Acushnet (NYSE:GOLF) Cut to “Underweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Acushnet (NYSE:GOLF) from a neutral rating to an underweight rating in a research report sent to investors on Thursday morning, Marketbeat.com reports. They currently have $64.00 target price on the stock, down from their prior target price of $69.00.

Separately, Truist Financial raised their price target on shares of Acushnet from $65.00 to $68.00 and gave the company a “hold” rating in a research note on Friday, November 8th.

Acushnet Stock Down 8.8 %

GOLF stock opened at $68.07 on Thursday. The firm’s fifty day moving average is $72.27 and its 200 day moving average is $67.81. The firm has a market cap of $4.14 billion, a PE ratio of 23.15 and a beta of 0.88. Acushnet has a one year low of $58.54 and a one year high of $76.65. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.14 and a current ratio of 2.10.

Acushnet (NYSE:GOLF) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.10. The firm had revenue of $620.50 million during the quarter, compared to analyst estimates of $620.40 million. Acushnet had a return on equity of 21.45% and a net margin of 7.78%. Acushnet’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.85 EPS. On average, research analysts forecast that Acushnet will post 3.06 EPS for the current year.

Acushnet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were given a $0.215 dividend. This represents a $0.86 dividend on an annualized basis and a dividend yield of 1.26%. The ex-dividend date was Friday, December 6th. Acushnet’s dividend payout ratio (DPR) is 29.25%.

Insider Buying and Selling

In related news, insider Christopher Aaron Lindner sold 5,000 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was 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 trade represents a 5.34 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 54.60% of the stock is currently owned by company insiders.

Institutional Trading of Acushnet

Large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its position in shares of Acushnet by 100.6% during the 4th quarter. Blue Trust Inc. now owns 351 shares of the company’s stock valued at $25,000 after acquiring an additional 176 shares during the last quarter. 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 Acushnet in the 3rd quarter valued at about $41,000. nVerses Capital LLC purchased a new stake in shares of Acushnet in the 3rd quarter valued at approximately $57,000. Finally, Quarry LP increased its holdings in shares of Acushnet by 745.6% during the 3rd quarter. Quarry LP now owns 1,057 shares of the company’s stock worth $67,000 after buying an additional 932 shares during the last quarter. 53.12% of the stock is currently owned by hedge funds and other institutional investors.

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.