Acushnet (NYSE:GOLF) Stock Breaks Below Fifty Day Moving Average - Here's What Happened

Key Points

• Acushnet shares fell 3% and broke below their 50-day moving average, reaching a low of $81.18 versus the $82.94 average.
• Quarterly EPS was $0.83, missing the $0.98 consensus estimate, while revenue of $649.23 million slightly topped estimates but declined 1.3% year over year.
• Analyst sentiment is generally cautious: the consensus rating is Hold with a $97.67 target price. Acushnet also declared a quarterly dividend of $0.255 per share.

Acushnet (NYSE:GOLF - Get Free Report)'s stock price passed below its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $82.94 and traded as low as $81.18. Acushnet shares last traded at $81.3580, with a volume of 264,685 shares traded.

Analysts Set New Price Targets

Several research analysts recently weighed in on GOLF shares. Stephens dropped their price objective on shares of Acushnet from $88.00 to $81.00 and set an "equal weight" rating for the company in a research report on Wednesday, October 14th. Weiss Ratings lowered Acushnet from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Monday. Wall Street Zen lowered Acushnet from a "buy" rating to a "hold" rating in a research report on Saturday, November 7th. Finally, Roth Capital reissued a "neutral" rating and issued a $95.00 target price on shares of Acushnet in a research note on Friday, August 7th. Nine research analysts have rated the stock with a Hold rating. Based on data from MarketBeat, Acushnet has a consensus rating of "Hold" and a consensus target price of $97.67.

Acushnet Stock Down 3.0%

The firm has a 50 day simple moving average of $82.94 and a 200-day simple moving average of $93.85. The company has a quick ratio of 1.07, a current ratio of 2.02 and a debt-to-equity ratio of 0.98. The stock has a market cap of $4.65 billion, a P/E ratio of 22.05 and a beta of 0.77.

Acushnet (NYSE:GOLF - Get Free Report) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.83 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.15). Acushnet had a return on equity of 27.92% and a net margin of 8.17%. The firm had revenue of $649.23 million for the quarter, compared to the consensus estimate of $647.99 million. During the same quarter in the previous year, the business earned $0.81 EPS. The firm's quarterly revenue was down 1.3% on a year-over-year basis. On average, equities research analysts forecast that Acushnet will post 3.92 earnings per share for the current fiscal year.

Acushnet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be issued a $0.2550 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $1.02 annualized dividend and a yield of 1.3%. Acushnet's payout ratio is currently 27.64%.

Institutional Trading of Acushnet

Several large investors have recently modified their holdings of GOLF. Private Advisor Group LLC bought a new position in Acushnet in the third quarter valued at approximately $219,000. Public Sector Pension Investment Board lifted its stake in Acushnet by 50.2% during the third quarter. Public Sector Pension Investment Board now owns 141,996 shares of the company's stock worth $11,558,000 after purchasing an additional 47,439 shares during the last quarter. Global Retirement Partners LLC lifted its stake in Acushnet by 667.5% during the third quarter. Global Retirement Partners LLC now owns 2,341 shares of the company's stock worth $193,000 after purchasing an additional 2,036 shares during the last quarter. Edgestream Partners L.P. bought a new stake in Acushnet during the third quarter worth $9,513,000. Finally, Bessemer Group Inc. lifted its stake in Acushnet by 3.2% during the third quarter. Bessemer Group Inc. now owns 134,098 shares of the company's stock worth $11,064,000 after purchasing an additional 4,159 shares during the last quarter. 53.12% of the stock is owned by institutional investors and hedge funds.

Acushnet Company Profile

Acushnet Holdings Corp. develops, manufactures and markets golf equipment, apparel and accessories. Its brands include Titleist, known for golf balls, clubs and related equipment; FootJoy, which offers golf footwear, gloves and apparel; and Scotty Cameron and Vokey Design, which specialize in putters and wedges. The company also sells golf balls under the Pinnacle brand. Acushnet traces its roots to 1910, when it was established as the Acushnet Process Company. Over time, it became focused on golf and built a portfolio of brands serving recreational and professional players.

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