Acushnet Holdings Corp. (NYSE:GOLF) Raises Dividend to $0.24 Per Share

Acushnet Holdings Corp. (NYSE:GOLF) announced a quarterly dividend on Friday, February 28th, Wall Street Journal reports. Shareholders of record on Friday, March 7th will be paid a dividend of 0.235 per share on Friday, March 21st. This represents a $0.94 annualized dividend and a yield of 1.46%. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Acushnet’s previous quarterly dividend of $0.22.

Acushnet has raised its dividend payment by an average of 9.2% annually over the last three years. Acushnet has a payout ratio of 24.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Acushnet to earn $3.35 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 25.7%.

Acushnet Stock Performance

Shares of Acushnet stock traded down $0.59 during trading hours on Friday, reaching $64.29. The company had a trading volume of 582,181 shares, compared to its average volume of 551,982. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.10 and a quick ratio of 1.14. Acushnet has a one year low of $58.54 and a one year high of $76.65. The firm has a market cap of $3.91 billion, a PE ratio of 21.87 and a beta of 0.86. The business has a fifty day simple moving average of $69.06 and a 200 day simple moving average of $67.60.

Acushnet (NYSE:GOLF) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.31. Acushnet had a return on equity of 21.45% and a net margin of 7.78%. The firm had revenue of $445.17 billion for the quarter, compared to analysts’ expectations of $454.83 million. On average, analysts anticipate that Acushnet will post 3.06 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GOLF. Truist Financial raised their price objective on shares of Acushnet from $65.00 to $68.00 and gave the company a “hold” rating in a research report on Friday, November 8th. KeyCorp dropped their price target on Acushnet from $80.00 to $77.00 and set an “overweight” rating for the company in a research note on Friday. Finally, JPMorgan Chase & Co. cut Acushnet from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $69.00 to $64.00 in a report on Thursday, January 23rd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. According to MarketBeat, Acushnet currently has a consensus rating of “Hold” and an average price target of $72.00.

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.