Movado Group, Inc (MOV) Shares Up 5.9% Following Dividend Announcement

Movado Group, Inc (NYSE:MOV) shares traded up 5.9% during mid-day trading on Monday following a dividend announcement from the company. The company traded as high as $25.20 and last traded at $25.00, with a volume of 725,137 shares. The stock had previously closed at $23.60.

The newly announced dividend which will be paid on Friday, April 14th. Investors of record on Friday, March 31st will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.08%. Movado Group’s payout ratio is presently 32.10%.

Several analysts have issued reports on MOV shares. Cowen and Company dropped their price objective on Movado Group to $25.00 in a research note on Monday. Sidoti lowered Movado Group from a “buy” rating to a “neutral” rating and set a $34.00 price objective on the stock. in a research note on Wednesday, December 21st. TheStreet lowered Movado Group from a “b-” rating to a “c+” rating in a research note on Friday, March 10th. Finally, Zacks Investment Research upgraded Movado Group from a “hold” rating to a “strong-buy” rating and set a $34.00 price objective on the stock in a research note on Tuesday, November 29th. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $31.00.

The stock’s 50 day moving average is $24.83 and its 200-day moving average is $25.02. The firm has a market cap of $573.30 million, a PE ratio of 15.38 and a beta of 0.47.

Movado Group (NYSE:MOV) last issued its earnings results on Monday, March 20th. The company reported $0.22 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by $0.01. The firm earned $130.80 million during the quarter, compared to analyst estimates of $137.11 million. Movado Group had a net margin of 6.67% and a return on equity of 8.97%. The business’s quarterly revenue was down 8.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.40 earnings per share. Equities research analysts forecast that Movado Group, Inc will post $1.60 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the stock. Municipal Employees Retirement System of Michigan increased its stake in shares of Movado Group by 1.1% in the third quarter. Municipal Employees Retirement System of Michigan now owns 5,720 shares of the company’s stock valued at $123,000 after buying an additional 60 shares in the last quarter. Smith Asset Management Group LP increased its stake in shares of Movado Group by 2.0% in the third quarter. Smith Asset Management Group LP now owns 12,490 shares of the company’s stock valued at $268,000 after buying an additional 250 shares in the last quarter. Comerica Bank increased its stake in shares of Movado Group by 5.1% in the fourth quarter. Comerica Bank now owns 16,318 shares of the company’s stock valued at $433,000 after buying an additional 796 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in shares of Movado Group by 6.4% in the third quarter. Nisa Investment Advisors LLC now owns 16,700 shares of the company’s stock valued at $359,000 after buying an additional 1,000 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System increased its stake in shares of Movado Group by 10.3% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 24,149 shares of the company’s stock valued at $694,000 after buying an additional 2,252 shares in the last quarter. Institutional investors own 63.35% of the company’s stock.

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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, department stores and independent jewelers.

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