Movado Group (NYSE:MOV) issued its quarterly earnings data on Tuesday. The company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.35, MarketWatch Earnings reports. Movado Group had a return on equity of 15.73% and a net margin of 11.25%. During the same quarter in the previous year, the firm posted $0.70 EPS. Movado Group updated its FY 2022 guidance to $3.350-$3.450 EPS.
Movado Group stock traded up $3.08 during midday trading on Thursday, reaching $47.66. The stock had a trading volume of 680,103 shares, compared to its average volume of 163,198. Movado Group has a 12 month low of $16.01 and a 12 month high of $48.66. The firm’s 50-day moving average price is $34.92 and its 200 day moving average price is $32.45. The firm has a market capitalization of $1.10 billion, a PE ratio of 15.18 and a beta of 1.29.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 17th. Investors of record on Friday, December 3rd will be paid a $0.25 dividend. This is a boost from Movado Group’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Thursday, December 2nd. Movado Group’s payout ratio is currently 25.48%.
In other Movado Group news, VP Mitchell Cole Sussis sold 10,324 shares of Movado Group stock in a transaction dated Friday, August 27th. The stock was sold at an average price of $37.75, for a total transaction of $389,731.00. Following the completion of the transaction, the vice president now owns 13,870 shares of the company’s stock, valued at approximately $523,592.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alan H. Howard sold 2,109 shares of Movado Group stock in a transaction dated Monday, August 30th. The shares were sold at an average price of $38.00, for a total value of $80,142.00. The disclosure for this sale can be found here. Insiders own 28.42% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada grew its holdings in shares of Movado Group by 4.3% during the third quarter. Royal Bank of Canada now owns 18,229 shares of the company’s stock worth $574,000 after purchasing an additional 752 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Movado Group by 0.5% during the third quarter. Bank of New York Mellon Corp now owns 170,228 shares of the company’s stock worth $5,360,000 after purchasing an additional 865 shares in the last quarter. Renaissance Technologies LLC purchased a new position in shares of Movado Group during the third quarter worth about $230,000. Jane Street Group LLC purchased a new position in shares of Movado Group during the third quarter worth about $239,000. Finally, BNP Paribas Arbitrage SA grew its holdings in shares of Movado Group by 85.5% during the third quarter. BNP Paribas Arbitrage SA now owns 22,407 shares of the company’s stock worth $706,000 after purchasing an additional 10,325 shares in the last quarter. 63.11% of the stock is owned by institutional investors.
About Movado Group
Movado Group, Inc engages in the design, manufacture, and distribution of watches. It operates through Watch and Accessory Brands and Company Stores segments. The Watch and Accessory Brands segment include distribution of watches and, to a lesser extent, jewelry and other accessories, of owned and licensed brands, in addition to revenue generated from after-sales service activities and shipping.
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