Movado Group Inc. (MOV) CFO Sells $255,844.50 in Stock
Movado Group Inc. (NYSE:MOV) CFO Sallie A. Demarsilis sold 8,977 shares of the stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $28.50, for a total value of $255,844.50. Following the completion of the transaction, 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 filing with the SEC, which is available at this link.
Movado Group Inc. (NYSE:MOV) traded up 0.72% during midday trading on Thursday, reaching $27.80. The company had a trading volume of 132,840 shares. The firm has a 50-day moving average of $24.75 and a 200-day moving average of $23.77. Movado Group Inc. has a 12 month low of $20.50 and a 12 month high of $31.95. The stock has a market cap of $634.98 million, a P/E ratio of 23.99 and a beta of 0.20.
Movado Group (NYSE:MOV) last announced its quarterly earnings data on Tuesday, August 29th. The company reported $0.43 EPS for the quarter, beating the consensus estimate of $0.25 by $0.18. Movado Group had a net margin of 4.97% and a return on equity of 7.74%. The business had revenue of $128.80 million during the quarter, compared to the consensus estimate of $122 million. During the same period in the previous year, the business earned $0.27 earnings per share. The company’s revenue was up .5% on a year-over-year basis. On average, equities analysts expect that Movado Group Inc. will post $1.61 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 25th. Shareholders of record on Monday, September 11th will be given a dividend of $0.13 per share. The ex-dividend date is Friday, September 8th. This represents a $0.52 annualized dividend and a yield of 1.87%. Movado Group’s dividend payout ratio is currently 45.22%.
Movado Group declared that its Board of Directors has initiated a stock repurchase program on Tuesday, August 29th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.
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A number of equities research analysts recently weighed in on the company. Zacks Investment Research raised Movado Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price target for the company in a report on Saturday, September 2nd. ValuEngine raised Movado Group from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Finally, BidaskClub cut Movado Group from a “hold” rating to a “sell” rating in a report on Wednesday, August 23rd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $30.33.
Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Movado Group by 4.5% during the first quarter. Vanguard Group Inc. now owns 1,557,766 shares of the company’s stock worth $38,866,000 after buying an additional 67,655 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Movado Group by 36.9% during the first quarter. JPMorgan Chase & Co. now owns 1,097,610 shares of the company’s stock worth $27,386,000 after buying an additional 295,892 shares in the last quarter. FMR LLC increased its holdings in shares of Movado Group by 62.5% during the second quarter. FMR LLC now owns 588,709 shares of the company’s stock worth $14,865,000 after buying an additional 226,510 shares in the last quarter. Janus Henderson Group PLC acquired a new position in shares of Movado Group during the second quarter worth $13,810,000. Finally, Deprince Race & Zollo Inc. acquired a new position in shares of Movado Group during the second quarter worth $10,666,000. Institutional investors own 64.33% of the company’s stock.
Movado Group Company 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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