Movado Group Inc. $MOV Holdings Decreased by Confluence Investment Management LLC

Key Points

• Confluence Investment Management cut its Movado Group stake by 54.2% in the second quarter, selling 40,400 shares and retaining 34,155 shares worth approximately $1.34 million. Institutional investors collectively own 72.08% of MOV.
• Movado reported quarterly EPS of $0.32, beating the $0.06 consensus estimate, while revenue reached $142.4 million versus expectations of $135.12 million. Analysts project full-year EPS of $1.87.
• The company raised its quarterly dividend to $0.40 per share, equivalent to an annualized $1.60 payout and a 4.0% yield. MOV shares opened at $39.53, near their 52-week high, and analysts maintain an average “Buy” rating with a $40 target price.

Confluence Investment Management LLC reduced its position in shares of Movado Group Inc. (NYSE:MOV - Free Report) by 54.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 34,155 shares of the company's stock after selling 40,400 shares during the period. Confluence Investment Management LLC owned about 0.15% of Movado Group worth $1,343,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MOV. Deprince Race & Zollo Inc. increased its stake in Movado Group by 27.6% during the fourth quarter. Deprince Race & Zollo Inc. now owns 258,478 shares of the company's stock valued at $5,330,000 after purchasing an additional 55,967 shares during the last quarter. Strs Ohio lifted its position in shares of Movado Group by 671.9% in the 1st quarter. Strs Ohio now owns 24,700 shares of the company's stock worth $603,000 after buying an additional 21,500 shares during the last quarter. Lazard Asset Management LLC lifted its position in shares of Movado Group by 120.8% in the 1st quarter. Lazard Asset Management LLC now owns 124,643 shares of the company's stock worth $3,044,000 after buying an additional 68,201 shares during the last quarter. North Star Investment Management Corp. boosted its holdings in shares of Movado Group by 39.4% in the 1st quarter. North Star Investment Management Corp. now owns 131,025 shares of the company's stock valued at $3,200,000 after buying an additional 37,000 shares during the period. Finally, Ritholtz Wealth Management acquired a new position in shares of Movado Group in the 1st quarter valued at about $797,000. 72.08% of the stock is currently owned by institutional investors.

Movado Group Trading Up 1.5%

Shares of NYSE:MOV opened at $39.53 on Wednesday. The firm's 50 day moving average is $37.80 and its two-hundred day moving average is $29.66. The firm has a market capitalization of $872.82 million, a P/E ratio of 28.24 and a beta of 0.97. Movado Group Inc. has a 52 week low of $15.09 and a 52 week high of $39.88.

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 the consensus estimate of $0.06 by $0.26. Movado Group had a return on equity of 7.13% and a net margin of 4.70%.The business had revenue of $142.40 million during the quarter, compared to the consensus estimate of $135.12 million. During the same period in the previous year, the firm posted $0.06 earnings per share. Analysts predict that Movado Group Inc. will post 1.87 EPS for the current year.

Movado Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 24th. Shareholders 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 yield of 4.0%. Movado Group's payout ratio is presently 114.29%.

Analyst Ratings Changes

Several research firms recently weighed in on MOV. Zacks Research upgraded shares of Movado Group from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 29th. BWS Financial restated a "buy" rating and issued a $45.00 target price on shares of Movado Group in a research note on Monday, July 27th. Weiss Ratings lowered Movado Group from a "hold (c+)" rating to a "hold (c)" rating in a report on Thursday, May 28th. Finally, Northland Securities set a $35.00 price target on Movado Group in a research report on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price 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