Principal Financial Group Inc. Raises Holdings in Movado Group, Inc (MOV)

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Principal Financial Group Inc. raised its stake in shares of Movado Group, Inc (NYSE:MOV) by 2.2% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 119,516 shares of the company’s stock after purchasing an additional 2,549 shares during the period. Principal Financial Group Inc.’s holdings in Movado Group were worth $4,589,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of MOV. Foundry Partners LLC boosted its position in shares of Movado Group by 6.6% during the 1st quarter. Foundry Partners LLC now owns 160,436 shares of the company’s stock valued at $6,161,000 after acquiring an additional 9,931 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in shares of Movado Group during the 1st quarter valued at about $218,000. Jane Street Group LLC acquired a new stake in shares of Movado Group during the 1st quarter valued at about $220,000. Hancock Holding Co. acquired a new stake in shares of Movado Group during the 1st quarter valued at about $1,190,000. Finally, Barclays PLC boosted its position in shares of Movado Group by 52.7% during the 1st quarter. Barclays PLC now owns 12,264 shares of the company’s stock valued at $471,000 after acquiring an additional 4,230 shares in the last quarter. 64.36% of the stock is owned by institutional investors.

Several analysts have recently weighed in on MOV shares. Zacks Investment Research lowered shares of Movado Group from a “buy” rating to a “hold” rating in a research report on Thursday, August 2nd. ValuEngine upgraded shares of Movado Group from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 1st. Finally, Sidoti lowered shares of Movado Group from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. Movado Group has a consensus rating of “Hold” and a consensus price target of $39.00.

In other Movado Group news, Director Richard Cote sold 2,215 shares of the business’s stock in a transaction dated Friday, June 15th. The shares were sold at an average price of $48.40, for a total value of $107,206.00. Following the transaction, the director now directly owns 187,283 shares in the company, valued at $9,064,497.20. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Alan H. Howard sold 7,500 shares of the business’s stock in a transaction dated Friday, June 1st. The shares were sold at an average price of $49.12, for a total transaction of $368,400.00. Following the completion of the transaction, the director now owns 38,479 shares in the company, valued at $1,890,088.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 114,448 shares of company stock worth $5,858,628. Company insiders own 30.56% of the company’s stock.

NYSE:MOV opened at $49.30 on Wednesday. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of 24.65 and a beta of -0.22. Movado Group, Inc has a 12 month low of $21.75 and a 12 month high of $53.72.

Movado Group (NYSE:MOV) last released its quarterly earnings results on Wednesday, May 30th. The company reported $0.37 EPS for the quarter, beating the Zacks’ consensus estimate of $0.11 by $0.26. The firm had revenue of $127.10 million for the quarter, compared to analyst estimates of $109.47 million. Movado Group had a negative net margin of 0.50% and a positive return on equity of 11.59%. The company’s revenue for the quarter was up 28.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.01 earnings per share. equities research analysts predict that Movado Group, Inc will post 2.41 EPS for the current year.

About Movado Group

Movado Group, Inc designs, develops, sources, markets, and distributes fine watches in the United States and internationally. The company operates in two segments, Wholesale and Retail. The company offers its watches under the Coach, Concord, Ebel, Olivia Burton, Rebecca Minkoff and Uri Minkoff, Scuderia Ferrari, HUGO BOSS, Juicy Couture, Lacoste, Movado, and Tommy Hilfiger brand names.

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

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