Acushnet (NYSE:GOLF) Price Target Raised to $74.00

Acushnet (NYSE:GOLF) had its target price raised by JPMorgan Chase & Co. from $67.00 to $74.00 in a research report report published on Monday morning,Benzinga reports. JPMorgan Chase & Co. currently has an underweight rating on the stock.

GOLF has been the topic of several other reports. Truist Financial boosted their target price on Acushnet from $65.00 to $74.00 and gave the company a “hold” rating in a research note on Tuesday, November 4th. Zacks Research cut shares of Acushnet from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 21st. KeyCorp upped their price objective on shares of Acushnet from $85.00 to $90.00 and gave the stock an “overweight” rating in a report on Thursday, November 6th. Roth Capital reaffirmed a “neutral” rating and issued a $80.00 target price on shares of Acushnet in a research report on Thursday, November 6th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Acushnet in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $78.17.

Acushnet Trading Down 2.2%

NYSE:GOLF opened at $83.47 on Monday. The firm has a market capitalization of $4.90 billion, a P/E ratio of 22.80 and a beta of 0.89. The company has a quick ratio of 1.30, a current ratio of 2.42 and a debt-to-equity ratio of 1.03. The company has a fifty day moving average of $81.17 and a 200 day moving average of $78.09. Acushnet has a 52 week low of $55.31 and a 52 week high of $86.19.

Acushnet (NYSE:GOLF) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.04). The firm had revenue of $657.66 million for the quarter, compared to the consensus estimate of $632.76 million. Acushnet had a net margin of 8.80% and a return on equity of 27.50%. The business’s revenue was up 6.0% on a year-over-year basis. During the same period last year, the company posted $0.89 earnings per share. On average, research analysts predict that Acushnet will post 3.06 earnings per share for the current year.

Acushnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be issued a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, December 5th. Acushnet’s dividend payout ratio is 25.68%.

Insider Buying and Selling

In other news, CEO David Eugene Maher sold 26,939 shares of Acushnet stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $79.33, for a total transaction of $2,137,070.87. Following the completion of the transaction, the chief executive officer directly owned 852,092 shares in the company, valued at approximately $67,596,458.36. This trade represents a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Francis Pelisek sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $84.66, for a total value of $1,693,200.00. Following the completion of the sale, the insider owned 76,006 shares in the company, valued at $6,434,667.96. The trade was a 20.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 71,460 shares of company stock valued at $5,786,311 in the last ninety days. Insiders own 53.60% of the company’s stock.

Hedge Funds Weigh In On Acushnet

Hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. grew its position in Acushnet by 2.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 7,046 shares of the company’s stock valued at $553,000 after purchasing an additional 140 shares during the last quarter. Vestmark Advisory Solutions Inc. grew its holdings in shares of Acushnet by 0.3% during the third quarter. Vestmark Advisory Solutions Inc. now owns 46,246 shares of the company’s stock valued at $3,630,000 after buying an additional 148 shares during the last quarter. Allworth Financial LP grew its holdings in shares of Acushnet by 57.3% during the third quarter. Allworth Financial LP now owns 505 shares of the company’s stock valued at $40,000 after buying an additional 184 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its position in shares of Acushnet by 7.1% during the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 3,472 shares of the company’s stock valued at $253,000 after acquiring an additional 230 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC raised its holdings in Acushnet by 4.3% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 5,618 shares of the company’s stock worth $409,000 after acquiring an additional 232 shares during the last quarter. Institutional investors own 53.12% of the company’s stock.

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.