Truist Financial Issues Positive Forecast for Acushnet (NYSE:GOLF) Stock Price

Acushnet (NYSE:GOLF) had its price objective increased by Truist Financial from $64.00 to $65.00 in a research note issued to investors on Thursday morning,Benzinga reports. They currently have a hold rating on the stock.

Other research analysts have also recently issued research reports about the stock. Compass Point cut shares of Acushnet from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $80.00 to $71.00 in a research note on Monday, May 5th. StockNews.com downgraded Acushnet from a “buy” rating to a “hold” rating in a research report on Saturday, March 8th. KeyCorp reduced their price target on Acushnet from $77.00 to $70.00 and set an “overweight” rating for the company in a research report on Thursday, April 17th. Finally, JPMorgan Chase & Co. cut Acushnet from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $69.00 to $64.00 in a research report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $70.00.

Acushnet Stock Performance

Shares of GOLF opened at $67.78 on Thursday. Acushnet has a one year low of $55.31 and a one year high of $76.65. The business has a fifty day moving average of $64.46 and a 200 day moving average of $67.54. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.10 and a quick ratio of 1.14. The firm has a market capitalization of $4.07 billion, a P/E ratio of 23.05 and a beta of 0.90.

Acushnet (NYSE:GOLF) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.32 by $0.30. The firm had revenue of $703.37 million during the quarter, compared to analyst estimates of $697.82 million. Acushnet had a net margin of 7.78% and a return on equity of 21.45%. The business’s revenue for the quarter was down .6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.35 EPS. As a group, sell-side analysts anticipate that Acushnet will post 3.06 EPS for the current year.

Acushnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be given a $0.235 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.94 annualized dividend and a dividend yield of 1.39%. Acushnet’s payout ratio is 26.11%.

Insider Transactions at Acushnet

In related news, insider Steven Francis Pelisek sold 20,000 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $70.86, for a total transaction of $1,417,200.00. Following the completion of the transaction, the insider now owns 96,006 shares in the company, valued at approximately $6,802,985.16. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 54.60% of the company’s stock.

Institutional Trading of Acushnet

Several hedge funds have recently bought and sold shares of GOLF. Blue Trust Inc. increased its holdings in shares of Acushnet by 100.6% in the fourth quarter. Blue Trust Inc. now owns 351 shares of the company’s stock worth $25,000 after purchasing an additional 176 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Acushnet during the 4th quarter worth approximately $31,000. KBC Group NV purchased a new stake in shares of Acushnet during the 1st quarter worth approximately $44,000. GAMMA Investing LLC boosted its position in shares of Acushnet by 96.1% during the 1st quarter. GAMMA Investing LLC now owns 651 shares of the company’s stock valued at $45,000 after acquiring an additional 319 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new position in shares of Acushnet in the fourth quarter valued at $51,000. Hedge funds and other 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.