Arizona State Retirement System Continues to Hold Position in Movado Group Inc. (MOV)

Arizona State Retirement System continued to hold its stake in shares of Movado Group Inc. (NYSE:MOV) during the second quarter, according to its most recent disclosure with the SEC. The fund owned 8,023 shares of the company’s stock at the close of the second quarter. Arizona State Retirement System’s holdings in Movado Group were worth $203,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in shares of Movado Group by 4.5% in the 1st quarter. Vanguard Group Inc. now owns 1,557,766 shares of the company’s stock valued at $38,866,000 after buying an additional 67,655 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Movado Group by 36.9% in the 1st quarter. JPMorgan Chase & Co. now owns 1,097,610 shares of the company’s stock valued at $27,386,000 after buying an additional 295,892 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Movado Group by 4.7% in the 1st quarter. Bank of New York Mellon Corp now owns 273,985 shares of the company’s stock valued at $6,836,000 after buying an additional 12,356 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Movado Group by 54.2% in the 1st quarter. Prudential Financial Inc. now owns 265,490 shares of the company’s stock valued at $6,624,000 after buying an additional 93,290 shares in the last quarter. Finally, LSV Asset Management raised its position in shares of Movado Group by 1.4% in the 1st quarter. LSV Asset Management now owns 231,972 shares of the company’s stock valued at $5,787,000 after buying an additional 3,200 shares in the last quarter. Institutional investors own 64.33% of the company’s stock.

Movado Group Inc. (NYSE MOV) opened at 27.20 on Wednesday. The firm has a market capitalization of $621.28 million, a PE ratio of 23.47 and a beta of 0.20. The stock has a 50 day moving average of $24.98 and a 200 day moving average of $23.83. Movado Group Inc. has a 12 month low of $20.50 and a 12 month high of $31.95.

Movado Group (NYSE:MOV) last announced its quarterly earnings results on Tuesday, August 29th. The company reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.25 by $0.18. Movado Group had a net margin of 4.97% and a return on equity of 7.74%. The firm had revenue of $128.80 million for the quarter, compared to the consensus estimate of $122.00 million. During the same period in the prior year, the firm posted $0.27 earnings per share. The company’s revenue for the quarter was up .5% on a year-over-year basis. On average, equities analysts predict that Movado Group Inc. will post $1.61 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 25th. Stockholders of record on Monday, September 11th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend is Friday, September 8th. Movado Group’s payout ratio is 45.22%.

Movado Group announced that its Board of Directors has initiated a share repurchase program on Tuesday, August 29th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

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In other news, CFO Sallie A. Demarsilis sold 8,977 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $28.50, for a total value of $255,844.50. Following the sale, the chief financial officer now directly owns 37,379 shares of the company’s stock, valued at $1,065,301.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Nathan Leventhal sold 3,130 shares of the stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $28.05, for a total transaction of $87,796.50. Following the completion of the sale, the director now directly owns 14,565 shares in the company, valued at $408,548.25. The disclosure for this sale can be found here. Corporate insiders own 33.30% of the company’s stock.

MOV has been the subject of several analyst reports. ValuEngine upgraded shares of Movado Group from a “hold” rating to a “buy” rating in a research report on Tuesday, July 25th. Zacks Investment Research upgraded shares of Movado Group from a “sell” rating to a “hold” rating in a research report on Tuesday, May 23rd. Finally, BidaskClub cut shares of Movado Group from a “hold” rating to a “sell” rating in a research report on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, one has issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $30.33.

Movado Group Profile

Movado Group, Inc designs, sources, markets and distributes watches. The Company operates through two segments: Wholesale and Retail. The Wholesale segment includes the design, development, sourcing, marketing and distribution of watches, and after-sales service activities and shipping. It sells all of its brands to jewelry store chains and department stores, as well as independent jewelers.

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Institutional Ownership by Quarter for Movado Group (NYSE:MOV)

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