Movado Group, Inc. (NYSE:MOV) announced a quarterly dividend on Tuesday, November 23rd, Zacks reports. Investors of record on Friday, December 3rd will be paid a dividend of 0.25 per share on Friday, December 17th. This represents a $1.00 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date is Thursday, December 2nd. This is an increase from Movado Group’s previous quarterly dividend of $0.20.
Movado Group has decreased its dividend payment by 100.0% over the last three years and has increased its dividend annually for the last 1 consecutive years. Movado Group has a payout ratio of 27.1% indicating that its dividend is sufficiently covered by earnings.
Shares of MOV stock opened at $47.66 on Thursday. The stock has a 50-day moving average price of $34.92 and a 200 day moving average price of $32.45. The firm has a market cap of $1.10 billion, a price-to-earnings ratio of 15.18 and a beta of 1.29. Movado Group has a 12 month low of $16.01 and a 12 month high of $48.66.
In other news, Director Alan H. Howard sold 2,109 shares of Movado Group stock in a transaction dated Monday, August 30th. The stock was sold at an average price of $38.00, for a total transaction of $80,142.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Mitchell Cole Sussis sold 10,324 shares of Movado Group stock in a transaction dated Friday, August 27th. The shares were sold at an average price of $37.75, for a total value of $389,731.00. Following the transaction, the vice president now owns 13,870 shares in the company, valued at approximately $523,592.50. The disclosure for this sale can be found here. 28.42% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its stake in Movado Group by 4.3% in the 3rd quarter. Royal Bank of Canada now owns 18,229 shares of the company’s stock valued at $574,000 after acquiring an additional 752 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in Movado Group by 0.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 170,228 shares of the company’s stock valued at $5,360,000 after acquiring an additional 865 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Movado Group in the 3rd quarter valued at approximately $230,000. Jane Street Group LLC bought a new stake in Movado Group in the 3rd quarter valued at approximately $239,000. Finally, BNP Paribas Arbitrage SA lifted its stake in Movado Group by 85.5% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 22,407 shares of the company’s stock valued at $706,000 after acquiring an additional 10,325 shares in the last quarter. Hedge funds and other institutional investors own 63.11% of the company’s stock.
MOV has been the subject of several analyst reports. Zacks Investment Research lowered Movado Group from a “strong-buy” rating to a “strong sell” rating in a research report on Thursday, October 28th. TheStreet upgraded Movado Group from a “c” rating to a “b-” rating in a research report on Thursday, August 26th.
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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