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

Acushnet Holdings Corp. (NYSE:GOLF) declared a quarterly dividend on Wednesday, May 8th, Wall Street Journal reports. Shareholders 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 yield of 1.37%. The ex-dividend date is Friday, June 7th.

Acushnet has increased its dividend by an average of 8.0% annually over the last three years and has increased its dividend every year for the last 7 years. Acushnet has a payout ratio of 24.0% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Down 3.7 %

NYSE GOLF opened at $62.99 on Thursday. The stock has a 50 day moving average price of $63.38 and a 200-day moving average price of $61.81. Acushnet has a one year low of $43.62 and a one year high of $70.10. The company has a market capitalization of $3.99 billion, a P/E ratio of 21.80 and a beta of 0.88. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.84 and a current ratio of 2.21.

Acushnet (NYSE:GOLF) last released its quarterly earnings data on Thursday, February 29th. The company reported ($0.41) EPS for the quarter, missing the consensus estimate of ($0.38) by ($0.03). The business had revenue of $413.00 million for the quarter, compared to the consensus estimate of $429.16 million. Acushnet had a net margin of 8.33% and a return on equity of 20.09%. The company’s quarterly revenue was down 7.7% compared to the same quarter last year. As a group, equities analysts predict that Acushnet will post 3.17 EPS for the current fiscal year.

Insider Transactions at Acushnet

In other news, insider John Francis Duke, Jr. sold 17,000 shares of the company’s stock in a transaction dated 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 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 the SEC website. In related news, insider John Francis Duke, Jr. sold 17,000 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $64.32, for a total value of $1,093,440.00. Following the completion of the sale, the insider now owns 130,472 shares in the company, valued at $8,391,959.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Brendan J. Reidy sold 9,000 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $64.49, for a total value of $580,410.00. Following the transaction, the insider now owns 58,588 shares in the company, valued at $3,778,340.12. The disclosure for this sale can be found here. Corporate insiders own 54.60% of the company’s stock.

Wall Street Analyst Weigh In

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

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.