Acushnet (NYSE:GOLF) Posts Quarterly Earnings Results

Acushnet (NYSE:GOLF) issued its earnings results on Thursday. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.10, Briefing.com reports. Acushnet had a return on equity of 21.17% and a net margin of 7.91%. The firm had revenue of $620.50 million for the quarter, compared to analysts’ expectations of $620.40 million. During the same period in the previous year, the firm posted $0.85 earnings per share. The business’s revenue was up 4.6% compared to the same quarter last year. Acushnet updated its FY 2024 guidance to EPS.

Acushnet Stock Performance

GOLF stock opened at $72.53 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.28 and a quick ratio of 1.27. Acushnet has a 1-year low of $53.68 and a 1-year high of $76.38. The business has a 50-day moving average price of $63.73 and a 200 day moving average price of $64.70. The company has a market capitalization of $4.48 billion, a P/E ratio of 24.67 and a beta of 0.85.

Acushnet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.215 per share. The ex-dividend date is Friday, December 6th. This represents a $0.86 annualized dividend and a dividend yield of 1.19%. Acushnet’s dividend payout ratio is currently 29.25%.

Wall Street Analysts Forecast Growth

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

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.