Acushnet (NYSE:GOLF) Sets New 1-Year High – Time to Buy?

Acushnet (NYSE:GOLF)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $95.81 and last traded at $94.3950, with a volume of 81057 shares trading hands. The stock had previously closed at $94.85.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Acushnet in a report on Wednesday, January 21st. Truist Financial boosted their price target on Acushnet from $65.00 to $74.00 and gave the company a “hold” rating in a research note on Tuesday, November 4th. Zacks Research raised Acushnet from a “hold” rating to a “strong-buy” rating in a report on Monday, January 19th. Morgan Stanley lifted 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. Finally, JPMorgan Chase & Co. upgraded Acushnet from an “underweight” rating to a “neutral” rating and upped their target price for the company from $74.00 to $96.00 in a research report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Acushnet presently has an average rating of “Hold” and an average target price of $84.33.

Acushnet Stock Performance

The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.30 and a current ratio of 2.42. The firm’s 50 day moving average price is $85.36 and its 200-day moving average price is $80.92. The firm has a market capitalization of $5.55 billion, a PE ratio of 25.85 and a beta of 0.88.

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

Acushnet Announces Dividend

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

Insider Activity

In other Acushnet news, CEO David Eugene Maher sold 26,939 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $79.33, for a total transaction of $2,137,070.87. Following the completion of the sale, the chief executive officer directly owned 852,092 shares in the company, valued at approximately $67,596,458.36. The trade was a 3.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven Francis Pelisek sold 20,000 shares of the stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $84.66, for a total value of $1,693,200.00. Following 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 SEC filing for this sale provides additional information. Over the last quarter, insiders sold 71,460 shares of company stock worth $5,786,311. 53.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Acushnet

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fisher Asset Management LLC raised its position in shares of Acushnet by 238.0% in the third quarter. Fisher Asset Management LLC now owns 704,151 shares of the company’s stock valued at $55,269,000 after buying an additional 495,794 shares during the last quarter. Norges Bank purchased a new stake in Acushnet during the 2nd quarter valued at about $20,963,000. Tributary Capital Management LLC raised its holdings in Acushnet by 92.6% in the 3rd quarter. Tributary Capital Management LLC now owns 457,490 shares of the company’s stock valued at $35,908,000 after acquiring an additional 219,895 shares during the last quarter. M&T Bank Corp grew its position in shares of Acushnet by 668.1% in the fourth quarter. M&T Bank Corp now owns 159,874 shares of the company’s stock valued at $12,761,000 after purchasing an additional 139,060 shares in the last quarter. Finally, Bank of America Corp DE grew its position in shares of Acushnet by 31.8% in the second quarter. Bank of America Corp DE now owns 457,460 shares of the company’s stock valued at $33,312,000 after purchasing an additional 110,245 shares in the last quarter. Institutional investors and hedge funds 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.