Man Group plc Makes New Investment in Movado Group Inc. $MOV

Key Points

• Man Group plc acquired 38,635 Movado Group shares worth approximately $1.52 million, giving it a 0.17% stake. Institutional investors collectively own 72.08% of the company.
• Movado Group exceeded quarterly expectations, reporting $0.54 earnings per share versus the $0.35 consensus estimate and revenue of $169.75 million versus $164.20 million expected.
• The company declared a quarterly dividend of $0.40 per share, or $1.60 annualized, representing a 4.7% yield; analysts maintain an overall “Buy” rating with an average price target of $40.

Man Group plc bought a new stake in Movado Group Inc. (NYSE:MOV - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 38,635 shares of the company's stock, valued at approximately $1,519,000. Man Group plc owned approximately 0.17% of Movado Group as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its position in Movado Group by 39.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,598 shares of the company's stock valued at $33,000 after buying an additional 449 shares during the last quarter. Allworth Financial LP purchased a new position in Movado Group during the 2nd quarter worth $27,000. CANADA LIFE ASSURANCE Co boosted its holdings in Movado Group by 70.2% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 1,756 shares of the company's stock worth $36,000 after acquiring an additional 724 shares during the last quarter. Comerica Bank grew its stake in shares of Movado Group by 99.0% in the 3rd quarter. Comerica Bank now owns 1,785 shares of the company's stock worth $34,000 after acquiring an additional 888 shares in the last quarter. Finally, State of Wyoming grew its stake in shares of Movado Group by 23.5% in the 4th quarter. State of Wyoming now owns 5,443 shares of the company's stock worth $112,000 after acquiring an additional 1,036 shares in the last quarter. Hedge funds and other institutional investors own 72.08% of the company's stock.

Movado Group Price Performance

NYSE MOV opened at $33.82 on Thursday. The business's fifty day moving average is $37.05 and its 200-day moving average is $31.47. The stock has a market capitalization of $746.75 million, a price-to-earnings ratio of 18.79 and a beta of 0.92. Movado Group Inc. has a one year low of $17.24 and a one year high of $40.50.

Movado Group (NYSE:MOV - Get Free Report) last posted its quarterly earnings results on Wednesday, August 26th. The company reported $0.54 earnings per share for the quarter, beating 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 company had revenue of $169.75 million during the quarter, compared to analyst estimates of $164.20 million. Research analysts expect that Movado Group Inc. will post 1.89 EPS for the current fiscal year.

Movado Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Tuesday, September 8th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend is Tuesday, September 8th. Movado Group's dividend payout ratio is currently 88.89%.

Analyst Ratings Changes

MOV has been the topic of a number of recent analyst reports. Northland Securities set a $35.00 price target on shares of Movado Group in a research report on Wednesday, May 27th. Wall Street Zen lowered shares of Movado Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 29th. BWS Financial reissued a "buy" rating and set a $45.00 target price on shares of Movado Group in a research report on Tuesday. Weiss Ratings restated a "hold (c)" rating on shares of Movado Group in a research note on Tuesday, August 25th. Finally, Zacks Research upgraded Movado Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 29th. Two research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $40.00.

About Movado Group

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.

Want to see what other hedge funds are holding MOV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Movado Group Inc. (NYSE:MOV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source