Magnetar Financial LLC Invests $388,000 in Movado Group Inc. $MOV

Key Points

• Magnetar Financial LLC acquired a new stake in Movado Group Inc., purchasing 23,189 shares valued at approximately $388,000, representing about 0.10% ownership of the company.
• Movado Group announced a quarterly dividend of $0.35 per share, reflecting an annualized rate of $1.40 and a yield of 7.7%, with a payout ratio currently at 181.82%.
• Despite reporting an earnings per share of $0.23 for the last quarter, Movado Group missed analysts' expectations which were around $0.31, even though its revenue surpassed estimates at $161.83 million.

Magnetar Financial LLC bought a new stake in Movado Group Inc. (NYSE:MOV - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm bought 23,189 shares of the company's stock, valued at approximately $388,000. Magnetar Financial LLC owned 0.10% of Movado Group as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Trexquant Investment LP increased its holdings in Movado Group by 7.6% in the 1st quarter. Trexquant Investment LP now owns 90,520 shares of the company's stock valued at $1,513,000 after buying an additional 6,365 shares during the period. Teton Advisors Inc. grew its holdings in shares of Movado Group by 4.1% during the 1st quarter. Teton Advisors Inc. now owns 51,100 shares of the company's stock valued at $854,000 after purchasing an additional 2,000 shares during the last quarter. Algert Global LLC bought a new stake in shares of Movado Group during the 1st quarter valued at approximately $287,000. American Century Companies Inc. grew its holdings in shares of Movado Group by 5.8% during the 1st quarter. American Century Companies Inc. now owns 433,322 shares of the company's stock valued at $7,245,000 after purchasing an additional 23,737 shares during the last quarter. Finally, Nuveen LLC bought a new stake in shares of Movado Group during the 1st quarter valued at approximately $701,000. 72.08% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on MOV shares. Wall Street Zen raised shares of Movado Group from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Zacks Research lowered shares of Movado Group from a "hold" rating to a "strong sell" rating in a report on Tuesday. Finally, BWS Financial reaffirmed a "buy" rating and set a $31.50 price target on shares of Movado Group in a report on Friday, August 29th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $31.50.

Movado Group Trading Up 0.8%

MOV traded up $0.15 during trading on Friday, reaching $19.45. 354,013 shares of the company's stock were exchanged, compared to its average volume of 150,798. Movado Group Inc. has a one year low of $12.85 and a one year high of $22.20. The stock has a market capitalization of $432.61 million, a PE ratio of 25.26 and a beta of 1.24. The firm has a fifty day moving average price of $16.61 and a two-hundred day moving average price of $16.35.

Movado Group (NYSE:MOV - Get Free Report) last posted its earnings results on Thursday, August 28th. The company reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.31 by ($0.08). Movado Group had a return on equity of 5.45% and a net margin of 2.66%.The business had revenue of $161.83 million for the quarter, compared to the consensus estimate of $156.84 million. Sell-side analysts expect that Movado Group Inc. will post 1.05 earnings per share for the current year.

Movado Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Monday, September 8th will be given a $0.35 dividend. The ex-dividend date is Monday, September 8th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 7.2%. Movado Group's payout ratio is 181.82%.

Movado Group Profile

Movado Group, Inc designs, sources, markets, and distributes watches in the United States and internationally. The company operates in two segments, Watch and Accessory Brands, and Company Stores. The company offers its watches under the Movado, Concord, Ebel, Olivia Burton, and MVMT brands, as well as licensed brands comprising Coach, Tommy Hilfiger, HUGO BOSS, Lacoste, and Calvin Klein.