Arrowstreet Capital Limited Partnership Trims Stock Holdings in Movado Group Inc. $MOV

Arrowstreet Capital Limited Partnership lowered its holdings in Movado Group Inc. (NYSE:MOV - Free Report) by 35.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 285,138 shares of the company's stock after selling 157,680 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 1.29% of Movado Group worth $6,963,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of MOV. PNC Financial Services Group Inc. raised its holdings in Movado Group by 39.1% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,598 shares of the company's stock valued at $33,000 after acquiring an additional 449 shares during the period. CANADA LIFE ASSURANCE Co grew its position in shares of Movado Group by 70.2% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,756 shares of the company's stock valued at $36,000 after purchasing an additional 724 shares in the last quarter. Comerica Bank grew its position in shares of Movado Group by 99.0% in the third quarter. Comerica Bank now owns 1,785 shares of the company's stock valued at $34,000 after purchasing an additional 888 shares in the last quarter. State of Wyoming grew its position in shares of Movado Group by 23.5% in the fourth quarter. State of Wyoming now owns 5,443 shares of the company's stock valued at $112,000 after purchasing an additional 1,036 shares in the last quarter. Finally, Royal Bank of Canada raised its stake in shares of Movado Group by 4.1% during the 1st quarter. Royal Bank of Canada now owns 26,524 shares of the company's stock valued at $444,000 after purchasing an additional 1,042 shares during the period. 72.08% of the stock is currently owned by hedge funds and other institutional investors.

Movado Group Stock Performance

Movado Group stock opened at $38.21 on Friday. The stock has a market cap of $843.59 million, a P/E ratio of 27.29 and a beta of 0.96. Movado Group Inc. has a fifty-two week low of $14.78 and a fifty-two week high of $39.85. The firm's fifty day moving average price is $37.40 and its 200-day moving average price is $29.38.

Movado Group (NYSE:MOV - Get Free Report) last issued its quarterly earnings data on Wednesday, May 27th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.26. Movado Group had a return on equity of 7.13% and a net margin of 4.70%.The company had revenue of $142.40 million for the quarter, compared to the consensus estimate of $135.12 million. During the same quarter last year, the business posted $0.06 earnings per share. Sell-side analysts predict that Movado Group Inc. will post 1.87 earnings per share for the current year.

Movado Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 24th. Stockholders of record on Wednesday, June 10th were given a dividend of $0.40 per share. This is a boost from Movado Group's previous quarterly dividend of $0.35. The ex-dividend date was Wednesday, June 10th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.2%. Movado Group's dividend payout ratio is 114.29%.

Analyst Upgrades and Downgrades

MOV has been the topic of a number of recent research reports. Zacks Research raised Movado Group from a "hold" rating to a "strong-buy" rating in a report on Friday, May 29th. BWS Financial reaffirmed a "buy" rating and set a $45.00 target price on shares of Movado Group in a report on Monday, July 27th. Northland Securities set a $35.00 price target on Movado Group in a research report on Wednesday, May 27th. Finally, Weiss Ratings downgraded shares of Movado Group from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, May 28th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, Movado Group has a consensus rating of "Buy" and a consensus target price of $40.00.

Movado Group Profile

Movado Group, Inc is a global designer, manufacturer and distributor of watches and related jewelry products. The company's portfolio encompasses both owned and licensed brands, offering a wide range of timepieces from luxury to accessible price points. Major owned brands include Movado, Concord, and Ebel, alongside newer acquisitions such as MVMT and Olivia Burton. In addition, Movado Group holds licensing agreements to produce watches under fashion names like Hugo Boss, Tommy Hilfiger, Coach, Lacoste and Scuderia Ferrari.

Movado Group's product line spans classic dress watches, sport and dive models, fashion-forward designs and limited-edition collections.

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