Acushnet Holdings Corp. (NYSE:GOLF) Declares $0.22 Quarterly Dividend

Acushnet Holdings Corp. (NYSE:GOLF) declared a quarterly dividend on Wednesday, May 8th, Wall Street Journal reports. Stockholders of record on Friday, June 7th will be paid a dividend of 0.215 per share on Friday, June 21st. This represents a $0.86 annualized dividend and a dividend yield of 1.37%. The ex-dividend date of this dividend is Friday, June 7th.

Acushnet has increased its dividend payment by an average of 8.0% per year over the last three years and has raised its dividend annually for the last 7 consecutive years. Acushnet has a payout ratio of 24.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Acushnet to earn $3.51 per share next year, which means the company should continue to be able to cover its $0.86 annual dividend with an expected future payout ratio of 24.5%.

Acushnet Price Performance

Shares of Acushnet stock traded down $2.49 during midday trading on Wednesday, hitting $62.95. 354,043 shares of the company traded hands, compared to its average volume of 354,306. Acushnet has a 12 month low of $43.62 and a 12 month high of $70.10. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.84 and a current ratio of 2.21. The stock has a market cap of $3.99 billion, a price-to-earnings ratio of 21.85 and a beta of 0.88. The firm’s fifty day moving average price is $63.50 and its 200-day moving average price is $61.80.

Acushnet (NYSE:GOLF) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.03). Acushnet had a return on equity of 20.09% and a net margin of 8.33%. The firm had revenue of $413.00 million for the quarter, compared to the consensus estimate of $429.16 million. The business’s quarterly revenue was down 7.7% on a year-over-year basis. As a group, sell-side analysts forecast that Acushnet will post 3.17 earnings per share for the current year.

Insiders Place Their Bets

In other Acushnet news, insider Brendan J. Reidy sold 9,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $64.49, for a total transaction of $580,410.00. Following the sale, the insider now directly owns 58,588 shares in the company, valued at approximately $3,778,340.12. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider John Francis Duke, Jr. sold 17,000 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $64.32, for a total transaction of $1,093,440.00. Following the completion of the transaction, the insider now directly owns 130,472 shares in the company, valued at $8,391,959.04. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Brendan J. Reidy sold 9,000 shares of Acushnet stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $64.49, for a total value of $580,410.00. Following the completion of the transaction, the insider now owns 58,588 shares of the company’s stock, valued at approximately $3,778,340.12. The disclosure for this sale can be found here. 54.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Truist Financial raised their price objective on shares of Acushnet from $62.00 to $63.00 and gave the stock a “hold” rating in a research report on Wednesday. KeyCorp upped their price objective on shares of Acushnet from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, January 12th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Acushnet currently has an average rating of “Moderate Buy” and a consensus price target of $66.86.

Acushnet Company Profile

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.