Acushnet (NYSE:GOLF) Hits New 52-Week High Following Better-Than-Expected Earnings

Acushnet Holdings Corp. (NYSE:GOLF)’s share price hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $76.21 and last traded at $76.00, with a volume of 27960 shares. The stock had previously closed at $63.31.

The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.10. The business had revenue of $620.50 million for the quarter, compared to analyst estimates of $620.40 million. Acushnet had a net margin of 7.91% and a return on equity of 21.17%. Acushnet’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.85 EPS.

Acushnet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.215 per share. The ex-dividend date is Friday, December 6th. This represents a $0.86 annualized dividend and a yield of 1.19%. Acushnet’s dividend payout ratio (DPR) is currently 29.66%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GOLF. Truist Financial raised their price objective on shares of Acushnet from $65.00 to $68.00 and gave the stock a “hold” rating in a report on Friday. Compass Point cut their price objective on Acushnet from $78.00 to $76.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Finally, Jefferies Financial Group downgraded shares of Acushnet from a “buy” rating to a “hold” rating and lowered their target price for the stock from $86.00 to $75.00 in a report on Tuesday, September 17th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Acushnet presently has a consensus rating of “Hold” and an average price target of $71.40.

Institutional Investors Weigh In On Acushnet

Several hedge funds have recently added to or reduced their stakes in the business. Sei Investments Co. lifted its stake in shares of Acushnet by 29.0% during the 1st quarter. Sei Investments Co. now owns 96,624 shares of the company’s stock worth $6,372,000 after buying an additional 21,730 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Acushnet in the first quarter valued at approximately $1,842,000. Vanguard Group Inc. increased its stake in shares of Acushnet by 0.5% during the first quarter. Vanguard Group Inc. now owns 3,010,318 shares of the company’s stock worth $198,530,000 after purchasing an additional 15,088 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in Acushnet by 95.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 36,994 shares of the company’s stock worth $2,440,000 after purchasing an additional 18,064 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in Acushnet by 871.1% in the 2nd quarter. Victory Capital Management Inc. now owns 991,627 shares of the company’s stock valued at $62,948,000 after purchasing an additional 889,515 shares during the period. Institutional investors and hedge funds own 53.12% of the company’s stock.

Acushnet Trading Up 2.1 %

The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.27 and a current ratio of 2.28. The stock has a market capitalization of $4.48 billion, a price-to-earnings ratio of 25.00 and a beta of 0.85. The business has a fifty day simple moving average of $63.73 and a 200 day simple moving average of $64.70.

About Acushnet

Acushnet Holdings Corp. designs, develops, manufactures, and distributes golf products in the United States, Europe, the Middle East, Africa, Japan, Korea, and internationally. The company operates through four segments: Titleist Golf Balls, Titleist Golf Clubs, Titleist Golf Gear, and FootJoy Golf Wear.