31,698 Shares in Movado Group Inc. $MOV Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 31,698 shares of Movado Group during the second quarter, worth approximately $1.25 million and representing 0.14% of the company. Institutional investors collectively own 72.08% of MOV.
• Movado reported quarterly earnings of $0.54 per share, exceeding the $0.35 consensus estimate, while revenue of $169.75 million also surpassed expectations.
• The company paid a quarterly dividend of $0.40 per share, equivalent to a $1.60 annualized dividend and a 4.7% yield. Analysts maintain a consensus “Buy” rating with a $40 target price, compared with a recent share price of $33.90.

Bank of America Corp DE purchased a new stake in Movado Group Inc. (NYSE:MOV - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 31,698 shares of the company's stock, valued at approximately $1,246,000. Bank of America Corp DE owned 0.14% of Movado Group as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MOV. Allworth Financial LP acquired a new position in shares of Movado Group in the second quarter worth $27,000. Fifth Third Bancorp boosted its holdings in Movado Group by 16,040.0% in the first quarter. Fifth Third Bancorp now owns 1,614 shares of the company's stock valued at $39,000 after purchasing an additional 1,604 shares during the period. Legal & General Group Plc purchased a new stake in shares of Movado Group during the second quarter worth approximately $116,000. Lotus Technology Management LP acquired a new stake in Movado Group in the second quarter valued at approximately $222,000. Finally, IMC Chicago LLC acquired a new stake in Movado Group in the second quarter valued at approximately $230,000. Hedge funds and other institutional investors own 72.08% of the company's stock.

Movado Group Stock Up 1.9%

Shares of Movado Group stock opened at $33.90 on Friday. Movado Group Inc. has a 52 week low of $17.24 and a 52 week high of $40.50. The firm's 50 day moving average is $35.02 and its two-hundred day moving average is $32.77. The firm has a market capitalization of $756.26 million, a P/E ratio of 18.83 and a beta of 0.88.

Movado Group (NYSE:MOV - Get Free Report) last issued its quarterly earnings data on Wednesday, August 26th. The company reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.19. Movado Group had a net margin of 6.00% and a return on equity of 8.49%. The business had revenue of $169.75 million during the quarter, compared to the consensus estimate of $164.20 million. As a group, research analysts expect that Movado Group Inc. will post 1.94 earnings per share for the current fiscal year.

Movado Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 22nd. Investors of record on Tuesday, September 8th were paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 4.7%. The ex-dividend date was Tuesday, September 8th. Movado Group's dividend payout ratio (DPR) is currently 88.89%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on MOV. BWS Financial reiterated a "buy" rating and issued a $45.00 price target on shares of Movado Group in a research note on Tuesday, September 1st. Wall Street Zen downgraded shares of Movado Group from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 29th. Finally, Weiss Ratings lowered shares of Movado Group from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, September 22nd. Two investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Movado Group presently has an average rating of "Buy" and a consensus target price of $40.00.

About Movado Group

Movado Group, Inc is a designer, manufacturer, and distributor of watches and related accessories. The company's portfolio includes its flagship Movado brand, known for minimalist watch designs, as well as Ebel, Concord, MVMT, and Olivia Burton. Movado Group also markets watches under licensed and owned fashion brands, including Coach, Tommy Hilfiger, Hugo Boss, Lacoste, and Calvin Klein, subject to the terms of its licensing agreements.

Founded in 1881 in La Chaux-de-Fonds, Switzerland, Movado Group has developed into an international watch company headquartered in Paramus, New Jersey.

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