Movado Group Sees Strong Trading Volume After Dividend Announcement (MOV)
Movado Group (NYSE:MOV) shares saw unusually-strong trading volume on Wednesday after the company announced a dividend, ARN reports. Approximately 467,788 shares were traded during mid-day trading, an increase of 132% from the previous session’s volume of 201,476 shares.The stock last traded at $38.79 and had previously closed at $40.64.
The newly announced dividend is scheduled for Friday, September 19th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 1.03%.
A number of research firms have recently commented on MOV. Analysts at Stephens downgraded shares of Movado Group from an “overweight” rating to an “equal weight” rating in a research note on Wednesday. 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. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Movado Group currently has a consensus rating of “Buy” and an average target price of $53.00.
The stock’s 50-day moving average is $41.06 and its 200-day moving average is $40.81. The company has a market cap of $981.4 million and a P/E ratio of 20.94.
Movado Group (NYSE:MOV) last released its earnings data on Tuesday, August 26th. The company reported $0.44 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.54 by $0.10. The company had revenue of $143.60 million for the quarter, compared to the consensus estimate of $152.91 million. During the same quarter in the prior year, the company posted $0.44 earnings per share. The company’s quarterly revenue was up 3.8% on a year-over-year basis. Analysts expect that Movado Group will post $2.46 EPS for the current fiscal year.
Movado Group, Inc (NYSE:MOV), designs, sources, markets and distributes fine watches.