Academy Sports and Outdoors (NASDAQ:ASO) Issues FY 2023 Earnings Guidance

Academy Sports and Outdoors (NASDAQ:ASO – Get Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided EPS guidance of $7.00-$7.75 for the period, compared to the consensus EPS estimate of $7.65. The company issued revenue guidance of $6.50 billion-$6.70 billion, compared to the consensus revenue estimate of $6.68 billion. Academy Sports and Outdoors also updated its FY24 guidance to $7.70-7.75 EPS.

Academy Sports and Outdoors Price Performance

ASO stock opened at $63.31 on Friday. The company has a fifty day moving average price of $58.47 and a 200-day moving average price of $51.38. The company has a market capitalization of $4.95 billion, a P/E ratio of 8.44, a PEG ratio of 0.86 and a beta of 1.14. Academy Sports and Outdoors has a 52-week low of $25.10 and a 52-week high of $67.70. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.32 and a current ratio of 1.62.

Academy Sports and Outdoors Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 13th. Investors of record on Thursday, March 23rd will be paid a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 0.57%. The ex-dividend date of this dividend is Wednesday, March 22nd. This is an increase from Academy Sports and Outdoors’s previous quarterly dividend of $0.08. Academy Sports and Outdoors’s dividend payout ratio (DPR) is currently 4.00%.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Academy Sports and Outdoors in a research note on Tuesday, March 14th. They set a buy rating and a $73.00 target price for the company. Loop Capital lifted their target price on shares of Academy Sports and Outdoors from $65.00 to $73.00 in a research note on Friday. Oppenheimer lifted their target price on shares of Academy Sports and Outdoors from $75.00 to $85.00 and gave the stock an outperform rating in a research note on Friday. Cowen assumed coverage on shares of Academy Sports and Outdoors in a research note on Thursday, February 16th. They set an outperform rating and a $72.00 target price for the company. Finally, Morgan Stanley lifted their target price on shares of Academy Sports and Outdoors from $58.00 to $70.00 and gave the stock an equal weight rating in a research note on Friday. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $71.21.

Insider Buying and Selling at Academy Sports and Outdoors

In other news, SVP Manish Maini sold 102,328 shares of Academy Sports and Outdoors stock in a transaction dated Tuesday, January 31st. The shares were sold at an average price of $58.04, for a total transaction of $5,939,117.12. Following the completion of the transaction, the senior vice president now directly owns 103,929 shares in the company, valued at $6,032,039.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders sold 148,059 shares of company stock valued at $8,428,292. Corporate insiders own 3.51% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ASO. Raymond James Financial Services Advisors Inc. grew its holdings in shares of Academy Sports and Outdoors by 4.2% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 48,019 shares of the company’s stock valued at $1,892,000 after buying an additional 1,951 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Academy Sports and Outdoors by 117.2% during the first quarter. Bank of New York Mellon Corp now owns 850,956 shares of the company’s stock valued at $33,529,000 after buying an additional 459,085 shares during the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Academy Sports and Outdoors by 42.0% during the first quarter. PNC Financial Services Group Inc. now owns 4,798 shares of the company’s stock valued at $190,000 after buying an additional 1,419 shares during the last quarter. Natixis Advisors L.P. purchased a new position in Academy Sports and Outdoors during the first quarter worth about $447,000. Finally, MetLife Investment Management LLC boosted its holdings in Academy Sports and Outdoors by 57.0% during the first quarter. MetLife Investment Management LLC now owns 42,967 shares of the company’s stock worth $1,693,000 after purchasing an additional 15,599 shares during the last quarter. 94.63% of the stock is currently owned by institutional investors and hedge funds.

About Academy Sports and Outdoors

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Academy Sports and Outdoors, Inc, through its subsidiaries, operates as a sporting goods and outdoor recreational products retailer in the United States. The company sells coolers and drinkware, camping accessories, camping equipment, sunglasses, backpacks, and sports bags; marine equipment and fishing rods, reels, baits, and equipment; firearms, ammunition, archery and archery equipment, camouflage apparel, waders, shooting accessories, optics, airguns, and hunting equipment; team sports equipment, including baseball, football, basketball, soccer, golf, racket sports, and volleyball; fitness equipment and accessories, and nutrition supplies; and patio furniture, outdoor cooking, wheeled goods, trampolines, playsets, watersports, and pet equipment, as well as electronics products, watches, consumables, batteries, etc.