Movado Group Stock Price Down 7.4% Following Weak Earnings (MOV)
Movado Group (NYSE:MOV)’s share price traded down 7.4% during mid-day trading on Tuesday following a dissappointing earnings announcement, Analyst Ratings Net reports. The stock traded as low as $40.20 and last traded at $40.79, with a volume of 318,663 shares trading hands. The stock had previously closed at $44.04.
The company reported $0.44 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.54 by $0.10. The company had revenue of $143.60 million for the quarter. During the same quarter last year, the company posted $0.44 earnings per share. Movado Group’s revenue was up 3.8% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, September 19th. Shareholders of record on Friday, September 5th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.91%.
Separately, analysts at Barrington Research initiated coverage on shares of Movado Group in a research note on Monday, June 23rd. They set an “outperform” rating and a $49.00 price target on the stock.
The stock has a 50-day moving average of $41. and a 200-day moving average of $40.81. The company has a market cap of $1.032 billion and a P/E ratio of 22.69.
Movado Group, Inc (NYSE:MOV), designs, sources, markets and distributes fine watches.
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