Movado Group (NYSE:MOV) Updates FY 2022 Earnings Guidance

Movado Group (NYSE:MOV) updated its FY 2022 earnings guidance on Tuesday. The company provided earnings per share guidance of $3.350-$3.450 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $2.950. The company issued revenue guidance of $715 million-$720 million, compared to the consensus revenue estimate of $716.20 million.

A number of research firms have recently weighed in on MOV. TheStreet upgraded Movado Group from a c rating to a b- rating in a research report on Thursday, August 26th. Zacks Investment Research downgraded Movado Group from a strong-buy rating to a strong sell rating in a research report on Thursday, October 28th.

Shares of MOV stock traded up $3.08 on Thursday, hitting $47.66. The company had a trading volume of 680,103 shares, compared to its average volume of 163,198. The stock’s 50-day moving average is $34.92 and its two-hundred day moving average is $32.45. The firm has a market cap of $1.10 billion, a P/E ratio of 15.18 and a beta of 1.29. Movado Group has a twelve month low of $16.01 and a twelve month high of $48.66.

Movado Group (NYSE:MOV) last issued its quarterly earnings results on Tuesday, November 23rd. The company reported $1.36 EPS for the quarter, topping the Zacks’ consensus estimate of $1.01 by $0.35. Movado Group had a return on equity of 15.73% and a net margin of 11.25%. During the same quarter last year, the company earned $0.70 EPS. As a group, analysts expect that Movado Group will post 2.95 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 17th. Shareholders of record on Friday, December 3rd will be paid a dividend of $0.25 per share. The ex-dividend date is Thursday, December 2nd. This represents a $1.00 annualized dividend and a yield of 2.10%. This is a positive change from Movado Group’s previous quarterly dividend of $0.20. Movado Group’s payout ratio is 25.48%.

In other Movado Group news, VP Mitchell Cole Sussis sold 10,324 shares of the stock in a transaction on Friday, August 27th. The stock was sold at an average price of $37.75, for a total value of $389,731.00. Following the completion of the sale, the vice president now owns 13,870 shares in the company, valued at approximately $523,592.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Alan H. Howard sold 2,109 shares of the firm’s stock in a transaction dated Monday, August 30th. The shares were sold at an average price of $38.00, for a total value of $80,142.00. The disclosure for this sale can be found here. Corporate insiders own 28.42% of the company’s stock.

Several institutional investors have recently modified their holdings of MOV. Renaissance Technologies LLC purchased a new position in Movado Group in the third quarter worth about $230,000. Jane Street Group LLC acquired a new position in Movado Group during the third quarter valued at $239,000. Royal Bank of Canada raised its position in shares of Movado Group by 4.3% in the third quarter. Royal Bank of Canada now owns 18,229 shares of the company’s stock worth $574,000 after acquiring an additional 752 shares during the period. BNP Paribas Arbitrage SA raised its position in shares of Movado Group by 85.5% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 22,407 shares of the company’s stock worth $706,000 after purchasing an additional 10,325 shares during the last quarter. Finally, Morgan Stanley grew its stake in Movado Group by 64.0% during the 2nd quarter. Morgan Stanley now owns 166,782 shares of the company’s stock valued at $5,248,000 after acquiring an additional 65,102 shares in the last quarter. Hedge funds and other institutional investors own 63.11% of the company’s stock.

Movado Group Company Profile

Movado Group, Inc engages in the design, manufacture, and distribution of watches. It operates through Watch and Accessory Brands and Company Stores segments. The Watch and Accessory Brands segment include distribution of watches and, to a lesser extent, jewelry and other accessories, of owned and licensed brands, in addition to revenue generated from after-sales service activities and shipping.

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