MOVADO OK’S 5-4 STOCK SPLIT FOR MAY 1
LYNDHURST, N.J. — Movado Group Inc. approved a 5-for-4 stock split in the form of a dividend to be distributed on May 1 to shareholders of record as of April 21.
Movado currently has 6 million shares of common stock issued and outstanding. Its stock closed Monday at 24 7/8, up 3/8 in over-the-counter trading.
Movado noted that it will maintain its quarterly dividend of 3 cents a share, resulting in a dividend payout increase of 25 percent after the split.
“The stock split and increased dividend payout represent our commitment to enhancing both return on investment for shareholders and trading liquidity for investors wishing to participate in Movado’s future growth,” Efraim Grinberg, president, said in a statement.