Truist Financial Cuts Acushnet (NYSE:GOLF) Price Target to $64.00

Acushnet (NYSE:GOLF) had its price target lowered by Truist Financial from $68.00 to $64.00 in a research note issued to investors on Monday,Benzinga reports. Truist Financial currently has a hold rating on the stock.

A number of other research firms have also recently issued reports on GOLF. JPMorgan Chase & Co. cut shares of Acushnet from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $69.00 to $64.00 in a research report on Thursday, January 23rd. Compass Point upgraded Acushnet from a “neutral” rating to a “buy” rating and boosted their price target for the company from $77.00 to $80.00 in a report on Tuesday, March 4th. KeyCorp dropped their price objective on Acushnet from $80.00 to $77.00 and set an “overweight” rating for the company in a report on Friday, February 28th. Finally, StockNews.com cut Acushnet from a “buy” rating to a “hold” rating in a research note on Saturday, March 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, Acushnet currently has an average rating of “Hold” and a consensus price target of $72.00.

Acushnet Stock Down 2.0 %

Shares of NYSE:GOLF opened at $59.30 on Monday. Acushnet has a 12-month low of $55.31 and a 12-month high of $76.65. The company has a current ratio of 2.10, a quick ratio of 1.14 and a debt-to-equity ratio of 0.79. The stock’s 50-day moving average price is $65.13 and its 200-day moving average price is $67.36. The stock has a market capitalization of $3.55 billion, a P/E ratio of 20.17 and a beta of 0.84.

Acushnet (NYSE:GOLF) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.02) EPS for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.31. The business had revenue of $445.17 billion for the quarter, compared to analysts’ expectations of $454.83 million. Acushnet had a return on equity of 21.45% and a net margin of 7.78%. On average, equities analysts anticipate that Acushnet will post 3.06 earnings per share for the current year.

Acushnet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were paid a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend was Friday, March 7th. This is a boost from Acushnet’s previous quarterly dividend of $0.22. Acushnet’s dividend payout ratio (DPR) is presently 28.23%.

Insider Buying and Selling

In other Acushnet news, insider Steven Francis Pelisek sold 20,000 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $70.86, for a total value of $1,417,200.00. Following the sale, the insider now owns 96,006 shares in the company, valued at approximately $6,802,985.16. This represents a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 54.60% of the stock is owned by insiders.

Institutional Trading of Acushnet

Hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. raised its stake in Acushnet by 100.6% during the fourth quarter. Blue Trust Inc. now owns 351 shares of the company’s stock valued at $25,000 after buying an additional 176 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Acushnet in the 4th quarter worth about $31,000. GAMMA Investing LLC grew its position in Acushnet by 96.1% during the 1st quarter. GAMMA Investing LLC now owns 651 shares of the company’s stock valued at $45,000 after purchasing an additional 319 shares during the last quarter. Lazard Asset Management LLC bought a new stake in Acushnet during the 4th quarter valued at about $51,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its holdings in Acushnet by 39.6% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 818 shares of the company’s stock worth $58,000 after buying an additional 232 shares during the last quarter. 53.12% of the stock is owned by institutional investors.

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.