JPMorgan Chase & Co. Raises Acushnet (NYSE:GOLF) Price Target to $63.00

Acushnet (NYSE:GOLF) had its price target boosted by JPMorgan Chase & Co. from $62.00 to $63.00 in a research note released on Tuesday morning, Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the stock.

Separately, Truist Financial increased their price objective on shares of Acushnet from $62.00 to $63.00 and gave the stock a hold rating in a report on Wednesday, May 8th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Acushnet presently has a consensus rating of Hold and an average price target of $66.38.

Acushnet Trading Up 2.8 %

Acushnet stock opened at $64.66 on Tuesday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.46 and a current ratio of 2.69. Acushnet has a 1 year low of $44.42 and a 1 year high of $70.10. The firm’s 50-day moving average is $63.47 and its 200-day moving average is $62.95. The company has a market cap of $4.08 billion, a P/E ratio of 21.85 and a beta of 0.88.

Acushnet (NYSE:GOLF) last released its quarterly earnings data on Tuesday, May 7th. The company reported $1.43 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.19. Acushnet had a net margin of 8.03% and a return on equity of 20.65%. The business had revenue of $707.55 million for the quarter, compared to analysts’ expectations of $692.41 million. On average, equities analysts expect that Acushnet will post 3.11 earnings per share for the current year.

Acushnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 21st. Stockholders of record on Friday, June 7th will be paid a $0.215 dividend. The ex-dividend date is Friday, June 7th. This represents a $0.86 annualized dividend and a dividend yield of 1.33%. Acushnet’s dividend payout ratio is currently 29.86%.

Insider Transactions at Acushnet

In other news, insider John Francis Duke, Jr. sold 17,000 shares of Acushnet stock in a transaction that occurred 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 of the company’s stock, valued at approximately $8,391,959.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider John Francis Duke, Jr. sold 17,000 shares of Acushnet stock in a transaction that occurred 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 of the company’s stock, valued at approximately $8,391,959.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brendan J. Reidy sold 9,000 shares of Acushnet stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 58,588 shares in the company, valued at approximately $3,778,340.12. The disclosure for this sale can be found here. Corporate insiders own 54.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Tributary Capital Management LLC boosted its holdings in shares of Acushnet by 6.7% in the fourth quarter. Tributary Capital Management LLC now owns 265,334 shares of the company’s stock worth $16,761,000 after buying an additional 16,610 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Acushnet during the fourth quarter worth approximately $9,318,000. Strs Ohio acquired a new stake in shares of Acushnet during the fourth quarter worth approximately $890,000. Invesco Ltd. boosted its holdings in shares of Acushnet by 1.6% during the third quarter. Invesco Ltd. now owns 545,158 shares of the company’s stock worth $28,915,000 after purchasing an additional 8,687 shares during the period. Finally, Graham Capital Management L.P. boosted its holdings in shares of Acushnet by 91.5% during the third quarter. Graham Capital Management L.P. now owns 43,121 shares of the company’s stock worth $2,287,000 after purchasing an additional 20,609 shares during the period. 53.12% of the stock is currently owned by institutional investors and hedge funds.

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.