Truist Financial Raises Acushnet (NYSE:GOLF) Price Target to $68.00

Acushnet (NYSE:GOLF) had its price objective upped by Truist Financial from $65.00 to $68.00 in a report issued on Friday,Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s price target would suggest a potential downside of 6.25% from the company’s current price.

Several other equities analysts have also recently issued reports on GOLF. Jefferies Financial Group cut shares of Acushnet from a “buy” rating to a “hold” rating and lowered their target price for the company from $86.00 to $75.00 in a research note on Tuesday, September 17th. Compass Point lowered their price objective on shares of Acushnet from $78.00 to $76.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $71.40.

Acushnet Stock Performance

Shares of Acushnet stock opened at $72.53 on Friday. Acushnet has a 1 year low of $53.68 and a 1 year high of $76.38. The firm’s 50-day moving average is $63.73 and its 200 day moving average is $64.70. The stock has a market cap of $4.48 billion, a price-to-earnings ratio of 24.67 and a beta of 0.85. The company has a debt-to-equity ratio of 0.81, a current ratio of 2.28 and a quick ratio of 1.27.

Acushnet (NYSE:GOLF) last issued its earnings results on Thursday, November 7th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.10. The firm had revenue of $620.50 million for the quarter, compared to the consensus estimate of $620.40 million. Acushnet had a net margin of 7.91% and a return on equity of 21.17%. The business’s revenue was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.85 earnings per share. Sell-side analysts anticipate that Acushnet will post 3.02 EPS for the current fiscal year.

Institutional Investors Weigh In On Acushnet

Hedge funds have recently modified their holdings of the business. Sei Investments Co. lifted its position in Acushnet by 29.0% during the first quarter. Sei Investments Co. now owns 96,624 shares of the company’s stock valued at $6,372,000 after purchasing an additional 21,730 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Acushnet during the 1st quarter valued at approximately $1,842,000. Vanguard Group Inc. increased its holdings in Acushnet by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 3,010,318 shares of the company’s stock worth $198,530,000 after acquiring an additional 15,088 shares in the last quarter. State Board of Administration of Florida Retirement System raised its stake in Acushnet by 95.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 36,994 shares of the company’s stock worth $2,440,000 after acquiring an additional 18,064 shares during the period. Finally, Victory Capital Management Inc. lifted its holdings in Acushnet by 871.1% during the second quarter. Victory Capital Management Inc. now owns 991,627 shares of the company’s stock valued at $62,948,000 after purchasing an additional 889,515 shares in the last quarter. Institutional investors own 53.12% of the company’s stock.

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.