Jacobs Levy Equity Management Inc. Decreases Stock Holdings in Movado Group Inc. $MOV

Key Points

• Jacobs Levy Equity Management Inc. has reduced its stake in Movado Group Inc. by 7.2%, holding now 285,535 shares worth $4.77 million.
• Movado Group reported a quarterly earnings miss with $0.23 EPS, below the consensus of $0.31, while revenue surpassed analyst estimates at $161.83 million.
• The company will pay a quarterly dividend of $0.35 per share, effective September 22, 2023, representing a 7% yield and highlighting a high dividend payout ratio of 181.82%.

Jacobs Levy Equity Management Inc. lowered its stake in shares of Movado Group Inc. (NYSE:MOV - Free Report) by 7.2% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 285,535 shares of the company's stock after selling 22,255 shares during the quarter. Jacobs Levy Equity Management Inc. owned 1.28% of Movado Group worth $4,774,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Bridgeway Capital Management LLC increased its position in shares of Movado Group by 15.6% during the 1st quarter. Bridgeway Capital Management LLC now owns 252,430 shares of the company's stock valued at $4,221,000 after purchasing an additional 33,997 shares during the last quarter. AQR Capital Management LLC grew its position in Movado Group by 26.5% in the 1st quarter. AQR Capital Management LLC now owns 129,746 shares of the company's stock valued at $2,169,000 after acquiring an additional 27,182 shares during the last quarter. Ancora Advisors LLC grew its position in Movado Group by 2.1% in the 1st quarter. Ancora Advisors LLC now owns 53,284 shares of the company's stock valued at $891,000 after acquiring an additional 1,087 shares during the last quarter. Cubist Systematic Strategies LLC grew its position in Movado Group by 293.4% in the 1st quarter. Cubist Systematic Strategies LLC now owns 97,842 shares of the company's stock valued at $1,636,000 after acquiring an additional 72,970 shares during the last quarter. Finally, Royal Bank of Canada grew its position in Movado Group by 4.1% in the 1st quarter. Royal Bank of Canada now owns 26,524 shares of the company's stock valued at $444,000 after acquiring an additional 1,042 shares during the last quarter. Institutional investors own 72.08% of the company's stock.

Movado Group Price Performance

Shares of MOV stock traded down $0.13 during mid-day trading on Friday, hitting $19.78. The stock had a trading volume of 154,459 shares, compared to its average volume of 172,393. Movado Group Inc. has a 12-month low of $12.85 and a 12-month high of $22.20. The firm has a market capitalization of $437.93 million, a P/E ratio of 25.69 and a beta of 1.23. The firm's 50-day moving average is $16.95 and its two-hundred day moving average is $16.29.

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

Movado Group Dividend Announcement

The company 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 $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 7.1%. The ex-dividend date is Monday, September 8th. Movado Group's dividend payout ratio is currently 181.82%.

Analyst Ratings Changes

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

Movado Group Profile

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.