Rhumbline Advisers Cuts Stock Position in Movado Group, Inc. (NYSE:MOV)

Rhumbline Advisers lessened its position in Movado Group, Inc. (NYSE:MOV) by 2.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 50,959 shares of the company’s stock after selling 1,203 shares during the quarter. Rhumbline Advisers owned approximately 0.23% of Movado Group worth $1,267,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of MOV. Innealta Capital LLC purchased a new stake in shares of Movado Group in the 2nd quarter valued at $25,000. Quadrant Capital Group LLC raised its holdings in shares of Movado Group by 112.4% in the 4th quarter. Quadrant Capital Group LLC now owns 1,060 shares of the company’s stock valued at $32,000 after buying an additional 561 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Movado Group by 1,246.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,906 shares of the company’s stock valued at $109,000 after buying an additional 3,616 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Movado Group in the 2nd quarter valued at $122,000. Finally, Banque Cantonale Vaudoise raised its holdings in shares of Movado Group by 117.2% in the 2nd quarter. Banque Cantonale Vaudoise now owns 5,581 shares of the company’s stock valued at $139,000 after buying an additional 3,011 shares during the period. Hedge funds and other institutional investors own 72.08% of the company’s stock.

Analysts Set New Price Targets

MOV has been the topic of several recent research reports. StockNews.com downgraded Movado Group from a “buy” rating to a “hold” rating in a report on Friday, September 6th. Benchmark restated a “buy” rating and set a $41.00 price target on shares of Movado Group in a report on Friday, May 31st.

Insider Transactions at Movado Group

In other news, SVP Michelle Kennedy sold 1,245 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $26.05, for a total transaction of $32,432.25. Following the completion of the transaction, the senior vice president now directly owns 12,202 shares of the company’s stock, valued at approximately $317,862.10. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 30.11% of the company’s stock.

Movado Group Price Performance

Shares of NYSE MOV opened at $19.86 on Friday. The stock’s 50-day moving average is $23.21 and its two-hundred day moving average is $25.14. Movado Group, Inc. has a 1-year low of $18.02 and a 1-year high of $31.44. The company has a market cap of $441.09 million, a price-to-earnings ratio of 11.09 and a beta of 1.00.

Movado Group (NYSE:MOV) last issued its quarterly earnings results on Thursday, September 5th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.03). The company had revenue of $159.31 million for the quarter. Movado Group had a return on equity of 7.23% and a net margin of 5.45%. During the same quarter last year, the business posted $0.38 EPS. Equities research analysts anticipate that Movado Group, Inc. will post 0.95 earnings per share for the current fiscal year.

Movado Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $1.40 annualized dividend and a dividend yield of 7.05%. Movado Group’s dividend payout ratio is currently 78.21%.

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.