StockNews.com Downgrades Acushnet (NYSE:GOLF) to Hold

StockNews.com lowered shares of Acushnet (NYSE:GOLF) from a buy rating to a hold rating in a research note published on Saturday morning.

GOLF has been the topic of several other reports. Truist Financial boosted their price target on shares of Acushnet from $65.00 to $68.00 and gave the company a “hold” rating in a report on Friday, November 8th. JPMorgan Chase & Co. lowered Acushnet from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $69.00 to $64.00 in a research note on Thursday, January 23rd. Compass Point raised Acushnet from a “neutral” rating to a “buy” rating and raised their target price for the stock from $77.00 to $80.00 in a research report on Tuesday, March 4th. Finally, KeyCorp dropped their target price on Acushnet from $80.00 to $77.00 and set an “overweight” rating for the company in a report on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $72.80.

Acushnet Price Performance

Shares of NYSE:GOLF opened at $70.64 on Friday. The stock has a fifty day moving average of $68.51 and a 200-day moving average of $67.64. The company has a market capitalization of $4.23 billion, a PE ratio of 24.03 and a beta of 0.79. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.14 and a current ratio of 2.10. Acushnet has a one year low of $58.54 and a one year high of $76.65.

Acushnet (NYSE:GOLF) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.33) by $0.31. The business had revenue of $445.17 billion during the quarter, compared to the consensus estimate of $454.83 million. Acushnet had a net margin of 7.78% and a return on equity of 21.45%. As a group, equities analysts anticipate that Acushnet will post 3.06 EPS for the current fiscal year.

Acushnet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be issued a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.33%. This is a boost from Acushnet’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 7th. Acushnet’s payout ratio is currently 28.23%.

Hedge Funds Weigh In On Acushnet

A number of large investors have recently modified their holdings of GOLF. US Bancorp DE lifted its position in Acushnet by 8.2% during the 3rd quarter. US Bancorp DE now owns 9,897 shares of the company’s stock valued at $631,000 after purchasing an additional 753 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Acushnet by 6.7% in the third quarter. Principal Financial Group Inc. now owns 1,013,857 shares of the company’s stock valued at $64,632,000 after buying an additional 63,294 shares during the period. Olympiad Research LP acquired a new position in Acushnet in the 3rd quarter worth $232,000. Atria Investments Inc boosted its position in shares of Acushnet by 7.5% during the third quarter. Atria Investments Inc now owns 23,622 shares of the company’s stock worth $1,506,000 after buying an additional 1,650 shares during the period. Finally, GSA Capital Partners LLP acquired a new position in Acushnet during the 3rd quarter worth approximately $654,000. 53.12% of the stock is currently owned by institutional investors and hedge funds.

Acushnet Company Profile

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.