Russell Investments Group Ltd. Boosts Stake in Movado Group, Inc (MOV)

Russell Investments Group Ltd. lifted its holdings in Movado Group, Inc (NYSE:MOV) by 75.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,920 shares of the company’s stock after buying an additional 24,896 shares during the period. Russell Investments Group Ltd. owned approximately 0.25% of Movado Group worth $1,622,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Janus Henderson Group PLC purchased a new position in Movado Group during the second quarter worth about $13,810,000. FMR LLC raised its stake in 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 purchasing an additional 226,510 shares during the period. Brandes Investment Partners LP raised its stake in Movado Group by 1,536.0% during the second quarter. Brandes Investment Partners LP now owns 142,429 shares of the company’s stock worth $3,596,000 after purchasing an additional 133,723 shares during the period. Northern Trust Corp raised its stake in Movado Group by 31.5% during the second quarter. Northern Trust Corp now owns 400,216 shares of the company’s stock worth $10,105,000 after purchasing an additional 95,967 shares during the period. Finally, Balyasny Asset Management LLC purchased a new position in Movado Group during the second quarter worth about $1,721,000. 63.85% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Movado Group, Inc (NYSE MOV) opened at $32.05 on Tuesday. The stock has a market cap of $734.05, a P/E ratio of 31.12 and a beta of 0.21. Movado Group, Inc has a 52 week low of $20.50 and a 52 week high of $33.70. The company has a quick ratio of 3.12, a current ratio of 4.80 and a debt-to-equity ratio of 0.05.

Movado Group (NYSE:MOV) last released its quarterly earnings results on Tuesday, November 21st. The company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.18. The business had revenue of $190.69 million for the quarter, compared to the consensus estimate of $176.33 million. Movado Group had a net margin of 9.10% and a return on equity of 14.42%. The business’s revenue was up 6.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.91 EPS. sell-side analysts anticipate that Movado Group, Inc will post 1.74 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Friday, December 1st were paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend was Thursday, November 30th. Movado Group’s dividend payout ratio (DPR) is 50.49%.

Movado Group declared that its Board of Directors has authorized a share repurchase plan on Tuesday, August 29th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

A number of brokerages have commented on MOV. ValuEngine raised shares of Movado Group from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Zacks Investment Research raised shares of Movado Group from a “hold” rating to a “strong-buy” rating and set a $32.00 price target on the stock in a research note on Saturday, September 2nd. Finally, KeyCorp reissued a “hold” rating on shares of Movado Group in a research note on Wednesday, October 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $30.33.

In other news, CFO Sallie A. Demarsilis sold 5,401 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now directly owns 31,978 shares of the company’s stock, valued at approximately $909,454.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 32.98% of the stock is currently owned by insiders.

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Movado Group 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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Institutional Ownership by Quarter for Movado Group (NYSE:MOV)

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