Allspring Global Investments Holdings LLC Sells 1,807 Shares of Movado Group, Inc. (NYSE:MOV)

Allspring Global Investments Holdings LLC reduced its position in shares of Movado Group, Inc. (NYSE:MOV) by 42.0% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,495 shares of the company’s stock after selling 1,807 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Movado Group were worth $67,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MOV. Federated Hermes Inc. bought a new stake in Movado Group during the 1st quarter valued at $37,000. Captrust Financial Advisors raised its holdings in Movado Group by 89.5% in the 1st quarter. Captrust Financial Advisors now owns 1,082 shares of the company’s stock worth $42,000 after purchasing an additional 511 shares in the last quarter. State of Wyoming bought a new position in Movado Group in the 4th quarter worth $59,000. Amundi raised its holdings in Movado Group by 108.7% in the 4th quarter. Amundi now owns 1,843 shares of the company’s stock worth $62,000 after purchasing an additional 960 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in Movado Group by 2,022.8% in the 1st quarter. Tower Research Capital LLC TRC now owns 2,420 shares of the company’s stock worth $69,000 after purchasing an additional 2,306 shares in the last quarter. 63.63% of the stock is currently owned by institutional investors.

Movado Group Price Performance

Shares of Movado Group stock opened at $29.00 on Friday. The company has a 50-day moving average of $27.82 and a 200 day moving average of $27.17. The firm has a market cap of $642.35 million, a price-to-earnings ratio of 9.54 and a beta of 1.20. Movado Group, Inc. has a 1 year low of $23.94 and a 1 year high of $37.28.

Movado Group (NYSE:MOV) last announced its quarterly earnings data on Thursday, August 24th. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.34 by $0.04. Movado Group had a net margin of 9.73% and a return on equity of 14.33%. The company had revenue of $160.39 million for the quarter. During the same period last year, the company posted $1.07 earnings per share. On average, equities analysts anticipate that Movado Group, Inc. will post 2.2 EPS for the current year.

Movado Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 21st. Stockholders of record on Thursday, September 7th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 4.83%. The ex-dividend date of this dividend was Wednesday, September 6th. Movado Group’s payout ratio is presently 46.05%.

Wall Street Analyst Weigh In

MOV has been the subject of several research reports. Benchmark initiated coverage on shares of Movado Group in a report on Friday, September 29th. They issued a “buy” rating and a $41.00 price objective for the company. StockNews.com assumed coverage on shares of Movado Group in a report on Thursday, October 5th. They issued a “buy” rating for the company.

Movado Group Company Profile

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