VELA Investment Management LLC Purchases 62,214 Shares of Movado Group, Inc. (NYSE:MOV)

VELA Investment Management LLC boosted its position in Movado Group, Inc. (NYSE:MOV - Free Report) by 121.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 113,574 shares of the company's stock after purchasing an additional 62,214 shares during the quarter. VELA Investment Management LLC owned about 0.51% of Movado Group worth $2,235,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in the company. Point72 DIFC Ltd bought a new position in Movado Group in the third quarter valued at $78,000. FMR LLC lifted its holdings in shares of Movado Group by 393.0% in the 3rd quarter. FMR LLC now owns 7,400 shares of the company's stock worth $138,000 after acquiring an additional 5,899 shares during the last quarter. Intech Investment Management LLC purchased a new stake in Movado Group during the third quarter valued at about $200,000. Quantbot Technologies LP bought a new position in shares of Movado Group during the third quarter valued at about $244,000. Finally, Crossmark Global Holdings Inc. boosted its holdings in Movado Group by 57.0% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 13,303 shares of the company's stock valued at $248,000 after acquiring an additional 4,828 shares during the period. 72.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MOV has been the topic of several analyst reports. StockNews.com downgraded shares of Movado Group from a "buy" rating to a "hold" rating in a research note on Tuesday. BWS Financial initiated coverage on shares of Movado Group in a report on Thursday, January 2nd. They set a "buy" rating and a $31.50 target price for the company.

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Movado Group Price Performance

MOV stock traded down $0.58 during midday trading on Tuesday, hitting $18.29. The stock had a trading volume of 126,270 shares, compared to its average volume of 198,671. The firm has a market cap of $404.93 million, a price-to-earnings ratio of 17.71 and a beta of 1.00. The business has a 50-day moving average of $19.54 and a two-hundred day moving average of $19.94. Movado Group, Inc. has a 52-week low of $17.86 and a 52-week high of $28.93.

Movado Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Monday, December 16th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 7.66%. The ex-dividend date of this dividend was Monday, December 16th. Movado Group's payout ratio is currently 134.62%.

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.