JPMorgan Chase & Co. cut its position in Movado Group, Inc (NYSE:MOV) by 5.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 979,389 shares of the company’s stock after selling 52,689 shares during the period. JPMorgan Chase & Co. owned 4.26% of Movado Group worth $27,472,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently modified their holdings of MOV. Van Hulzen Asset Management LLC acquired a new position in Movado Group during the third quarter worth $210,000. Macquarie Group Ltd. acquired a new position in shares of Movado Group in the 3rd quarter valued at $412,000. SG Americas Securities LLC lifted its stake in shares of Movado Group by 38.2% in the 3rd quarter. SG Americas Securities LLC now owns 11,744 shares of the company’s stock valued at $329,000 after purchasing an additional 3,247 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Movado Group by 75.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 57,920 shares of the company’s stock valued at $1,622,000 after buying an additional 24,896 shares during the period. Finally, Deprince Race & Zollo Inc. increased its holdings in Movado Group by 3.7% during the 3rd quarter. Deprince Race & Zollo Inc. now owns 438,144 shares of the company’s stock worth $12,268,000 after purchasing an additional 15,730 shares during the period. 63.85% of the stock is currently owned by hedge funds and other institutional investors.
In related news, major shareholder Miriam Grinberg Phalen sold 2,504 shares of Movado Group stock in a transaction on Tuesday, September 19th. The stock was sold at an average price of $27.38, for a total value of $68,559.52. Following the transaction, the insider now owns 1,376 shares in the company, valued at $37,674.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sallie A. Demarsilis sold 5,401 shares of Movado Group stock in a transaction on Monday, November 27th. The shares were sold at an average price of $28.44, for a total value of $153,604.44. Following the completion of the transaction, the chief financial officer now owns 31,978 shares in the company, valued at approximately $909,454.32. The disclosure for this sale can be found here. Company insiders own 32.98% of the company’s stock.
Movado Group, Inc (NYSE:MOV) traded up $0.50 on Thursday, hitting $30.50. The stock had a trading volume of 63,700 shares, compared to its average volume of 138,564. The company has a quick ratio of 3.12, a current ratio of 4.80 and a debt-to-equity ratio of 0.05. The firm has a market cap of $688.17, a PE ratio of 17.65 and a beta of 0.21. Movado Group, Inc has a 1-year low of $20.50 and a 1-year high of $33.70.
Movado Group (NYSE:MOV) last posted its quarterly earnings results on Tuesday, November 21st. The company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.86 by $0.18. The business had revenue of $190.69 million during the quarter, compared to analysts’ expectations of $176.33 million. Movado Group had a return on equity of 8.34% and a net margin of 4.35%. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same period last year, the firm earned $0.91 EPS. sell-side analysts expect that Movado Group, Inc will post 1.74 EPS for the current fiscal year.
Movado Group announced that its Board of Directors has initiated a share buyback program on Tuesday, August 29th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to purchase shares of its stock through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Friday, December 1st will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Thursday, November 30th. Movado Group’s payout ratio is currently 50.49%.
About Movado Group
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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