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

Acushnet (NYSE:GOLF) hit a new 52-week high during trading on Wednesday . The company traded as high as $111.21 and last traded at $109.13, with a volume of 9689 shares trading hands. The stock had previously closed at $108.06.

Analyst Ratings Changes

GOLF has been the topic of a number of recent research reports. UBS Group set a $100.00 price target on shares of Acushnet in a research note on Thursday, February 26th. Truist Financial increased their price objective on shares of Acushnet from $95.00 to $97.00 and gave the company a “hold” rating in a research note on Tuesday, May 19th. Weiss Ratings downgraded shares of Acushnet from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 27th. Jefferies Financial Group reiterated a “hold” rating on shares of Acushnet in a research report on Thursday, February 26th. Finally, Roth Mkm set a $87.00 target price on shares of Acushnet in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $94.17.

Acushnet Stock Performance

The company has a market capitalization of $6.60 billion, a P/E ratio of 39.72 and a beta of 0.85. The stock has a fifty day simple moving average of $94.38 and a 200-day simple moving average of $93.29. The company has a quick ratio of 1.59, a current ratio of 2.87 and a debt-to-equity ratio of 1.36.

Acushnet (NYSE:GOLF) last issued its earnings results on Wednesday, May 6th. The company reported $1.36 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.02). The firm had revenue of $752.98 million during the quarter, compared to analyst estimates of $722.48 million. Acushnet had a net margin of 6.54% and a return on equity of 22.95%. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.62 EPS. Equities analysts forecast that Acushnet will post 3.82 EPS for the current year.

Acushnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were issued a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date of this dividend was Friday, June 5th. Acushnet’s dividend payout ratio (DPR) is currently 35.92%.

Insider Buying and Selling at Acushnet

In other news, insider Steven Francis Pelisek sold 15,000 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $91.26, for a total transaction of $1,368,900.00. Following the sale, the insider owned 70,512 shares in the company, valued at approximately $6,434,925.12. This represents a 17.54% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Nicholas N. Mohamed sold 529 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $95.00, for a total value of $50,255.00. Following the completion of the sale, the insider owned 2,868 shares of the company’s stock, valued at approximately $272,460. This trade represents a 15.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 53.30% of the company’s stock.

Institutional Investors Weigh In On Acushnet

A number of hedge funds have recently added to or reduced their stakes in GOLF. Empowered Funds LLC bought a new position in shares of Acushnet in the first quarter worth about $279,000. Glenmede Trust Co. NA grew its stake in shares of Acushnet by 3.2% during the first quarter. Glenmede Trust Co. NA now owns 10,764 shares of the company’s stock valued at $1,006,000 after purchasing an additional 335 shares during the last quarter. Edgestream Partners L.P. increased its holdings in shares of Acushnet by 106.5% in the first quarter. Edgestream Partners L.P. now owns 73,742 shares of the company’s stock valued at $6,893,000 after purchasing an additional 38,030 shares in the last quarter. Amundi increased its holdings in shares of Acushnet by 33.3% in the first quarter. Amundi now owns 6,173 shares of the company’s stock valued at $577,000 after purchasing an additional 1,542 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in Acushnet by 43.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 535 shares of the company’s stock worth $50,000 after purchasing an additional 163 shares during 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.