Acushnet (NYSE:GOLF) Cut to Hold at Jefferies Financial Group

Jefferies Financial Group downgraded shares of Acushnet (NYSE:GOLF) from a buy rating to a hold rating in a research report report published on Tuesday morning, Marketbeat reports. The brokerage currently has $75.00 price objective on the stock, down from their previous price objective of $86.00.

Other research analysts have also issued reports about the stock. Compass Point decreased their target price on shares of Acushnet from $78.00 to $76.00 and set a buy rating on the stock in a research note on Wednesday, August 7th. JPMorgan Chase & Co. lifted their price objective on Acushnet from $62.00 to $63.00 and gave the stock a neutral rating in a research report on Tuesday, May 28th. Finally, Truist Financial upped their target price on Acushnet from $63.00 to $65.00 and gave the company a hold rating in a report on Wednesday, August 7th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of Hold and an average price target of $67.43.

Acushnet Stock Up 1.4 %

Shares of GOLF opened at $64.19 on Tuesday. The stock has a 50 day moving average price of $67.03 and a 200 day moving average price of $64.78. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.27 and a current ratio of 2.28. The stock has a market capitalization of $4.05 billion, a price-to-earnings ratio of 22.29 and a beta of 0.85. Acushnet has a one year low of $49.42 and a one year high of $74.77.

Acushnet (NYSE:GOLF) last issued its earnings results on Tuesday, August 6th. The company reported $1.11 EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.09). The business had revenue of $683.90 million during the quarter, compared to analyst estimates of $709.83 million. Acushnet had a net margin of 7.91% and a return on equity of 21.17%. Acushnet’s quarterly revenue was down .8% on a year-over-year basis. During the same quarter last year, the company earned $1.09 earnings per share. Equities research analysts forecast that Acushnet will post 3.02 earnings per share for the current fiscal year.

Acushnet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be given a $0.215 dividend. The ex-dividend date of this dividend is Friday, September 6th. This represents a $0.86 dividend on an annualized basis and a yield of 1.34%. Acushnet’s dividend payout ratio is currently 29.86%.

Insider Activity

In related news, Director Holdings Corp. Fila sold 587,520 shares of the business’s stock in a transaction dated Wednesday, July 10th. The shares were sold at an average price of $63.83, for a total value of $37,501,401.60. Following the sale, the director now directly owns 32,522,966 shares in the company, valued at approximately $2,075,940,919.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 54.60% of the company’s stock.

Institutional Trading of Acushnet

Institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. lifted its stake in Acushnet by 871.1% during the second quarter. Victory Capital Management Inc. now owns 991,627 shares of the company’s stock worth $62,948,000 after purchasing an additional 889,515 shares in the last quarter. Norges Bank acquired a new position in Acushnet during the 4th quarter worth about $21,945,000. Edgestream Partners L.P. purchased a new position in Acushnet during the 1st quarter valued at about $8,754,000. Thornburg Investment Management Inc. acquired a new position in Acushnet in the 2nd quarter valued at about $7,794,000. Finally, Eagle Asset Management Inc. purchased a new stake in Acushnet during the fourth quarter worth about $7,673,000. 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.