50.2% in the second quarter. Federated Investors Inc. PA now owns 40,164 shares of the company’s stock valued at $1,014,000 after acquiring an additional 13,430 shares during the last quarter. Finally, Thrivent Financial For Lutherans increased its position in shares of Movado Group by 12.0% in the first quarter. Thrivent Financial For Lutherans now owns 9,240 shares of the company’s stock valued at $231,000 after acquiring an additional 990 shares during the last quarter. 64.49% of the stock is currently owned by institutional investors and hedge funds.
In other news, CFO Sallie A. Demarsilis sold 8,977 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of C$28.50, for a total value of C$255,844.50. Following the transaction, the chief financial officer now owns 37,379 shares of the company’s stock, valued at C$1,065,301.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Nathan Leventhal sold 3,130 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of C$28.05, for a total value of C$87,796.50. Following the completion of the transaction, the director now directly owns 14,565 shares in the company, valued at approximately C$408,548.25. The disclosure for this sale can be found here. Insiders sold 14,611 shares of company stock worth $412,201 in the last ninety days. 32.98% of the stock is owned by company insiders.
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Movado Group Inc. (NYSE:MOV) opened at C$27.15 on Friday. The firm has a market capitalization of $623.64, a P/E ratio of 17.29 and a beta of 0.18. The company has a current ratio of 5.26, a quick ratio of 3.20 and a debt-to-equity ratio of 0.05. Movado Group Inc. has a 12-month low of C$20.50 and a 12-month high of C$31.95.
Movado Group (NYSE:MOV) last announced its quarterly earnings results on Tuesday, August 29th. The company reported C$0.43 earnings per share for the quarter, topping analysts’ consensus estimates of C$0.25 by C$0.18. The firm had revenue of C$128.80 million for the quarter, compared to the consensus estimate of C$122.00 million. Movado Group had a return on equity of 7.74% and a net margin of 4.97%. The business’s revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.27 earnings per share. equities analysts forecast that Movado Group Inc. will post 1.62 EPS for the current year.
Movado Group declared that its board has approved a stock repurchase plan on Tuesday, August 29th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
A number of analysts recently issued reports on MOV shares. ValuEngine raised Movado Group from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Zacks Investment Research raised Movado Group from a “hold” rating to a “strong-buy” rating and set a $32.00 target price on the stock 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, KeyCorp reissued a “hold” rating on shares of Movado Group in a research report on Wednesday, October 11th. One investment 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 stock. The stock currently has an average rating of “Buy” and a consensus target price of C$30.33.
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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