Acushnet (NYSE:GOLF) Reaches New 1-Year High – Here’s What Happened

Acushnet (NYSE:GOLF)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $118.71 and last traded at $118.5250, with a volume of 372269 shares changing hands. The stock had previously closed at $117.35.

Analyst Upgrades and Downgrades

GOLF has been the subject of a number of recent analyst reports. Weiss Ratings lowered Acushnet from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 27th. JPMorgan Chase & Co. raised their price target on shares of Acushnet from $96.00 to $118.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Roth Mkm set a $87.00 price target on shares of Acushnet in a research note on Thursday, May 7th. Finally, Truist Financial boosted their price objective on shares of Acushnet from $95.00 to $97.00 and gave the company a “hold” rating in a report on Tuesday, May 19th. One investment analyst has rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, Acushnet currently has an average rating of “Hold” and an average target price of $97.83.

Acushnet Trading Down 0.6%

The company has a current ratio of 2.87, a quick ratio of 1.59 and a debt-to-equity ratio of 1.36. The stock has a market capitalization of $6.89 billion, a PE ratio of 41.24 and a beta of 0.79. The stock has a 50 day moving average price of $95.96 and a 200-day moving average price of $94.25.

Acushnet (NYSE:GOLF) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $1.36 EPS for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.02). The firm had revenue of $752.98 million for the quarter, compared to analysts’ expectations of $722.48 million. Acushnet had a net margin of 6.54% and a return on equity of 22.95%. The firm’s revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the company posted $1.62 EPS. Sell-side analysts expect that Acushnet will post 3.82 earnings per share for the current year.

Acushnet Dividend Announcement

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

Insider Activity at Acushnet

In related news, insider Nicholas N. Mohamed sold 529 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $95.00, for a total transaction of $50,255.00. Following the completion of the sale, the insider directly owned 2,868 shares in the company, valued at approximately $272,460. The trade was a 15.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Steven Francis Pelisek sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $91.26, for a total transaction of $1,368,900.00. Following the sale, the insider directly owned 70,512 shares of the company’s stock, valued at approximately $6,434,925.12. This represents a 17.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 53.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Millstone Evans Group LLC raised its holdings in Acushnet by 170.2% in the 1st quarter. Millstone Evans Group LLC now owns 281 shares of the company’s stock worth $26,000 after purchasing an additional 177 shares during the period. Brown Brothers Harriman & Co. increased its position in Acushnet by 389.6% in the third quarter. Brown Brothers Harriman & Co. now owns 328 shares of the company’s stock worth $26,000 after buying an additional 261 shares in the last quarter. Kelleher Financial Advisors bought a new position in shares of Acushnet in the third quarter worth about $28,000. EverSource Wealth Advisors LLC raised its stake in shares of Acushnet by 149.7% in the second quarter. EverSource Wealth Advisors LLC now owns 492 shares of the company’s stock worth $36,000 after buying an additional 295 shares during the period. Finally, Allworth Financial LP lifted its position in shares of Acushnet by 57.3% during the 3rd quarter. Allworth Financial LP now owns 505 shares of the company’s stock valued at $40,000 after buying an additional 184 shares in the last quarter. Hedge funds and other institutional investors own 53.12% of the company’s stock.

Acushnet Company Profile

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.