Wall Street Zen Downgrades Acushnet (NYSE:GOLF) to Hold

Acushnet (NYSE:GOLF) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued on Saturday, Wall Street Zen reports.

Several other research firms have also recently issued reports on GOLF. JPMorgan Chase & Co. raised their price objective on shares of Acushnet from $96.00 to $118.00 and gave the stock a “neutral” rating in a research report on Friday, June 26th. Stephens assumed coverage on shares of Acushnet in a report on Tuesday, September 15th. They issued an “equal weight” rating and a $88.00 target price on the stock. Weiss Ratings raised shares of Acushnet from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. Finally, Roth Capital reissued a “neutral” rating and issued a $95.00 price target on shares of Acushnet in a research note on Friday, August 7th. One analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, Acushnet currently has an average rating of “Hold” and a consensus price target of $97.57.

Acushnet Stock Performance

NYSE GOLF opened at $80.61 on Friday. The stock’s fifty day moving average is $94.39 and its two-hundred day moving average is $96.12. The firm has a market capitalization of $4.71 billion, a P/E ratio of 21.97 and a beta of 0.80. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.48 and a current ratio of 2.55. Acushnet has a fifty-two week low of $73.09 and a fifty-two week high of $119.65.

Acushnet (NYSE:GOLF) last issued its earnings results on Thursday, August 6th. The company reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.45. Acushnet had a return on equity of 27.98% and a net margin of 8.12%.The business had revenue of $819.95 million during the quarter, compared to the consensus estimate of $788.24 million. During the same period last year, the company earned $1.25 EPS. The company’s revenue for the quarter was up 13.8% on a year-over-year basis. On average, research analysts anticipate that Acushnet will post 4.02 earnings per share for the current year.

Institutional Trading of Acushnet

Hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Acushnet during the second quarter worth about $496,463,000. Capital Research Global Investors raised its stake in shares of Acushnet by 8.5% in the 4th quarter. Capital Research Global Investors now owns 1,465,000 shares of the company’s stock valued at $116,936,000 after acquiring an additional 115,000 shares during the period. Neumeier Poma Investment Counsel LLC purchased a new stake in shares of Acushnet in the 2nd quarter valued at approximately $45,290,194. Bank of New York Mellon Corp acquired a new position in shares of Acushnet in the 2nd quarter worth approximately $31,800,000. Finally, Bank of America Corp DE acquired a new position in shares of Acushnet in the 2nd quarter worth approximately $19,732,000. 53.12% of the stock is owned by institutional investors and hedge funds.

About Acushnet

Acushnet Holdings Corp. develops, manufactures and distributes golf equipment, apparel and accessories. The company’s portfolio includes golf balls, clubs, wedges, putters, golf gloves, footwear, clothing, bags and other products serving recreational and professional golfers.

Acushnet’s principal brands include Titleist, known for golf balls and equipment; FootJoy, which offers golf footwear, gloves and apparel; and Scotty Cameron, which designs premium putters. The company also markets products under brands including Vokey Design, KJUS and Linksoul.

Founded in 1910, Acushnet is headquartered in Fairhaven, Massachusetts, and serves customers through a global network of retailers, golf courses, distributors and direct-to-consumer channels.