Acushnet (NYSE:GOLF) PT Raised to $63.00 at Truist Financial

Acushnet (NYSE:GOLF) had its target price boosted by Truist Financial from $62.00 to $63.00 in a research report sent to investors on Wednesday, Benzinga reports. The firm currently has a hold rating on the stock.

Separately, KeyCorp increased their price objective on Acushnet from $65.00 to $75.00 and gave the company an overweight rating in a research report on Friday, January 12th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Acushnet presently has an average rating of Moderate Buy and an average price target of $66.86.

Acushnet Price Performance

GOLF traded up $0.71 during trading on Wednesday, reaching $63.74. The stock had a trading volume of 52,271 shares, compared to its average volume of 353,590. The firm has a market capitalization of $4.04 billion, a price-to-earnings ratio of 21.80 and a beta of 0.88. The company has a quick ratio of 0.84, a current ratio of 2.21 and a debt-to-equity ratio of 0.74. Acushnet has a 1-year low of $43.62 and a 1-year high of $70.10. The stock has a 50 day moving average of $63.38 and a two-hundred day moving average of $61.81.

Acushnet (NYSE:GOLF) last released its earnings results on Thursday, February 29th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.03). The firm had revenue of $413.00 million during the quarter, compared to analyst estimates of $429.16 million. Acushnet had a return on equity of 20.09% and a net margin of 8.33%. The business’s revenue for the quarter was down 7.7% compared to the same quarter last year. As a group, equities analysts anticipate that Acushnet will post 3.17 EPS for the current fiscal year.

Acushnet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Stockholders of record on Friday, June 7th will be issued a $0.215 dividend. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.86 dividend on an annualized basis and a dividend yield of 1.35%. Acushnet’s payout ratio is currently 29.76%.

Insider Activity

In other news, insider John Francis Duke, Jr. sold 17,000 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $64.32, for a total value of $1,093,440.00. Following the completion of the sale, the insider now owns 130,472 shares in the company, valued at $8,391,959.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Brendan J. Reidy sold 9,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $64.49, for a total value of $580,410.00. Following the transaction, the insider now directly owns 58,588 shares of the company’s stock, valued at $3,778,340.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider John Francis Duke, Jr. sold 17,000 shares of the stock in a transaction on Friday, March 8th. The stock was sold at an average price of $64.32, for a total transaction of $1,093,440.00. Following the transaction, the insider now directly owns 130,472 shares in the company, valued at $8,391,959.04. The disclosure for this sale can be found here. Corporate insiders own 54.60% of the company’s stock.

Institutional Investors Weigh In On Acushnet

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Acushnet by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 2,995,230 shares of the company’s stock valued at $189,209,000 after purchasing an additional 20,547 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Acushnet by 1.3% in the 4th quarter. Wellington Management Group LLP now owns 1,964,870 shares of the company’s stock valued at $124,121,000 after buying an additional 25,869 shares during the period. Ameriprise Financial Inc. grew its holdings in shares of Acushnet by 8.0% in the 3rd quarter. Ameriprise Financial Inc. now owns 965,654 shares of the company’s stock valued at $51,221,000 after buying an additional 71,263 shares during the period. Invesco Ltd. boosted its stake in Acushnet by 1.6% in the 3rd quarter. Invesco Ltd. now owns 545,158 shares of the company’s stock worth $28,915,000 after purchasing an additional 8,687 shares during the period. Finally, London Co. of Virginia boosted its stake in shares of Acushnet by 1.1% during the 3rd quarter. London Co. of Virginia now owns 396,096 shares of the company’s stock worth $21,009,000 after buying an additional 4,208 shares during the last quarter. 53.12% of the stock is owned by institutional investors and hedge funds.

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.