Movado Group, Inc. (NYSE:MOV) Shares Sold by Northern Trust Corp

Northern Trust Corp lessened its stake in shares of Movado Group, Inc. (NYSE:MOV) by 25.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 171,788 shares of the company’s stock after selling 57,854 shares during the quarter. Northern Trust Corp owned about 0.78% of Movado Group worth $3,381,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. KLP Kapitalforvaltning AS purchased a new position in Movado Group during the 4th quarter worth $47,000. Aigen Investment Management LP purchased a new position in Movado Group during the 4th quarter worth $201,000. Wells Fargo & Company MN raised its position in Movado Group by 18.4% during the 4th quarter. Wells Fargo & Company MN now owns 14,372 shares of the company’s stock worth $283,000 after buying an additional 2,234 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Movado Group during the 4th quarter worth $284,000. Finally, Inceptionr LLC purchased a new position in Movado Group during the 4th quarter worth $460,000. Hedge funds and other institutional investors own 72.08% of the company’s stock.

Movado Group Trading Down 1.0%

NYSE:MOV opened at $16.79 on Friday. The firm has a market cap of $373.36 million, a price-to-earnings ratio of 16.14 and a beta of 1.17. Movado Group, Inc. has a 12-month low of $12.85 and a 12-month high of $27.31. The company’s 50-day moving average is $15.39 and its two-hundred day moving average is $18.12.

Movado Group (NYSE:MOV) last announced its quarterly earnings data on Wednesday, April 16th. The company reported $0.51 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.12. Movado Group had a net margin of 3.62% and a return on equity of 5.38%. The business had revenue of $181.48 million for the quarter, compared to analyst estimates of $180.62 million. On average, equities research analysts forecast that Movado Group, Inc. will post 1.05 earnings per share for the current fiscal year.

Movado Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, May 6th. Investors of record on Tuesday, April 22nd were issued a $0.35 dividend. The ex-dividend date of this dividend was Tuesday, April 22nd. This represents a $1.40 annualized dividend and a yield of 8.34%. Movado Group’s payout ratio is 160.92%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MOV. BWS Financial reaffirmed a “buy” rating and set a $31.50 price target on shares of Movado Group in a research note on Monday, April 21st. Wall Street Zen lowered shares of Movado Group from a “buy” rating to a “hold” rating in a report on Wednesday, April 30th.

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.