Movado Group (NYSE:MOV) Announces Earnings Results

Key Points

• Movado Group reported earnings of $0.23 per share for the quarter, falling $0.34 short of analysts' expectations of $0.57.
• The company declared a quarterly dividend of $0.35 per share, representing an annualized yield of 8.0% with a high payout ratio of 175%.
• Despite missing earnings estimates, analysts have a consensus rating of "Buy" for the stock, with a price target of $31.50.

Movado Group (NYSE:MOV - Get Free Report) posted its quarterly earnings results on Thursday. The company reported $0.23 earnings per share for the quarter, missing analysts' consensus estimates of $0.57 by ($0.34), Zacks reports. Movado Group had a net margin of 2.78% and a return on equity of 5.10%.

Movado Group Trading Up 2.5%

NYSE:MOV opened at $17.49 on Thursday. The stock has a market cap of $389.04 million, a P/E ratio of 21.87 and a beta of 1.24. The stock has a 50 day simple moving average of $16.14 and a 200 day simple moving average of $16.40. Movado Group has a 1-year low of $12.85 and a 1-year high of $24.67.

Movado Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Monday, September 8th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 8.0%. Movado Group's payout ratio is currently 175.00%.

Institutional Trading of Movado Group

Several hedge funds have recently added to or reduced their stakes in the company. State of Wyoming acquired a new stake in Movado Group during the 2nd quarter worth approximately $40,000. Tidal Investments LLC lifted its holdings in Movado Group by 33.0% during the 2nd quarter. Tidal Investments LLC now owns 28,405 shares of the company's stock worth $433,000 after purchasing an additional 7,049 shares during the last quarter. Lazard Asset Management LLC acquired a new stake in Movado Group during the 2nd quarter worth approximately $707,000. Bridgeway Capital Management LLC lifted its holdings in Movado Group by 7.3% during the 2nd quarter. Bridgeway Capital Management LLC now owns 270,757 shares of the company's stock worth $4,129,000 after purchasing an additional 18,327 shares during the last quarter. Finally, Brevan Howard Capital Management LP acquired a new stake in Movado Group during the 2nd quarter worth approximately $399,000. 72.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MOV shares. Wall Street Zen upgraded Movado Group from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. BWS Financial restated a "buy" rating and issued a $31.50 price target on shares of Movado Group in a research note on Monday, June 2nd. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $31.50.

Movado Group Company 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.

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