Iat Reinsurance Co Ltd. Lowers stake in Movado Group Inc (MOV)

Movado Group Inc (MOV) : Iat Reinsurance Co Ltd. reduced its stake in Movado Group Inc by 48.91% during the most recent quarter end. The investment management company now holds a total of 47,000 shares of Movado Group Inc which is valued at $1.2 Million after selling 45,000 shares in Movado Group Inc , the firm said in a disclosure report filed with the SEC on May 13, 2016.Movado Group Inc makes up approximately 0.78% of Iat Reinsurance Co Ltd.’s portfolio.

Other Hedge Funds, Including , Thrivent Financial For Lutherans reduced its stake in MOV by selling 20,860 shares or 73.63% in the most recent quarter. The Hedge Fund company now holds 7,470 shares of MOV which is valued at $183,986.Royce Associates Lp boosted its stake in MOV in the latest quarter, The investment management firm added 213,201 additional shares and now holds a total of 1,410,747 shares of Movado Group Inc which is valued at $34.7 Million. Movado Group Inc makes up approx 0.22% of Royce Associates Lp’s portfolio.Municipal Employees’ Retirement System Of Michigan reduced its stake in MOV by selling 3,800 shares or 21.26% in the most recent quarter. The Hedge Fund company now holds 14,070 shares of MOV which is valued at $391,427. Movado Group Inc makes up approx 0.03% of Municipal Employees’ Retirement System Of Michigan’s portfolio.

Movado Group Inc opened for trading at $23.61 and hit $24.09 on the upside on Wednesday, eventually ending the session at $23.76, with a gain of 0.47% or 0.11 points. The heightened volatility saw the trading volume jump to 3,08,617 shares. Company has a market cap of $545 M.

On the company’s financial health, Movado Group Inc reported $0.19 EPS for the quarter, beating the analyst consensus estimate by $ 0.03 according to the earnings call on May 26, 2016. Analyst had a consensus of $0.16. The company had revenue of $114.10 million for the quarter, compared to analysts expectations of $116.47 million. The company’s revenue was down -5.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.25 EPS.

Many Wall Street Analysts have commented on Movado Group Inc. Sidoti Initiated Movado Group Inc on Feb 19, 2016 to “Buy”, Price Target of the shares are set at $34.

Movado Group Inc. (Movado Group) is engaged in designing sourcing marketing and distributing watches. The Company operates through two business segments: Wholesale and Retail. The Company’s Wholesale segment includes the design development sourcing marketing and distribution of watches and after-sales service activities and shipping. The Company’s Retail segment includes the Company’s outlet stores. The Company has operations in United States Europe the Americas (excluding the United States) Asia and the Middle East. The Company’s portfolio of brands includes Coach Watches Concord Ebel ESQ Movado Scuderia Ferrari Watches HUGO BOSS Watches Juicy Couture Watches Lacoste Watches Movado and Tommy Hilfiger Watches.

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