Bank of America Corp DE Grows Stock Position in Movado Group, Inc. (NYSE:MOV)

Bank of America Corp DE boosted its stake in Movado Group, Inc. (NYSE:MOV) by 40.9% in the fourth quarter, Holdings Channel reports. The fund owned 36,545 shares of the company’s stock after buying an additional 10,609 shares during the quarter. Bank of America Corp DE’s holdings in Movado Group were worth $719,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. KLP Kapitalforvaltning AS purchased a new position in Movado Group in the 4th quarter worth approximately $47,000. Aigen Investment Management LP acquired a new stake in shares of Movado Group during the fourth quarter worth approximately $201,000. Wells Fargo & Company MN grew its position in shares of Movado Group by 18.4% during the fourth 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 in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Movado Group during the fourth quarter worth approximately $284,000. Finally, Inceptionr LLC acquired a new stake in shares of Movado Group during the fourth quarter worth approximately $460,000. Hedge funds and other institutional investors own 72.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on MOV. BWS Financial reissued a “buy” rating and set a $31.50 price target on shares of Movado Group in a research report on Monday, June 2nd. Wall Street Zen downgraded shares of Movado Group from a “hold” rating to a “sell” rating in a research report on Friday.

Movado Group Trading Up 3.0%

MOV stock opened at $16.09 on Tuesday. Movado Group, Inc. has a twelve month low of $12.85 and a twelve month high of $26.59. The company has a market capitalization of $357.70 million, a P/E ratio of 15.47 and a beta of 1.21. The firm has a 50 day simple moving average of $15.12 and a 200-day simple moving average of $17.86.

Movado Group (NYSE:MOV) last announced its quarterly earnings data on Thursday, May 29th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.39 by ($0.31). Movado Group had a return on equity of 5.38% and a net margin of 3.62%. The firm had revenue of $131.77 million for the quarter, compared to the consensus estimate of $142.11 million. On average, research analysts predict that Movado Group, Inc. will post 1.05 EPS for the current year.

Movado Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 26th. Investors of record on Thursday, June 12th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 8.70%. The ex-dividend date is Thursday, June 12th. Movado Group’s dividend payout ratio (DPR) is presently 175.00%.

About Movado Group

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.