Acushnet (NYSE:GOLF) Sets New 52-Week High – Still a Buy?

Acushnet (NYSE:GOLF)’s stock price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $106.85 and last traded at $107.6610, with a volume of 55839 shares trading hands. The stock had previously closed at $100.49.

Wall Street Analysts Forecast Growth

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

Acushnet Trading Up 6.1%

The company has a quick ratio of 1.59, a current ratio of 2.87 and a debt-to-equity ratio of 1.36. The stock’s 50 day moving average price is $93.01 and its 200-day moving average price is $92.24. The stock has a market capitalization of $6.24 billion, a P/E ratio of 37.48 and a beta of 0.85.

Acushnet (NYSE:GOLF) last announced its earnings results on Wednesday, May 6th. The company reported $1.36 earnings per share 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%. Acushnet’s revenue was up 7.1% on a year-over-year basis. During the same quarter last year, the business earned $1.62 earnings per share. As a group, equities research analysts expect that Acushnet will post 3.82 earnings per share for the current year.

Acushnet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Friday, June 5th will be issued a $0.255 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.02 dividend on an annualized basis and a yield of 1.0%. Acushnet’s payout ratio is presently 35.92%.

Insiders Place Their Bets

In other Acushnet news, insider Nicholas N. Mohamed sold 529 shares of Acushnet 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 transaction, the insider owned 2,868 shares of the company’s stock, valued at approximately $272,460. The trade was a 15.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Francis Pelisek sold 15,000 shares of Acushnet stock in a transaction 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 completion of the transaction, the insider directly owned 70,512 shares of the company’s stock, valued at $6,434,925.12. The trade was a 17.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 53.30% of the stock is currently owned by insiders.

Institutional Trading of Acushnet

Institutional investors and hedge funds have recently modified their holdings of the stock. Millstone Evans Group LLC increased its stake in shares of Acushnet by 170.2% during the first quarter. Millstone Evans Group LLC now owns 281 shares of the company’s stock worth $26,000 after purchasing an additional 177 shares in the last quarter. Brown Brothers Harriman & Co. increased its stake in shares of Acushnet by 389.6% during the third quarter. Brown Brothers Harriman & Co. now owns 328 shares of the company’s stock worth $26,000 after purchasing an additional 261 shares in the last quarter. Kelleher Financial Advisors purchased a new stake in shares of Acushnet during the third quarter worth about $28,000. EverSource Wealth Advisors LLC increased its stake in shares of Acushnet by 149.7% during the second quarter. EverSource Wealth Advisors LLC now owns 492 shares of the company’s stock worth $36,000 after purchasing an additional 295 shares in the last quarter. Finally, Allworth Financial LP increased its stake in shares of Acushnet by 57.3% during the third quarter. Allworth Financial LP now owns 505 shares of the company’s stock worth $40,000 after purchasing 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.