Acushnet (NYSE:GOLF) Releases Quarterly Earnings Results, Beats Estimates By $0.30 EPS

Acushnet (NYSE:GOLFGet Rating) posted its quarterly earnings data on Thursday. The company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.30, MarketWatch Earnings reports. Acushnet had a return on equity of 15.90% and a net margin of 8.33%. The company had revenue of $606.10 million during the quarter, compared to analysts’ expectations of $571.20 million. During the same period in the prior year, the firm earned $1.13 earnings per share. Acushnet’s revenue for the quarter was up 4.3% compared to the same quarter last year.

NYSE:GOLF traded down $1.05 on Friday, hitting $40.42. The company’s stock had a trading volume of 375,374 shares, compared to its average volume of 293,157. The firm has a market capitalization of $2.92 billion, a P/E ratio of 17.27 and a beta of 0.76. The company has a current ratio of 2.01, a quick ratio of 1.15 and a debt-to-equity ratio of 0.28. Acushnet has a one year low of $39.59 and a one year high of $57.87. The stock has a fifty day moving average of $42.06 and a two-hundred day moving average of $47.64.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 17th. Shareholders of record on Friday, June 3rd will be paid a $0.18 dividend. The ex-dividend date is Thursday, June 2nd. This represents a $0.72 annualized dividend and a yield of 1.78%. Acushnet’s dividend payout ratio is 30.77%.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. boosted its holdings in shares of Acushnet by 68.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 323,425 shares of the company’s stock valued at $17,168,000 after purchasing an additional 131,277 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Acushnet by 1.5% in the 4th quarter. BlackRock Inc. now owns 2,454,747 shares of the company’s stock valued at $130,299,000 after purchasing an additional 36,778 shares in the last quarter. Morgan Stanley boosted its holdings in shares of Acushnet by 5.2% in the 2nd quarter. Morgan Stanley now owns 412,058 shares of the company’s stock valued at $20,357,000 after purchasing an additional 20,238 shares in the last quarter. Citadel Advisors LLC boosted its holdings in shares of Acushnet by 36.4% in the 4th quarter. Citadel Advisors LLC now owns 55,669 shares of the company’s stock valued at $2,955,000 after purchasing an additional 14,842 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in shares of Acushnet by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 580,798 shares of the company’s stock valued at $30,828,000 after acquiring an additional 11,198 shares in the last quarter. Institutional investors own 49.45% of the company’s stock.

GOLF has been the subject of several recent research reports. StockNews.com initiated coverage on Acushnet in a research report on Thursday, March 31st. They set a “hold” rating for the company. Truist Financial reduced their price target on Acushnet from $48.00 to $44.00 and set a “hold” rating for the company in a research report on Monday, April 11th. KeyCorp reduced their price target on Acushnet from $63.00 to $55.00 and set an “overweight” rating for the company in a research report on Thursday, March 3rd. Zacks Investment Research raised Acushnet from a “hold” rating to a “buy” rating and set a $47.00 price target for the company in a research report on Wednesday. Finally, Compass Point raised Acushnet from a “neutral” rating to a “buy” rating and set a $56.00 price target for the company in a research report on Tuesday, January 18th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $53.14.

Acushnet Company Profile (Get Rating)

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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