Movado Group Inc. $MOV Shares Sold by VELA Investment Management LLC

Key Points

• VELA Investment Management cut its Movado Group stake by 37.9% in the second quarter, selling 68,082 shares and retaining 111,318 shares worth approximately $4.38 million. Institutional investors collectively own 72.08% of the company.
• Movado reported quarterly EPS of $0.54, exceeding the $0.35 consensus estimate, while revenue of $169.75 million also topped expectations. Shares opened at $33.91, with a 52-week range of $17.24 to $40.50.
• The company declared a quarterly dividend of $0.40 per share, equivalent to $1.60 annually and a 4.7% yield. Analysts maintain an overall “Buy” rating with an average price target of $40.00.

VELA Investment Management LLC decreased its position in shares of Movado Group Inc. (NYSE:MOV - Free Report) by 37.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 111,318 shares of the company's stock after selling 68,082 shares during the period. VELA Investment Management LLC owned about 0.50% of Movado Group worth $4,376,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Allworth Financial LP purchased a new position in Movado Group in the 2nd quarter valued at about $27,000. PNC Financial Services Group Inc. lifted its stake in shares of Movado Group by 39.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,598 shares of the company's stock worth $33,000 after acquiring an additional 449 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Movado Group by 16,040.0% in the first quarter. Fifth Third Bancorp now owns 1,614 shares of the company's stock valued at $39,000 after purchasing an additional 1,604 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its holdings in Movado Group by 70.2% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 1,756 shares of the company's stock valued at $36,000 after purchasing an additional 724 shares during the last quarter. Finally, Comerica Bank grew its stake in Movado Group by 99.0% during the 3rd quarter. Comerica Bank now owns 1,785 shares of the company's stock valued at $34,000 after purchasing an additional 888 shares in the last quarter. Institutional investors and hedge funds own 72.08% of the company's stock.

Movado Group Trading Down 0.2%

Shares of MOV opened at $33.91 on Monday. Movado Group Inc. has a 52 week low of $17.24 and a 52 week high of $40.50. The firm has a market cap of $756.53 million, a price-to-earnings ratio of 18.84 and a beta of 0.92. The stock has a 50 day moving average of $36.86 and a 200-day moving average of $31.60.

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 (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.19. Movado Group had a return on equity of 8.49% and a net margin of 6.00%.The business had revenue of $169.75 million for the quarter, compared to analyst estimates of $164.20 million. On average, sell-side analysts predict that Movado Group Inc. will post 1.94 earnings per share for the current fiscal year.

Movado Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Tuesday, September 8th will be issued 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 88.89%.

Analyst Ratings Changes

Several equities analysts have recently commented on MOV shares. Wall Street Zen cut Movado Group from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 29th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Movado Group in a report on Tuesday, August 25th. Northland Securities set a $35.00 price objective on shares of Movado Group in a research note on Wednesday, May 27th. BWS Financial reissued a "buy" rating and set a $45.00 price objective on shares of Movado Group in a report on Tuesday, September 1st. Finally, Zacks Research raised shares of Movado Group from a "hold" rating to a "strong-buy" rating in a research report on Friday, May 29th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, Movado Group currently has an average rating of "Buy" and an average target price of $40.00.

Movado Group Profile

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.

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