Acushnet (NYSE:GOLF) Reaches New 1-Year High – Here’s What Happened

Acushnet Holdings Corp. (NYSE:GOLF) reached a new 52-week high on Wednesday . The company traded as high as $76.50 and last traded at $76.20, with a volume of 5419 shares. The stock had previously closed at $75.64.

Analyst Ratings Changes

Several brokerages have commented on GOLF. Truist Financial raised their price objective on Acushnet from $65.00 to $68.00 and gave the company a “hold” rating in a report on Friday, November 8th. Jefferies Financial Group cut shares of Acushnet from a “buy” rating to a “hold” rating and dropped their price target for the company from $86.00 to $75.00 in a research note on Tuesday, September 17th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Acushnet presently has a consensus rating of “Hold” and a consensus price target of $71.40.

Acushnet Stock Down 2.8 %

The firm has a market cap of $4.46 billion, a price-to-earnings ratio of 24.96 and a beta of 0.88. The business has a fifty day simple moving average of $67.58 and a 200 day simple moving average of $66.23. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.10 and a quick ratio of 1.14.

Acushnet (NYSE:GOLF) last announced its quarterly earnings data on Thursday, November 7th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.10. Acushnet had a return on equity of 21.45% and a net margin of 7.78%. The company had revenue of $620.50 million for the quarter, compared to analyst estimates of $620.40 million. During the same quarter last year, the firm posted $0.85 EPS. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. As a group, equities analysts forecast that Acushnet Holdings Corp. will post 3.06 EPS for the current fiscal year.

Acushnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be issued a $0.215 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.86 dividend on an annualized basis and a yield of 1.17%. Acushnet’s payout ratio is 29.25%.

Insider Transactions at Acushnet

In related news, insider Christopher Aaron Lindner sold 5,000 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $73.91, for a total value of $369,550.00. Following the completion of the sale, the insider now owns 88,710 shares of the company’s stock, valued at approximately $6,556,556.10. This represents a 5.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 54.60% of the company’s stock.

Hedge Funds Weigh In On Acushnet

A number of hedge funds have recently modified their holdings of the business. Brown Lisle Cummings Inc. purchased a new position in Acushnet during the third quarter worth about $40,000. Prospera Private Wealth LLC acquired a new position in shares of Acushnet in the 3rd quarter worth approximately $41,000. nVerses Capital LLC purchased a new position in shares of Acushnet during the 3rd quarter worth approximately $57,000. Quarry LP increased its holdings in Acushnet by 745.6% in the 3rd quarter. Quarry LP now owns 1,057 shares of the company’s stock valued at $67,000 after purchasing an additional 932 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its position in Acushnet by 1,719.4% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,219 shares of the company’s stock valued at $78,000 after purchasing an additional 1,152 shares during the period. 53.12% of the stock is currently owned by hedge funds and other institutional investors.

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.