Denali Advisors LLC Reduces Position in Movado Group Inc. $MOV

Denali Advisors LLC lessened its holdings in shares of Movado Group Inc. (NYSE:MOV) by 59.7% during the 2nd quarter, HoldingsChannel reports. The fund owned 73,377 shares of the company’s stock after selling 108,814 shares during the quarter. Denali Advisors LLC’s holdings in Movado Group were worth $1,119,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Royce & Associates LP boosted its stake in shares of Movado Group by 10.3% during the 1st quarter. Royce & Associates LP now owns 1,628,031 shares of the company’s stock worth $27,221,000 after acquiring an additional 152,677 shares during the last quarter. Goldman Sachs Group Inc. raised its position 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 purchasing an additional 456,727 shares during the period. American Century Companies Inc. raised its position in shares of Movado Group by 5.8% during the 1st quarter. American Century Companies Inc. now owns 433,322 shares of the company’s stock valued at $7,245,000 after purchasing an additional 23,737 shares during the period. Bridgeway Capital Management LLC raised its position in shares of Movado Group by 15.6% during the 1st quarter. Bridgeway Capital Management LLC now owns 252,430 shares of the company’s stock valued at $4,221,000 after purchasing an additional 33,997 shares during the period. Finally, VELA Investment Management LLC raised its position in shares of Movado Group by 39.3% during the 2nd quarter. VELA Investment Management LLC now owns 199,760 shares of the company’s stock valued at $3,046,000 after purchasing an additional 56,363 shares during the period. Hedge funds and other institutional investors own 72.08% of the company’s stock.

Movado Group Stock Performance

Shares of NYSE MOV opened at $19.02 on Thursday. The company has a market cap of $420.99 million, a P/E ratio of 24.70 and a beta of 1.22. The firm’s fifty day moving average is $18.47 and its two-hundred day moving average is $16.54. Movado Group Inc. has a 52-week low of $12.85 and a 52-week high of $22.20.

Movado Group (NYSE:MOV) last announced its quarterly earnings results on Thursday, August 28th. The company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.08). The company had revenue of $161.83 million during the quarter, compared to the consensus estimate of $156.84 million. Movado Group had a net margin of 2.66% and a return on equity of 5.45%. As a group, analysts forecast that Movado Group Inc. will post 1.05 EPS for the current fiscal year.

Movado Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 22nd. Shareholders of record on Monday, September 8th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 7.4%. The ex-dividend date was Monday, September 8th. Movado Group’s payout ratio is currently 181.82%.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Zacks Research downgraded shares of Movado Group from a “hold” rating to a “strong sell” rating in a research report on Tuesday, September 2nd. Weiss Ratings restated a “hold (c-)” rating on shares of Movado Group in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of Movado Group from a “sell” rating to a “hold” rating in a research report on Friday, June 27th. Finally, BWS Financial restated a “buy” rating and set a $31.50 price objective on shares of Movado Group in a research report on Friday, August 29th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $31.50.

Movado Group Profile

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.