State of Tennessee Treasury Department Has $387,000 Stake in Movado Group Inc. (MOV)
State of Tennessee Treasury Department held its position in shares of Movado Group Inc. (NYSE:MOV) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 15,318 shares of the company’s stock at the close of the second quarter. State of Tennessee Treasury Department owned 0.09% of Movado Group worth $387,000 at the end of the most recent quarter.
Several other large investors have also added to or reduced their stakes in MOV. PNC Financial Services Group Inc. increased its holdings in shares of Movado Group by 1.0% during the first quarter. PNC Financial Services Group Inc. now owns 4,777 shares of the company’s stock valued at $119,000 after purchasing an additional 47 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of Movado Group by 13.3% during the second quarter. BNP Paribas Arbitrage SA now owns 6,617 shares of the company’s stock valued at $167,000 after purchasing an additional 776 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Movado Group by 3.6% during the first quarter. Bank of Montreal Can now owns 7,732 shares of the company’s stock valued at $193,000 after purchasing an additional 268 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Movado Group by 1.3% during the first quarter. Arizona State Retirement System now owns 8,023 shares of the company’s stock valued at $200,000 after purchasing an additional 100 shares in the last quarter. Finally, Thrivent Financial For Lutherans raised its stake in shares of Movado Group by 12.0% during the first quarter. Thrivent Financial For Lutherans now owns 9,240 shares of the company’s stock valued at $231,000 after purchasing an additional 990 shares in the last quarter. 64.33% of the stock is owned by institutional investors.
Shares of Movado Group Inc. (MOV) opened at 28.30 on Tuesday. The company has a market cap of $650.08 million, a PE ratio of 24.40 and a beta of 0.22. Movado Group Inc. has a one year low of $20.50 and a one year high of $31.95. The company’s 50-day moving average price is $26.10 and its 200 day moving average price is $24.26.
Movado Group (NYSE:MOV) last issued its quarterly earnings data on Tuesday, August 29th. The company reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.18. The firm had revenue of $128.80 million for the quarter, compared to analyst estimates of $122.00 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 quarter in the prior year, the firm earned $0.27 EPS. Equities analysts forecast that Movado Group Inc. will post $1.63 EPS for the current fiscal year.
Movado Group declared that its board has initiated a stock repurchase 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 an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which was paid on Monday, September 25th. Shareholders of record on Monday, September 11th were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date was Friday, September 8th. Movado Group’s dividend payout ratio is presently 45.22%.
MOV has been the subject of several research analyst reports. ValuEngine raised shares of Movado Group from a “hold” rating to a “buy” rating in a report on Tuesday, July 25th. Zacks Investment Research raised shares of Movado Group from a “sell” rating to a “hold” rating in a research note on Wednesday, August 9th. Finally, BidaskClub cut shares of Movado Group from a “hold” rating to a “sell” rating in a research note on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Movado Group currently has an average rating of “Buy” and an average target price of $30.33.
In other news, major shareholder Miriam Grinberg Phalen sold 2,504 shares of the stock in a transaction that occurred on Tuesday, September 19th. The shares were 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 of the company’s stock, valued at $37,674.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Sallie A. Demarsilis sold 8,977 shares of the stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $28.50, for a total transaction of $255,844.50. Following the sale, the chief financial officer now directly owns 37,379 shares in the company, valued at $1,065,301.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,611 shares of company stock valued at $412,201. Insiders own 33.30% of the company’s stock.
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Movado Group 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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