Movado Group (NYSE:MOV) Announces Earnings Results, Misses Expectations By $0.31 EPS

Movado Group (NYSE:MOV) posted its earnings results on Thursday. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.39 by ($0.31), Zacks reports. The business had revenue of $131.77 million for the quarter, compared to analyst estimates of $142.11 million. Movado Group had a return on equity of 5.38% and a net margin of 3.62%.

Movado Group Stock Up 0.3%

Shares of NYSE MOV opened at $17.45 on Thursday. Movado Group has a fifty-two week low of $12.85 and a fifty-two week high of $27.28. The firm’s 50-day simple moving average is $15.35 and its 200 day simple moving average is $18.06. The stock has a market cap of $388.04 million, a P/E ratio of 16.78 and a beta of 1.17.

Movado Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 6th. Investors of record on Tuesday, April 22nd were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 8.02%. The ex-dividend date was Tuesday, April 22nd. Movado Group’s dividend payout ratio is currently 160.92%.

Institutional Investors Weigh In On Movado Group

Hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada grew its holdings in Movado Group by 4.1% during the first quarter. Royal Bank of Canada now owns 26,524 shares of the company’s stock worth $444,000 after acquiring an additional 1,042 shares during the period. Jane Street Group LLC boosted its position in Movado Group by 11.4% during the 1st quarter. Jane Street Group LLC now owns 104,188 shares of the company’s stock worth $1,742,000 after acquiring an additional 10,670 shares during the period. Empowered Funds LLC boosted its position in Movado Group by 5.5% during the 1st quarter. Empowered Funds LLC now owns 108,377 shares of the company’s stock worth $1,812,000 after acquiring an additional 5,697 shares during the period. AQR Capital Management LLC lifted its holdings in shares of Movado Group by 26.5% during the 1st quarter. AQR Capital Management LLC now owns 129,746 shares of the company’s stock valued at $2,169,000 after buying an additional 27,182 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Movado Group by 212.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 671,397 shares of the company’s stock valued at $11,226,000 after buying an additional 456,727 shares during the last quarter. 72.08% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MOV has been the subject of a number of analyst reports. Wall Street Zen cut Movado Group from a “buy” rating to a “hold” rating in a report on Wednesday, April 30th. BWS Financial restated a “buy” rating and set a $31.50 price objective on shares of Movado Group in a research note on Monday, April 21st.

About Movado Group

Movado Group, Inc designs, sources, markets, and distributes watches in the United States and internationally. The company operates in two segments, Watch and Accessory Brands, and Company Stores. The company offers its watches under the Movado, Concord, Ebel, Olivia Burton, and MVMT brands, as well as licensed brands comprising Coach, Tommy Hilfiger, HUGO BOSS, Lacoste, and Calvin Klein.