Movado Group, Inc (NYSE:MOV) issued an update on its FY18 earnings guidance on Thursday morning. The company provided earnings per share guidance of $1.40-1.55 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $1.43. The company issued revenue guidance of $515-530 million, compared to the consensus revenue estimate of $520.27 million.
Shares of Movado Group, Inc (NYSE:MOV) opened at 22.15 on Friday. The stock has a 50 day moving average of $23.21 and a 200 day moving average of $25.61. The stock has a market cap of $508.36 million, a P/E ratio of 14.67 and a beta of 0.47. Movado Group, Inc has a one year low of $19.14 and a one year high of $31.95.
Movado Group (NYSE:MOV) last posted its quarterly earnings results on Thursday, May 25th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by $0.09. Movado Group had a return on equity of 8.97% and a net margin of 6.67%. The company had revenue of $99.30 million during the quarter, compared to analysts’ expectations of $100.23 million. During the same period in the prior year, the firm earned $0.19 EPS. Movado Group’s revenue for the quarter was down 13.0% compared to the same quarter last year. On average, analysts forecast that Movado Group, Inc will post $1.41 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 20th. Shareholders of record on Tuesday, June 6th will be paid a dividend of $0.13 per share. The ex-dividend date is Friday, June 2nd. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.35%. Movado Group’s dividend payout ratio is currently 32.10%.
A number of equities research analysts have issued reports on MOV shares. Zacks Investment Research upgraded Movado Group from a sell rating to a hold rating in a research note on Tuesday. Cowen and Company cut their price objective on Movado Group from $27.00 to $25.00 and set a market perform rating for the company in a research note on Monday, March 20th. TheStreet downgraded Movado Group from a b- rating to a c+ rating in a research note on Friday, March 10th. Finally, Sidoti upgraded Movado Group from a neutral rating to a buy rating and set a $34.00 price objective for the company in a research note on Monday, January 30th.
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Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE boosted its position in shares of Movado Group by 81.4% in the first quarter. Bank of America Corp DE now owns 26,348 shares of the company’s stock valued at $657,000 after buying an additional 11,825 shares during the last quarter. Renaissance Technologies LLC boosted its position in shares of Movado Group by 218.0% in the first quarter. Renaissance Technologies LLC now owns 91,900 shares of the company’s stock valued at $2,293,000 after buying an additional 63,000 shares during the last quarter. Vanguard Group Inc. boosted 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 buying an additional 67,655 shares during the last quarter. Finally, Teachers Advisors LLC boosted its position in shares of Movado Group by 2.9% in the first quarter. Teachers Advisors LLC now owns 35,947 shares of the company’s stock valued at $897,000 after buying an additional 1,011 shares during the last quarter. Hedge funds and other institutional investors own 63.35% of the company’s stock.
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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