Acushnet (NYSE:GOLF) Trading Down 11.6% – Should You Sell?

Acushnet (NYSE:GOLF)’s stock price traded down 11.6% on Thursday . The stock traded as low as $90.98 and last traded at $91.1980. 755,587 shares traded hands during mid-day trading, an increase of 115% from the average daily volume of 351,764 shares. The stock had previously closed at $103.15.

Analysts Set New Price Targets

A number of brokerages have commented on GOLF. Roth Capital set a $87.00 price objective on shares of Acushnet in a research report on Thursday, May 7th. JPMorgan Chase & Co. increased their target price on Acushnet from $96.00 to $118.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Truist Financial lifted their price target on Acushnet from $95.00 to $97.00 and gave the stock a “hold” rating in a report on Tuesday, May 19th. Finally, Weiss Ratings raised Acushnet from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $97.83.

Acushnet Stock Down 11.6%

The firm’s 50 day simple moving average is $104.93 and its 200-day simple moving average is $98.57. The company has a market cap of $5.34 billion, a price-to-earnings ratio of 31.85 and a beta of 0.81. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.87 and a quick ratio of 1.59.

Acushnet (NYSE:GOLF) last posted 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 business had revenue of $819.95 million during the quarter, compared to the consensus estimate of $788.24 million. Acushnet had a return on equity of 22.95% and a net margin of 6.54%.The business’s quarterly revenue was up 13.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.25 EPS. As a group, sell-side analysts anticipate that Acushnet will post 3.75 earnings per share for the current year.

Insider Buying and Selling at Acushnet

In related news, insider Steven Francis Pelisek sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $91.26, for a total transaction of $1,368,900.00. Following the transaction, the insider owned 70,512 shares of the company’s stock, valued at $6,434,925.12. This trade represents a 17.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Nicholas N. Mohamed sold 529 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $95.00, for a total value of $50,255.00. Following the sale, the insider directly owned 2,868 shares of the company’s stock, valued at approximately $272,460. This represents a 15.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 53.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Acushnet

Several institutional investors have recently bought and sold shares of the company. Millstone Evans Group LLC lifted its stake in shares of Acushnet by 170.2% in the 1st quarter. Millstone Evans Group LLC now owns 281 shares of the company’s stock worth $26,000 after acquiring an additional 177 shares during the period. Brown Brothers Harriman & Co. lifted its position in Acushnet by 389.6% in the third quarter. Brown Brothers Harriman & Co. now owns 328 shares of the company’s stock valued at $26,000 after purchasing an additional 261 shares during the period. Kelleher Financial Advisors purchased a new stake in Acushnet in the 3rd quarter valued at approximately $28,000. EverSource Wealth Advisors LLC increased its position in Acushnet by 149.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 492 shares of the company’s stock worth $36,000 after purchasing an additional 295 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Acushnet by 416.3% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 635 shares of the company’s stock worth $50,000 after buying an additional 512 shares in the last quarter. 53.12% of the stock is owned by institutional investors and hedge funds.

About Acushnet

Acushnet Holdings Corp., traded on the NYSE under the symbol GOLF, is a leading designer, manufacturer and marketer of golf equipment, footwear, apparel and accessories. The company’s portfolio encompasses a range of golf lifestyle products, with a focus on innovation, performance and quality for players of all skill levels.

At the core of Acushnet’s product lineup is the Titleist brand, globally recognized for its Tour-level golf balls and precision-engineered clubs. FootJoy offers golf shoes, gloves and apparel that blend comfort, style and technical performance, while Scotty Cameron putters and Vokey design wedges cater to players seeking exacting standards in feel and accuracy.