Acushnet (NYSE:GOLF) Share Price Breaks Below 50 Day Moving Average – What’s Next?

Acushnet (NYSE:GOLF)’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 trading hands.

Wall Street Analysts Forecast Growth

GOLF has been the topic of a number of recent analyst reports. Wall Street Zen cut Acushnet from a “buy” rating to a “hold” rating in a research report on Saturday, November 7th. Weiss Ratings cut shares of Acushnet from a “buy (b-)” rating to a “hold (c+)” rating in a report on Monday. Stephens dropped their target price on shares of Acushnet from $88.00 to $81.00 and set an “equal weight” rating for the company in a report on Wednesday, October 14th. Finally, Roth Capital restated a “neutral” rating and issued a $95.00 price target on shares of Acushnet in a research note on Friday, August 7th. Nine analysts have rated the stock with a Hold rating. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $97.67.

Acushnet Stock Down 3.0%

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

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

Acushnet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Friday, December 4th will be issued a dividend of $0.2550 per share. The ex-dividend date is Friday, December 4th. This represents a $1.02 annualized dividend and a yield of 1.3%. Acushnet’s dividend payout ratio (DPR) is presently 27.64%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Acushnet in the 2nd quarter valued at $496,463,000. Neumeier Poma Investment Counsel LLC acquired a new stake in shares of Acushnet during the second quarter worth $45,290,194. Bank of New York Mellon Corp acquired a new stake in shares of Acushnet during the second quarter worth $31,800,000. Bank of America Corp DE bought a new position in Acushnet during the second quarter worth $19,732,000. Finally, Edgestream Partners L.P. bought a new position in Acushnet during the third quarter worth $9,513,000. Institutional investors and hedge funds own 53.12% of the company’s stock.

About Acushnet

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.