Acushnet (NYSE:GOLF) Stock Rating Raised to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Acushnet (NYSE:GOLF) from a hold rating to a buy rating in a research report released on Saturday morning,Wall Street Zen reports.

Several other equities research analysts have also recently issued reports on GOLF. Weiss Ratings cut shares of Acushnet from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, September 28th. Roth Capital reissued a “neutral” rating and issued a $95.00 price objective on shares of Acushnet in a research report on Friday, August 7th. JPMorgan Chase & Co. boosted their price objective on shares of Acushnet from $96.00 to $118.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. Finally, Stephens reduced their price objective on shares of Acushnet from $88.00 to $81.00 and set an “equal weight” rating on the stock in a research note on Wednesday. One research analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat, Acushnet presently has an average rating of “Hold” and a consensus price target of $96.57.

Acushnet Trading Up 0.9%

Acushnet stock opened at $80.21 on Friday. The stock has a market cap of $4.68 billion, a PE ratio of 21.86 and a beta of 0.79. The stock has a 50-day moving average price of $84.85 and a 200 day moving average price of $94.36. Acushnet has a 52 week low of $75.16 and a 52 week high of $119.65. The company has a current ratio of 2.55, a quick ratio of 1.48 and a debt-to-equity ratio of 1.01.

Acushnet (NYSE:GOLF) last announced its earnings results on Thursday, August 6th. The company reported $2.08 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.45. The firm had revenue of $819.95 million during the quarter, compared to the consensus estimate of $788.24 million. Acushnet had a net margin of 8.12% and a return on equity of 27.98%. The firm’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.25 EPS. Equities research analysts predict that Acushnet will post 4.02 earnings per share for the current fiscal year.

Acushnet Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were given a dividend of $0.2550 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.02 annualized dividend and a yield of 1.3%. Acushnet’s dividend payout ratio is 27.79%.

Hedge Funds Weigh In On Acushnet

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Acushnet during the 2nd quarter worth $496,463,000. Corient Private Wealth LP raised its position in shares of Acushnet by 598.9% in the 2nd quarter. Corient Private Wealth LP now owns 41,237 shares of the company’s stock worth $4,888,000 after buying an additional 35,337 shares during the period. EFG International AG purchased a new position in shares of Acushnet in the 2nd quarter worth $4,994,000. The Manufacturers Life Insurance Company purchased a new position in shares of Acushnet in the 2nd quarter worth $1,723,000. Finally, Legal & General Group Plc purchased a new position in shares of Acushnet in the 2nd quarter worth $7,997,000. Institutional investors and hedge funds own 53.12% of the company’s stock.

About Acushnet

Acushnet Holdings Corp. is a golf equipment and apparel company that develops, manufactures and markets products for golfers worldwide. Its portfolio includes golf clubs, golf balls, golf shoes, gloves, apparel, accessories and other golf-related equipment.

The company’s principal brands include Titleist, known for golf balls, clubs and equipment; FootJoy, which offers golf footwear, gloves and apparel; Scotty Cameron, which produces premium putters; Vokey Design, which specializes in wedges; and KJUS, a performance golf and outdoor apparel brand.