Smith Asset Management Group LP Has $209,000 Stake in Movado Group Inc. (MOV)
Smith Asset Management Group LP decreased its position in Movado Group Inc. (NYSE:MOV) by 31.8% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 8,260 shares of the company’s stock after selling 3,850 shares during the period. Smith Asset Management Group LP’s holdings in Movado Group were worth $209,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in MOV. State of Tennessee Treasury Department boosted its stake in shares of Movado Group by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 15,318 shares of the company’s stock worth $382,000 after buying an additional 2,312 shares during the period. Virginia Retirement Systems ET AL boosted its stake 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. TFS Capital LLC bought a new stake in shares of Movado Group during the first quarter worth approximately $1,117,000. Comerica Bank boosted its stake 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. Finally, Bank of New York Mellon Corp boosted its stake in shares of Movado Group by 4.7% in the first quarter. Bank of New York Mellon Corp now owns 273,985 shares of the company’s stock worth $6,836,000 after buying an additional 12,356 shares during the period. 62.97% of the stock is owned by institutional investors and hedge funds.
Shares of Movado Group Inc. (NYSE:MOV) opened at 23.10 on Wednesday. The firm has a market capitalization of $530.84 million, a PE ratio of 19.33 and a beta of 0.35. The company’s 50 day moving average price is $24.59 and its 200-day moving average price is $23.92. Movado Group Inc. has a 52 week low of $20.23 and a 52 week high of $31.95.
Movado Group (NYSE:MOV) last issued its earnings results on Thursday, May 25th. The company reported $0.01 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by $0.09. The firm had revenue of $99.30 million during the quarter, compared to analyst estimates of $100.23 million. Movado Group had a net margin of 5.13% and a return on equity of 7.04%. The business’s quarterly revenue was down 13.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.19 earnings per share. On average, equities research analysts expect that Movado Group Inc. will post $1.37 EPS for the current fiscal year.
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A number of equities research analysts recently commented on the company. Zacks Investment Research raised Movado Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 9th. ValuEngine cut Movado Group from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Three analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The company currently has an average 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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