VELA Investment Management LLC Has $2.40 Million Holdings in Movado Group Inc. (NYSE:MOV)

VELA Investment Management LLC raised its position in Movado Group Inc. (NYSE:MOV - Free Report) by 26.3% during the first quarter, according to its most recent filing with the SEC. The firm owned 143,397 shares of the company's stock after purchasing an additional 29,823 shares during the period. VELA Investment Management LLC owned 0.64% of Movado Group worth $2,398,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. KLP Kapitalforvaltning AS acquired a new position in shares of Movado Group in the 4th quarter worth approximately $47,000. GAMMA Investing LLC lifted its position in shares of Movado Group by 3,303.5% in the 1st quarter. GAMMA Investing LLC now owns 2,893 shares of the company's stock worth $48,000 after purchasing an additional 2,808 shares during the period. Harbor Capital Advisors Inc. lifted its position in shares of Movado Group by 1,597.5% in the 1st quarter. Harbor Capital Advisors Inc. now owns 3,412 shares of the company's stock worth $57,000 after purchasing an additional 3,211 shares during the period. Aigen Investment Management LP acquired a new position in shares of Movado Group in the 4th quarter worth approximately $201,000. Finally, Two Sigma Advisers LP lifted its position in shares of Movado Group by 24.0% in the 4th quarter. Two Sigma Advisers LP now owns 12,400 shares of the company's stock worth $244,000 after purchasing an additional 2,400 shares during the period. Institutional investors and hedge funds own 72.08% of the company's stock.

Movado Group Price Performance

Shares of Movado Group stock traded up $0.30 during trading on Friday, reaching $16.48. 99,728 shares of the company traded hands, compared to its average volume of 214,122. Movado Group Inc. has a 1-year low of $12.85 and a 1-year high of $26.59. The company has a 50 day moving average price of $15.79 and a 200-day moving average price of $17.24. The firm has a market capitalization of $366.52 million, a PE ratio of 20.60 and a beta of 1.19.

Movado Group (NYSE:MOV - Get Free Report) last released its earnings results on Thursday, May 29th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.39 by ($0.31). Movado Group had a net margin of 2.78% and a return on equity of 5.10%. The company had revenue of $131.77 million for the quarter, compared to analyst estimates of $142.11 million. Equities research analysts expect that Movado Group Inc. will post 1.05 earnings per share for the current year.

Movado Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Investors of record on Thursday, June 12th were issued a $0.35 dividend. The ex-dividend date was Thursday, June 12th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 8.50%. Movado Group's dividend payout ratio is presently 175.00%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MOV. BWS Financial restated a "buy" rating and issued a $31.50 price target on shares of Movado Group in a research report on Monday, June 2nd. Wall Street Zen upgraded shares of Movado Group from a "sell" rating to a "hold" rating in a research report on Friday, June 27th.

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.