Bank of New York Mellon Corp Cuts Holdings in Movado Group Inc. (NYSE:MOV)

Bank of New York Mellon Corp trimmed its holdings in shares of Movado Group Inc. (NYSE:MOV - Free Report) by 10.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 196,770 shares of the company's stock after selling 22,732 shares during the period. Bank of New York Mellon Corp owned approximately 0.88% of Movado Group worth $3,290,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. KLP Kapitalforvaltning AS purchased a new position in shares of Movado Group in the 4th quarter worth $47,000. GAMMA Investing LLC boosted its stake in shares of Movado Group by 3,303.5% in the 1st quarter. GAMMA Investing LLC now owns 2,893 shares of the company's stock worth $48,000 after buying an additional 2,808 shares during the last quarter. Harbor Capital Advisors Inc. boosted its stake in shares of Movado Group by 1,597.5% in the 1st quarter. Harbor Capital Advisors Inc. now owns 3,412 shares of the company's stock worth $57,000 after buying an additional 3,211 shares during the last quarter. Two Sigma Advisers LP boosted its stake in shares of Movado Group by 24.0% in the 4th quarter. Two Sigma Advisers LP now owns 12,400 shares of the company's stock worth $244,000 after buying an additional 2,400 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of Movado Group by 18.4% in the 4th quarter. Wells Fargo & Company MN now owns 14,372 shares of the company's stock worth $283,000 after buying an additional 2,234 shares during the last quarter. 72.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Wall Street Zen upgraded Movado Group from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. BWS Financial restated a "buy" rating and issued a $31.50 price target on shares of Movado Group in a research note on Monday, June 2nd.

Movado Group Stock Performance

Shares of Movado Group stock opened at $16.74 on Friday. Movado Group Inc. has a one year low of $12.85 and a one year high of $26.51. The stock's fifty day moving average is $16.16 and its 200 day moving average is $16.88. The stock has a market cap of $372.25 million, a P/E ratio of 20.92 and a beta of 1.19.

Movado Group (NYSE:MOV - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.39 by ($0.31). The business had revenue of $131.77 million during the quarter, compared to analysts' expectations of $142.11 million. Movado Group had a net margin of 2.78% and a return on equity of 5.10%. Analysts predict that Movado Group Inc. will post 1.05 EPS for the current year.

Movado Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Thursday, June 12th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 8.36%. The ex-dividend date of this dividend was Thursday, June 12th. Movado Group's dividend payout ratio (DPR) is 175.00%.

About Movado Group

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.

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