Acushnet (NYSE:GOLF) Issues Earnings Results

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

Acushnet Trading Up 2.1 %

Acushnet stock traded up $1.52 during trading hours on Friday, reaching $72.53. 472,807 shares of the company's stock were exchanged, compared to its average volume of 293,039. The firm has a market capitalization of $4.48 billion, a PE ratio of 25.01 and a beta of 0.85. The company has a quick ratio of 1.27, a current ratio of 2.28 and a debt-to-equity ratio of 0.81. The firm's 50 day simple moving average is $63.73 and its 200 day simple moving average is $64.70. Acushnet has a twelve month low of $53.68 and a twelve month high of $76.38.

Acushnet Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on GOLF shares. Compass Point dropped their price objective on Acushnet from $78.00 to $76.00 and set a "buy" rating for the company in a research report on Wednesday, August 7th. Truist Financial increased their price objective on shares of Acushnet from $65.00 to $68.00 and gave the company a "hold" rating in a research note on Friday. Finally, Jefferies Financial Group cut shares of Acushnet from a "buy" rating to a "hold" rating and decreased their target price for the stock from $86.00 to $75.00 in a research note on Tuesday, September 17th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus 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.