ClariVest Asset Management LLC trimmed its stake in shares of Movado Group, Inc (NYSE:MOV) by 4.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 90,294 shares of the company’s stock after selling 3,946 shares during the quarter. ClariVest Asset Management LLC’s holdings in Movado Group were worth $3,285,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in MOV. Group One Trading L.P. increased its stake in Movado Group by 1,741.9% during the 1st quarter. Group One Trading L.P. now owns 4,568 shares of the company’s stock worth $166,000 after purchasing an additional 4,320 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Movado Group during the 1st quarter valued at $220,000. State of Tennessee Treasury Department lifted its holdings in Movado Group by 7.7% during the 1st quarter. State of Tennessee Treasury Department now owns 16,995 shares of the company’s stock valued at $619,000 after purchasing an additional 1,216 shares during the last quarter. Dynamic Technology Lab Private Ltd lifted its holdings in Movado Group by 77.5% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 23,168 shares of the company’s stock valued at $843,000 after purchasing an additional 10,114 shares during the last quarter. Finally, Federated Investors Inc. PA lifted its holdings in shares of Movado Group by 16.4% during the first quarter. Federated Investors Inc. PA now owns 53,918 shares of the company’s stock worth $1,962,000 after buying an additional 7,587 shares in the last quarter. Institutional investors own 71.44% of the company’s stock.
Shares of MOV opened at $25.01 on Thursday. The company has a market capitalization of $591.41 million, a price-to-earnings ratio of 9.37 and a beta of 0.43. Movado Group, Inc has a 52-week low of $24.48 and a 52-week high of $52.10. The company has a current ratio of 3.99, a quick ratio of 2.40 and a debt-to-equity ratio of 0.26.
Movado Group (NYSE:MOV) last announced its quarterly earnings results on Thursday, May 30th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.06). Movado Group had a return on equity of 12.43% and a net margin of 8.22%. The company had revenue of $146.55 million for the quarter, compared to the consensus estimate of $148.70 million. During the same quarter last year, the company posted $0.37 EPS. The company’s quarterly revenue was up 15.3% compared to the same quarter last year. Equities analysts predict that Movado Group, Inc will post 2.75 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Tuesday, June 11th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, June 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.20%. Movado Group’s dividend payout ratio is presently 29.96%.
A number of research analysts recently commented on MOV shares. TheStreet cut Movado Group from a “b-” rating to a “c+” rating in a research report on Monday. Zacks Investment Research upgraded Movado Group from a “sell” rating to a “hold” rating in a research report on Friday, June 7th. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Movado Group presently has a consensus rating of “Buy” and an average target price of $49.00.
In related news, CEO Efraim Grinberg sold 20,000 shares of the stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $34.47, for a total transaction of $689,400.00. Following the sale, the chief executive officer now owns 204,829 shares of the company’s stock, valued at approximately $7,060,455.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 29.92% of the stock is owned by corporate insiders.
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.
Featured Article: Book Value Per Share – BVPS
Want to see what other hedge funds are holding MOV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Movado Group, Inc (NYSE:MOV).
Receive News & Ratings for Movado Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Movado Group and related companies with MarketBeat.com's FREE daily email newsletter.