VELA Investment Management LLC Makes New Investment in Movado Group, Inc. (NYSE:MOV)

VELA Investment Management LLC purchased a new position in shares of Movado Group, Inc. (NYSE:MOV - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 51,360 shares of the company's stock, valued at approximately $955,000. VELA Investment Management LLC owned about 0.23% of Movado Group as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in MOV. Innealta Capital LLC bought a new position in Movado Group during the 2nd quarter worth approximately $25,000. nVerses Capital LLC bought a new position in Movado Group during the 3rd quarter worth approximately $45,000. Allspring Global Investments Holdings LLC raised its holdings in Movado Group by 1,246.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,906 shares of the company's stock worth $109,000 after purchasing an additional 3,616 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Movado Group in the 2nd quarter valued at $122,000. Finally, Banque Cantonale Vaudoise increased its stake in shares of Movado Group by 117.2% in the 2nd quarter. Banque Cantonale Vaudoise now owns 5,581 shares of the company's stock valued at $139,000 after acquiring an additional 3,011 shares in the last quarter. Institutional investors own 72.08% of the company's stock.

Movado Group Price Performance

Shares of NYSE:MOV traded up $0.08 during mid-day trading on Friday, hitting $18.55. The company had a trading volume of 159,105 shares, compared to its average volume of 220,998. The firm has a fifty day moving average price of $19.76 and a 200 day moving average price of $23.47. The company has a market capitalization of $412.18 million, a PE ratio of 11.67 and a beta of 0.99. Movado Group, Inc. has a one year low of $17.86 and a one year high of $31.44.

Movado Group (NYSE:MOV - Get Free Report) last released its quarterly earnings data on Thursday, September 5th. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.03). The company had revenue of $159.31 million during the quarter. Movado Group had a net margin of 5.45% and a return on equity of 7.23%. During the same period in the prior year, the company earned $0.38 EPS. Research analysts expect that Movado Group, Inc. will post 0.95 earnings per share for the current fiscal year.

Movado Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 7.55%. The ex-dividend date was Monday, September 16th. Movado Group's payout ratio is currently 88.05%.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered shares of Movado Group from a "buy" rating to a "hold" rating in a research note on Friday, September 6th.

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.