Acushnet (NYSE:GOLF) Reaches New 1-Year High – Here’s What Happened
by Michael Walen · The Markets DailyShares of Acushnet (NYSE:GOLF – Get Free Report) reached a new 52-week high on Thursday . The company traded as high as $85.99 and last traded at $84.89, with a volume of 9564 shares trading hands. The stock had previously closed at $84.68.
Wall Street Analyst Weigh In
GOLF has been the subject of several analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Acushnet in a report on Wednesday, October 8th. Roth Capital reissued a “neutral” rating and issued a $80.00 price objective on shares of Acushnet in a research note on Thursday, November 6th. Zacks Research cut Acushnet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 21st. Truist Financial increased their price target on Acushnet from $65.00 to $74.00 and gave the stock a “hold” rating in a report on Tuesday, November 4th. Finally, KeyCorp boosted their price objective on Acushnet from $85.00 to $90.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $76.50.
Check Out Our Latest Stock Report on GOLF
Acushnet Price Performance
The firm has a market cap of $4.98 billion, a PE ratio of 23.19 and a beta of 0.89. The stock has a 50 day simple moving average of $80.76 and a two-hundred day simple moving average of $77.52. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.30 and a current ratio of 2.42.
Acushnet (NYSE:GOLF – Get Free Report) last posted its earnings results on Wednesday, November 5th. The company reported $0.81 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.04). Acushnet had a return on equity of 27.50% and a net margin of 8.80%.The company had revenue of $657.66 million for the quarter, compared to analyst estimates of $632.76 million. During the same period last year, the business earned $0.89 earnings per share. The firm’s revenue was up 6.0% on a year-over-year basis. Sell-side analysts expect that Acushnet will post 3.06 earnings per share for the current year.
Acushnet Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be issued a dividend of $0.235 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $0.94 dividend on an annualized basis and a yield of 1.1%. Acushnet’s dividend payout ratio is 25.68%.
Insider Transactions at Acushnet
In other news, CEO David Eugene Maher sold 26,939 shares of the stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $79.33, for a total transaction of $2,137,070.87. Following the sale, the chief executive officer directly owned 852,092 shares of the company’s stock, valued at $67,596,458.36. This represents a 3.06% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven Francis Pelisek sold 20,000 shares of Acushnet stock in a transaction dated 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 completion of the transaction, the insider owned 76,006 shares of the company’s stock, valued at approximately $6,434,667.96. This represents a 20.83% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 71,460 shares of company stock valued at $5,786,311. Insiders own 53.60% of the company’s stock.
Institutional Investors Weigh In On Acushnet
A number of institutional investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. lifted its position in Acushnet by 9.9% during the first quarter. American Century Companies Inc. now owns 20,742 shares of the company’s stock worth $1,424,000 after buying an additional 1,860 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Acushnet by 8.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 246,963 shares of the company’s stock worth $17,984,000 after acquiring an additional 19,612 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Acushnet by 7.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 387,315 shares of the company’s stock worth $26,593,000 after acquiring an additional 25,571 shares during the period. Parkside Financial Bank & Trust raised its holdings in shares of Acushnet by 61,260.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 12,272 shares of the company’s stock worth $894,000 after acquiring an additional 12,252 shares during the period. Finally, Quantbot Technologies LP boosted its position in shares of Acushnet by 160.0% during the 1st quarter. Quantbot Technologies LP now owns 25,885 shares of the company’s stock valued at $1,777,000 after acquiring an additional 15,928 shares during the last quarter. Institutional investors and hedge funds own 53.12% of the company’s stock.
Acushnet Company Profile
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.
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