Dynamic Technology Lab Private Ltd Raises Stake in Movado Group Inc. $MOV

Key Points

• Dynamic Technology Lab Private Ltd increased its stake in Movado Group Inc. by 413.7% during Q1, owning approximately 0.33% of the company worth $1.24 million after acquiring additional shares.
• Multiple hedge funds have substantially raised their holdings in Movado Group, with GAMMA Investing increasing its stake by 3,303.5% in the first quarter.
• Movado Group announced a quarterly dividend of $0.35 per share, reflecting an annualized basis of $1.40 and a dividend yield of 7.2%.

Dynamic Technology Lab Private Ltd increased its position in shares of Movado Group Inc. (NYSE:MOV - Free Report) by 413.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 74,139 shares of the company's stock after purchasing an additional 59,707 shares during the period. Dynamic Technology Lab Private Ltd owned 0.33% of Movado Group worth $1,240,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MOV. Price T Rowe Associates Inc. MD increased its position in Movado Group by 3.5% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 25,395 shares of the company's stock worth $500,000 after purchasing an additional 848 shares during the last quarter. Ameriprise Financial Inc. increased its position in Movado Group by 19.3% during the fourth quarter. Ameriprise Financial Inc. now owns 549,455 shares of the company's stock worth $10,813,000 after purchasing an additional 88,778 shares during the last quarter. Bank of America Corp DE increased its position in Movado Group by 40.9% during the fourth quarter. Bank of America Corp DE now owns 36,545 shares of the company's stock worth $719,000 after purchasing an additional 10,609 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in Movado Group during the fourth quarter worth about $707,000. Finally, Cresset Asset Management LLC increased its position in Movado Group by 13.7% during the fourth quarter. Cresset Asset Management LLC now owns 38,433 shares of the company's stock worth $756,000 after purchasing an additional 4,618 shares during the last quarter. 72.08% of the stock is currently owned by institutional investors and hedge funds.

Movado Group Stock Down 0.7%

Shares of MOV traded down $0.13 during trading on Friday, reaching $19.78. 154,459 shares of the company traded hands, compared to its average volume of 174,090. Movado Group Inc. has a twelve month low of $12.85 and a twelve month high of $22.20. The stock has a market cap of $437.89 million, a PE ratio of 25.69 and a beta of 1.24. The stock has a 50-day simple moving average of $16.95 and a 200-day simple moving average of $16.31.

Movado Group (NYSE:MOV - Get Free Report) last posted its quarterly earnings data on Thursday, August 28th. The company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.08). Movado Group had a net margin of 2.66% and a return on equity of 5.45%. The business had revenue of $161.83 million during the quarter, compared to analysts' expectations of $156.84 million. On average, equities research 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 will be paid on Monday, September 22nd. Stockholders of record on Monday, September 8th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Monday, September 8th. This represents a $1.40 annualized dividend and a dividend yield of 7.1%. Movado Group's dividend payout ratio (DPR) is presently 181.82%.

Wall Street Analysts Forecast Growth

MOV has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Movado Group from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. BWS Financial restated a "buy" rating and set a $31.50 price objective on shares of Movado Group in a research report on Friday, August 29th. Finally, Zacks Research cut shares of Movado Group from a "hold" rating to a "strong sell" rating in a research report on Tuesday, September 2nd. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price 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.