Acushnet (NYSE:GOLF) Issues Earnings Results, Beats Expectations By $0.19 EPS

Acushnet (NYSE:GOLFGet Rating) posted its quarterly earnings results on Thursday. The company reported $0.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.19, Briefing.com reports. The firm had revenue of $658.60 million during the quarter, compared to analyst estimates of $581.89 million. Acushnet had a net margin of 7.36% and a return on equity of 14.48%. The company’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.08 earnings per share. Acushnet updated its FY 2022 guidance to EPS.

Acushnet Price Performance

Acushnet stock traded down $0.22 during midday trading on Friday, reaching $50.11. The company’s stock had a trading volume of 238,568 shares, compared to its average volume of 288,440. The stock has a market cap of $3.62 billion, a PE ratio of 23.09 and a beta of 0.77. The company has a current ratio of 1.97, a quick ratio of 1.13 and a debt-to-equity ratio of 0.26. Acushnet has a 52 week low of $37.46 and a 52 week high of $57.87. The business has a 50-day moving average price of $43.85 and a 200-day moving average price of $43.12.

Acushnet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 16th. Stockholders of record on Friday, September 2nd will be issued a dividend of $0.18 per share. The ex-dividend date is Thursday, September 1st. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.44%. Acushnet’s dividend payout ratio (DPR) is currently 33.18%.

Wall Street Analyst Weigh In

Several research firms have issued reports on GOLF. StockNews.com lowered Acushnet from a “buy” rating to a “hold” rating in a research note on Tuesday, June 21st. Morgan Stanley decreased their price objective on shares of Acushnet from $56.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Monday, April 25th. Finally, Truist Financial lifted their target price on shares of Acushnet from $44.00 to $50.00 and gave the company a “hold” rating in a research note on Friday. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $53.80.

Institutional Investors Weigh In On Acushnet

Large investors have recently bought and sold shares of the stock. First Trust Advisors LP grew its position in Acushnet by 53.9% during the 1st quarter. First Trust Advisors LP now owns 354,722 shares of the company’s stock valued at $14,281,000 after purchasing an additional 124,282 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Acushnet by 4.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 339,590 shares of the company’s stock valued at $13,672,000 after purchasing an additional 14,361 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in Acushnet by 25.4% in the 1st quarter. BNP Paribas Arbitrage SA now owns 68,528 shares of the company’s stock worth $2,759,000 after buying an additional 13,859 shares during the period. Aviva PLC lifted its holdings in Acushnet by 10.1% in the 1st quarter. Aviva PLC now owns 51,962 shares of the company’s stock worth $2,092,000 after purchasing an additional 4,766 shares in the last quarter. Finally, Engineers Gate Manager LP bought a new stake in Acushnet in the 1st quarter valued at $1,898,000. 49.45% of the stock is currently owned by institutional investors and hedge funds.

About Acushnet

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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.

Further Reading

Earnings History for Acushnet (NYSE:GOLF)

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