Movado Group (MOV) Stock Price Down 6.7% on Disappointing Earnings

Movado Group, Inc (NYSE:MOV) shares fell 6.7% on Friday following a weaker than expected earnings announcement. The company traded as low as $26.35 and last traded at $26.61. 6,249 shares changed hands during trading, a decline of 96% from the average session volume of 139,835 shares. The stock had previously closed at $28.51.

The company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.06). Movado Group had a return on equity of 13.27% and a net margin of 9.07%. The business had revenue of $146.55 million during the quarter, compared to analysts’ expectations of $148.70 million. During the same quarter in the previous year, the business earned $0.37 EPS. The business’s revenue for the quarter was up 15.3% on a year-over-year basis.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 25th. Stockholders of record on Tuesday, June 11th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend is Monday, June 10th. Movado Group’s payout ratio is 29.96%.

In other news, CEO Efraim Grinberg sold 20,000 shares of the stock in a transaction on Monday, April 8th. The stock was sold at an average price of $34.47, for a total transaction of $689,400.00. Following the transaction, the chief executive officer now owns 204,829 shares of the company’s stock, valued at approximately $7,060,455.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 29.92% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently bought and sold shares of the company. United Services Automobile Association boosted its position in Movado Group by 15.4% during the fourth quarter. United Services Automobile Association now owns 6,733 shares of the company’s stock valued at $213,000 after purchasing an additional 896 shares in the last quarter. Vanguard Group Inc. boosted its position in Movado Group by 11.7% during the third quarter. Vanguard Group Inc. now owns 1,832,667 shares of the company’s stock valued at $76,789,000 after purchasing an additional 191,685 shares in the last quarter. WINTON GROUP Ltd boosted its position in Movado Group by 2,038.5% during the fourth quarter. WINTON GROUP Ltd now owns 200,976 shares of the company’s stock valued at $6,355,000 after purchasing an additional 191,578 shares in the last quarter. Martingale Asset Management L P boosted its position in Movado Group by 119.4% during the fourth quarter. Martingale Asset Management L P now owns 94,130 shares of the company’s stock valued at $2,977,000 after purchasing an additional 51,217 shares in the last quarter. Finally, Fort Washington Investment Advisors Inc. OH bought a new stake in Movado Group during the fourth quarter valued at about $3,478,000. 71.44% of the stock is currently owned by institutional investors and hedge funds.

The stock has a market cap of $705.81 million, a price-to-earnings ratio of 9.76 and a beta of 0.13. The company has a quick ratio of 2.69, a current ratio of 4.15 and a debt-to-equity ratio of 0.10.

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Movado Group Company Profile (NYSE:MOV)

Movado Group, Inc designs, develops, sources, markets, and distributes fine watches in the United States and internationally. The company operates in two segments, Wholesale and Retail. The company offers its watches under the Coach, Concord, Ebel, Olivia Burton, Rebecca Minkoff and Uri Minkoff, Scuderia Ferrari, HUGO BOSS, Juicy Couture, Lacoste, Movado, and Tommy Hilfiger brand names.

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