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

Acushnet (NYSE:GOLF) had its target price trimmed by Truist Financial from $68.00 to $64.00 in a report issued on Monday morning,Benzinga reports. The brokerage currently has a hold rating on the stock.

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

Acushnet Price Performance

Shares of NYSE:GOLF opened at $59.30 on Monday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.14 and a current ratio of 2.10. The firm has a market cap of $3.55 billion, a price-to-earnings ratio of 20.17 and a beta of 0.84. The business has a 50-day simple moving average of $65.13 and a two-hundred day simple moving average of $67.36. Acushnet has a fifty-two week low of $55.31 and a fifty-two week high of $76.65.

Acushnet (NYSE:GOLF) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.31. Acushnet had a net margin of 7.78% and a return on equity of 21.45%. The firm had revenue of $445.17 billion during the quarter, compared to analysts’ expectations of $454.83 million. On average, analysts expect 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. Investors of record on Friday, March 7th were issued a $0.235 dividend. This represents a $0.94 annualized dividend and a yield of 1.59%. This is a positive change from Acushnet’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, March 7th. Acushnet’s dividend payout ratio is currently 28.23%.

Insider Buying and Selling at Acushnet

In other news, insider Steven Francis Pelisek sold 20,000 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $70.86, for a total transaction of $1,417,200.00. Following the sale, the insider now directly owns 96,006 shares in the company, valued at $6,802,985.16. This trade represents a 17.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 54.60% of the company’s stock.

Institutional Investors Weigh In On Acushnet

Institutional investors have recently bought and sold shares of the business. Blue Trust Inc. boosted its stake in shares of Acushnet by 100.6% in the fourth quarter. Blue Trust Inc. now owns 351 shares of the company’s stock worth $25,000 after acquiring an additional 176 shares during the period. Public Employees Retirement System of Ohio purchased a new position in Acushnet in the 4th quarter worth approximately $31,000. GAMMA Investing LLC lifted its holdings in Acushnet by 96.1% in the 1st quarter. GAMMA Investing LLC now owns 651 shares of the company’s stock worth $45,000 after purchasing an additional 319 shares in the last quarter. Lazard Asset Management LLC bought a new position in Acushnet in the 4th quarter worth approximately $51,000. Finally, Point72 Asia Singapore Pte. Ltd. grew its holdings in Acushnet by 39.6% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 818 shares of the company’s stock valued at $58,000 after buying an additional 232 shares in the last quarter. Hedge funds and other 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.