Acushnet (NYSE:GOLF) Sets New 12-Month High – Here’s What Happened

Shares of Acushnet (NYSE:GOLF) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $98.37 and last traded at $98.2010, with a volume of 339748 shares changing hands. The stock had previously closed at $96.94.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GOLF. KeyCorp reissued a “sector weight” rating on shares of Acushnet in a research report on Friday, January 16th. Morgan Stanley boosted their target price on Acushnet from $90.00 to $95.00 and gave the stock an “equal weight” rating in a report on Thursday, January 22nd. JPMorgan Chase & Co. upgraded Acushnet from an “underweight” rating to a “neutral” rating and increased their price target for the company from $74.00 to $96.00 in a research note on Friday, January 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Acushnet in a research report on Wednesday, January 21st. Finally, Truist Financial upped their price objective on shares of Acushnet from $65.00 to $74.00 and gave the company a “hold” rating in a report on Tuesday, November 4th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Acushnet presently has a consensus rating of “Hold” and a consensus target price of $84.33.

Acushnet Price Performance

The company has a current ratio of 2.42, a quick ratio of 1.30 and a debt-to-equity ratio of 1.03. The company has a 50 day moving average of $86.68 and a 200-day moving average of $81.42. The firm has a market capitalization of $5.76 billion, a P/E ratio of 26.83 and a beta of 0.89.

Acushnet (NYSE:GOLF) last posted its earnings results on Wednesday, November 5th. The company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). Acushnet had a return on equity of 27.50% and a net margin of 8.80%.The firm had revenue of $657.66 million for the quarter, compared to analyst estimates of $632.76 million. During the same period in the prior year, the business posted $0.89 EPS. The firm’s quarterly revenue was up 6.0% compared to the same quarter last year. On average, sell-side analysts predict that Acushnet will post 3.06 EPS for the current year.

Acushnet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were issued a dividend of $0.235 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $0.94 annualized dividend and a dividend yield of 1.0%. Acushnet’s dividend payout ratio (DPR) is currently 25.68%.

Insider Buying and Selling

In other Acushnet news, insider Steven Francis Pelisek sold 20,000 shares of Acushnet stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $84.66, for a total value of $1,693,200.00. Following the completion of the transaction, the insider directly owned 76,006 shares of the company’s stock, valued at $6,434,667.96. The trade was a 20.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Eugene Maher sold 26,939 shares of the stock in a transaction on Friday, November 14th. The stock was sold at an average price of $79.33, for a total value of $2,137,070.87. Following the sale, the chief executive officer directly owned 852,092 shares in the company, valued at approximately $67,596,458.36. This trade represents a 3.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 71,460 shares of company stock valued at $5,786,311. 53.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Acushnet

Several institutional investors and hedge funds have recently bought and sold shares of GOLF. Burney Co. bought a new position in shares of Acushnet in the third quarter worth about $2,932,000. Envestnet Asset Management Inc. increased its position in Acushnet by 8.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 246,963 shares of the company’s stock worth $17,984,000 after purchasing an additional 19,612 shares in the last quarter. Parkside Financial Bank & Trust boosted its position in Acushnet by 61,260.0% in the second quarter. Parkside Financial Bank & Trust now owns 12,272 shares of the company’s stock valued at $894,000 after buying an additional 12,252 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of Acushnet by 35.1% during the second quarter. Fisher Asset Management LLC now owns 208,357 shares of the company’s stock worth $15,173,000 after buying an additional 54,088 shares during the last quarter. Finally, Callan Family Office LLC increased its holdings in shares of Acushnet by 1,313.0% during the second quarter. Callan Family Office LLC now owns 92,267 shares of the company’s stock worth $6,719,000 after buying an additional 85,737 shares in the last quarter. Institutional investors own 53.12% of the company’s stock.

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.