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

Acushnet Holdings Corp. (NYSE:GOLF) announced a quarterly dividend on Tuesday, May 7th, Wall Street Journal reports. Stockholders of record on Friday, June 7th will be given a dividend of 0.215 per share on Friday, June 21st. This represents a $0.86 annualized dividend and a dividend yield of 1.35%. The ex-dividend date is Friday, June 7th.

Acushnet has raised its dividend by an average of 8.0% per year over the last three years and has increased 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. 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 Stock Up 0.9 %

NYSE GOLF traded up $0.55 on Thursday, hitting $63.58. 89,028 shares of the company were exchanged, compared to its average volume of 354,056. The company has a market cap of $4.03 billion, a PE ratio of 21.80 and a beta of 0.88. The stock has a fifty day moving average of $63.38 and a 200-day moving average of $61.81. The company has a current ratio of 2.21, a quick ratio of 0.84 and a debt-to-equity ratio of 0.74. Acushnet has a 12 month low of $43.62 and a 12 month high of $70.10.

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

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In related news, insider John Francis Duke, Jr. sold 17,000 shares of Acushnet stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $64.32, for a total value of $1,093,440.00. Following the completion of the transaction, the insider now directly owns 130,472 shares in the company, valued at approximately $8,391,959.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Brendan J. Reidy sold 9,000 shares of the 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 sale, the insider now directly owns 58,588 shares of the company’s stock, valued at $3,778,340.12. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Francis Duke, Jr. sold 17,000 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $64.32, for a total transaction of $1,093,440.00. Following the transaction, the insider now directly owns 130,472 shares of the company’s stock, valued at approximately $8,391,959.04. The disclosure for this sale can be found here. Company insiders own 54.60% of the company’s stock.

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.