Movado Group, Inc (NYSE:MOV) announced its quarterly earnings results on Monday. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by $0.01. The company had revenue of $130.80 million for the quarter, compared to analysts’ expectations of $137.11 million. Movado Group had a net margin of 6.67% and a return on equity of 8.97%. The business’s revenue was down 8.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.40 EPS. Movado Group updated its FY18 guidance to $1.40-1.55 EPS.
Shares of Movado Group (NYSE:MOV) opened at 23.60 on Monday. The stock has a market cap of $541.20 million, a P/E ratio of 14.51 and a beta of 0.47. The stock’s 50 day moving average is $24.83 and its 200-day moving average is $25.02. Movado Group has a one year low of $19.14 and a one year high of $31.95.
The business also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Stockholders of record on Friday, March 31st will be issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.20%. Movado Group’s payout ratio is presently 32.10%.
Several hedge funds have recently added to or reduced their stakes in the stock. Municipal Employees Retirement System of Michigan increased its stake in 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 during the last quarter. Smith Asset Management Group LP increased its stake in 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 during the last quarter. Comerica Bank increased its stake in 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 during the last quarter. Nisa Investment Advisors LLC increased its stake in 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 during the last quarter. Finally, State Board of Administration of Florida Retirement System increased its stake in 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 during the last quarter. Hedge funds and other institutional investors own 63.35% of the company’s stock.
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A number of analysts have recently issued reports on MOV shares. Zacks Investment Research downgraded shares of Movado Group from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 24th. Sidoti set a $34.00 price target on shares of Movado Group and gave the company a “buy” rating in a report on Tuesday, November 22nd. Finally, TheStreet raised shares of Movado Group from a “hold” rating to a “buy” rating in a report on Wednesday, December 7th. Three analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $30.67.
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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