Acushnet (NYSE:GOLF) Given New $63.00 Price Target at Truist Financial

Acushnet (NYSE:GOLF) had its price target raised by Truist Financial from $62.00 to $63.00 in a research report report published on Wednesday, Benzinga reports. The firm currently has a hold rating on the stock.

Separately, KeyCorp lifted their price target on shares of Acushnet from $65.00 to $75.00 and gave the company an overweight rating in a report on Friday, January 12th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Acushnet has a consensus rating of Moderate Buy and an average target price of $66.86.

Acushnet Stock Performance

NYSE:GOLF traded up $0.71 on Wednesday, reaching $63.74. 52,271 shares of the company’s stock were exchanged, compared to its average volume of 353,590. Acushnet has a 52 week low of $43.62 and a 52 week high of $70.10. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of 21.80 and a beta of 0.88. The company has a debt-to-equity ratio of 0.74, a current ratio of 2.21 and a quick ratio of 0.84. The stock has a fifty day simple moving average of $63.38 and a 200-day simple moving average of $61.81.

Acushnet (NYSE:GOLF) last announced its earnings results on Thursday, February 29th. The company reported ($0.41) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.03). The company had revenue of $413.00 million during the quarter, compared to analysts’ expectations of $429.16 million. Acushnet had a net margin of 8.33% and a return on equity of 20.09%. The firm’s quarterly revenue was down 7.7% compared to the same quarter last year. As a group, sell-side analysts predict that Acushnet will post 3.17 earnings per share for the current year.

Acushnet Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 21st. Investors of record on Friday, June 7th will be paid a dividend of $0.215 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.86 dividend on an annualized basis and a dividend yield of 1.35%. Acushnet’s dividend payout ratio (DPR) is presently 29.76%.

Insider Activity at Acushnet

In related news, insider John Francis Duke, Jr. sold 17,000 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $64.32, for a total transaction of $1,093,440.00. Following the completion of the transaction, the insider now directly owns 130,472 shares in the company, valued at approximately $8,391,959.04. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider Brendan J. Reidy sold 9,000 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $64.49, for a total transaction of $580,410.00. Following the transaction, the insider now owns 58,588 shares in the company, valued at $3,778,340.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John Francis Duke, Jr. sold 17,000 shares of the firm’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $64.32, for a total value of $1,093,440.00. Following the transaction, the insider now owns 130,472 shares in the company, valued at approximately $8,391,959.04. The disclosure for this sale can be found here. 54.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Acushnet

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Azzad Asset Management Inc. ADV grew its stake in shares of Acushnet by 1.9% during the first quarter. Azzad Asset Management Inc. ADV now owns 9,305 shares of the company’s stock worth $614,000 after acquiring an additional 173 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of Acushnet by 2.0% during the third quarter. Arizona State Retirement System now owns 9,590 shares of the company’s stock worth $509,000 after purchasing an additional 188 shares during the period. First Horizon Advisors Inc. lifted its holdings in shares of Acushnet by 43.3% during the third quarter. First Horizon Advisors Inc. now owns 711 shares of the company’s stock worth $38,000 after purchasing an additional 215 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Acushnet by 1.5% during the fourth quarter. Franklin Resources Inc. now owns 20,815 shares of the company’s stock worth $1,315,000 after purchasing an additional 317 shares during the period. Finally, ProShare Advisors LLC lifted its holdings in shares of Acushnet by 6.6% during the first quarter. ProShare Advisors LLC now owns 5,447 shares of the company’s stock worth $359,000 after purchasing an additional 339 shares during the period. Hedge funds and other institutional investors 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.