Versor Investments LP Sells 23,543 Shares of Movado Group, Inc. (NYSE:MOV)

Posted by on Apr 15th, 2023

Versor Investments LP cut its stake in shares of Movado Group, Inc. (NYSE:MOV – Get Rating) by 64.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 13,257 shares of the company’s stock after selling 23,543 shares during the quarter. Versor Investments LP owned approximately 0.06% of Movado Group worth $428,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Hennessy Advisors Inc. raised its holdings in shares of Movado Group by 1.5% in the fourth quarter. Hennessy Advisors Inc. now owns 82,500 shares of the company’s stock valued at $2,661,000 after buying an additional 1,200 shares during the last quarter. Maryland State Retirement & Pension System bought a new position in shares of Movado Group in the fourth quarter valued at about $214,000. Diversified Trust Co bought a new position in shares of Movado Group in the fourth quarter valued at about $297,000. Gallacher Capital Management LLC bought a new position in shares of Movado Group in the fourth quarter valued at about $367,000. Finally, Assenagon Asset Management S.A. raised its holdings in shares of Movado Group by 3.0% in the fourth quarter. Assenagon Asset Management S.A. now owns 51,784 shares of the company’s stock valued at $1,670,000 after buying an additional 1,497 shares during the last quarter. 67.21% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

MOV has been the subject of a number of research analyst reports. StockNews.com initiated coverage on Movado Group in a report on Thursday, March 16th. They issued a “buy” rating for the company. TD Cowen cut their price target on Movado Group from $38.00 to $32.00 and set a “market perform” rating for the company in a report on Friday, March 24th.

Movado Group Stock Down 0.8 %

Shares of MOV stock opened at $26.22 on Friday. The stock has a 50-day moving average price of $31.91 and a 200 day moving average price of $32.30. The firm has a market cap of $580.51 million, a price-to-earnings ratio of 6.36 and a beta of 1.22. Movado Group, Inc. has a 12 month low of $24.81 and a 12 month high of $41.25.

Movado Group (NYSE:MOV – Get Rating) last announced its quarterly earnings data on Thursday, March 23rd. The company reported $1.03 EPS for the quarter. The firm had revenue of $194.27 million during the quarter. Movado Group had a return on equity of 20.09% and a net margin of 12.57%. Sell-side analysts predict that Movado Group, Inc. will post 2.79 earnings per share for the current fiscal year.

Movado Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 19th. Stockholders of record on Wednesday, April 5th will be given a dividend of $1.35 per share. This is a positive change from Movado Group’s previous quarterly dividend of $0.35. This represents a $5.40 annualized dividend and a dividend yield of 20.59%. The ex-dividend date of this dividend is Tuesday, April 4th. Movado Group’s payout ratio is presently 33.98%.

Movado Group Profile

(Get Rating)

Movado Group, Inc engages in the design, manufacture, and distribution of watches. It operates through the Watch and Accessory Brands, and Company Stores segments. The Watch and Accessory Brands segment includes the 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.

Featured Stories

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

Receive News & Ratings for Movado Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Movado Group and related companies with MarketBeat.com's FREE daily email newsletter.