Acushnet (NYSE:GOLF) Shares Down 8.5% Following Weak Earnings

Acushnet (NYSE:GOLF) shares traded down 8.5% during trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $85.91 and last traded at $85.8130. 150,107 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 340,294 shares. The stock had previously closed at $93.79.

The company reported $1.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.02). Acushnet had a return on equity of 25.49% and a net margin of 7.37%.During the same period in the prior year, the business earned $1.62 EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis.

Acushnet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were paid a dividend of $0.255 per share. The ex-dividend date of this dividend was Friday, March 6th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 1.2%. This is an increase from Acushnet’s previous quarterly dividend of $0.24. Acushnet’s dividend payout ratio is 32.90%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Morgan Stanley raised their price target on Acushnet from $90.00 to $95.00 and gave the stock an “equal weight” rating in a research note on Thursday, January 22nd. Jefferies Financial Group reissued a “hold” rating on shares of Acushnet in a research note on Thursday, February 26th. Truist Financial raised their price target on Acushnet from $74.00 to $95.00 and gave the stock a “hold” rating in a research note on Monday, February 9th. Zacks Research lowered Acushnet from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 17th. Finally, KeyCorp reissued a “sector weight” rating on shares of Acushnet in a research note on Friday, January 16th. Eight investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $92.67.

Insiders Place Their Bets

In other Acushnet news, Director Gregory A. Hewett sold 4,206 shares of Acushnet stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $100.00, for a total transaction of $420,600.00. Following the completion of the sale, the director directly owned 37,017 shares of the company’s stock, valued at $3,701,700. The trade was a 10.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 53.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Acushnet

A number of institutional investors and hedge funds have recently bought and sold shares of GOLF. Royal Bank of Canada raised its position in Acushnet by 6.6% during the 1st quarter. Royal Bank of Canada now owns 88,703 shares of the company’s stock valued at $6,090,000 after purchasing an additional 5,510 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Acushnet by 2.5% in the 1st quarter. AQR Capital Management LLC now owns 19,498 shares of the company’s stock worth $1,339,000 after acquiring an additional 475 shares in the last quarter. Integrated Wealth Concepts LLC raised its position in shares of Acushnet by 13.5% in the 1st quarter. Integrated Wealth Concepts LLC now owns 4,603 shares of the company’s stock worth $316,000 after acquiring an additional 548 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Acushnet by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,560 shares of the company’s stock worth $1,137,000 after acquiring an additional 460 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Acushnet by 39.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 249,807 shares of the company’s stock worth $17,152,000 after acquiring an additional 70,095 shares in the last quarter. 53.12% of the stock is owned by institutional investors.

Acushnet Trading Down 8.4%

The stock has a market capitalization of $5.03 billion, a P/E ratio of 27.65 and a beta of 0.88. The company has a current ratio of 2.38, a quick ratio of 0.97 and a debt-to-equity ratio of 1.18. The company has a 50-day moving average price of $96.19 and a 200 day moving average price of $89.99.

Acushnet Company Profile

Acushnet Holdings Corp., traded on the NYSE under the symbol GOLF, is a leading designer, manufacturer and marketer of golf equipment, footwear, apparel and accessories. The company’s portfolio encompasses a range of golf lifestyle products, with a focus on innovation, performance and quality for players of all skill levels.

At the core of Acushnet’s product lineup is the Titleist brand, globally recognized for its Tour-level golf balls and precision-engineered clubs. FootJoy offers golf shoes, gloves and apparel that blend comfort, style and technical performance, while Scotty Cameron putters and Vokey design wedges cater to players seeking exacting standards in feel and accuracy.