Confluence Investment Management LLC Sells 17,547 Shares of Movado Group Inc. $MOV

Key Points

• Confluence Investment Management LLC reduced its stake in Movado Group Inc. by 10.3% in Q2, now owning 152,649 shares valued at approximately $2.33 million.
• Movado Group recently announced a quarterly dividend of $0.35 per share, with a dividend yield of 7.1% and a payout ratio of 181.82%.
• Movado Group's stock has a market cap of $437.89 million and has recently experienced a decline of 0.7% in share price.

Confluence Investment Management LLC lessened its stake in shares of Movado Group Inc. (NYSE:MOV - Free Report) by 10.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 152,649 shares of the company's stock after selling 17,547 shares during the quarter. Confluence Investment Management LLC owned 0.69% of Movado Group worth $2,328,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Coppell Advisory Solutions LLC increased its holdings in Movado Group by 14,191.7% during the 1st quarter. Coppell Advisory Solutions LLC now owns 1,715 shares of the company's stock valued at $29,000 after purchasing an additional 1,703 shares in the last quarter. GAMMA Investing LLC increased 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 valued at $48,000 after buying an additional 2,808 shares during the period. Harbor Capital Advisors Inc. increased 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 valued at $57,000 after buying an additional 3,211 shares during the period. Aigen Investment Management LP increased its stake in shares of Movado Group by 33.0% in the 1st quarter. Aigen Investment Management LP now owns 13,591 shares of the company's stock valued at $227,000 after buying an additional 3,371 shares during the period. Finally, Two Sigma Advisers LP increased 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 valued at $244,000 after buying an additional 2,400 shares during the period. Institutional investors own 72.08% of the company's stock.

Movado Group Stock Down 0.7%

Shares of Movado Group stock opened at $19.78 on Friday. Movado Group Inc. has a 12 month low of $12.85 and a 12 month high of $22.20. The business has a fifty day simple moving average of $16.95 and a 200 day simple moving average of $16.31. The stock has a market cap of $437.89 million, a PE ratio of 25.69 and a beta of 1.24.

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

Movado Group Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Monday, September 8th will be issued a dividend of $0.35 per share. The ex-dividend date is Monday, September 8th. This represents a $1.40 annualized dividend and a yield of 7.1%. Movado Group's payout ratio is currently 181.82%.

Analyst Ratings Changes

Several research firms have recently commented on MOV. Zacks Research cut Movado Group from a "hold" rating to a "strong sell" rating in a research note on Tuesday, September 2nd. BWS Financial reissued a "buy" rating and issued a $31.50 target price on shares of Movado Group in a research note on Friday, August 29th. Finally, Wall Street Zen raised Movado Group from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $31.50.

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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