Acushnet (NYSE:GOLF) Sets New 12-Month High – Time to Buy?

Shares of Acushnet (NYSE:GOLF) hit a new 52-week high on Tuesday . The company traded as high as $118.71 and last traded at $118.5250, with a volume of 372269 shares. The stock had previously closed at $117.35.

Wall Street Analyst Weigh In

GOLF has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lifted their target price on shares of Acushnet from $96.00 to $118.00 and gave the stock a “neutral” rating in a research note on Friday. Truist Financial raised their price target on shares of Acushnet from $95.00 to $97.00 and gave the stock a “hold” rating in a report on Tuesday, May 19th. Roth Mkm set a $87.00 price objective on shares of Acushnet in a report on Thursday, May 7th. Finally, Weiss Ratings downgraded Acushnet from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $97.83.

Acushnet Stock Up 1.0%

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 company has a market capitalization of $6.94 billion, a price-to-earnings ratio of 41.73 and a beta of 0.85. The business’s 50-day moving average is $95.20 and its 200-day moving average is $93.78.

Acushnet (NYSE:GOLF) last announced its quarterly 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). Acushnet had a net margin of 6.54% and a return on equity of 22.95%. The company had revenue of $752.98 million for the quarter, compared to analysts’ expectations of $722.48 million. During the same quarter in the prior year, the business posted $1.62 earnings per share. The firm’s revenue was up 7.1% compared to the same quarter last year. As a group, equities analysts predict that Acushnet will post 3.82 earnings per share for the current year.

Acushnet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Friday, June 5th were issued a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend was Friday, June 5th. Acushnet’s payout ratio is 35.92%.

Insider Buying and Selling at Acushnet

In related news, insider Nicholas N. Mohamed sold 529 shares of the business’s 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 directly owned 2,868 shares in the company, valued at $272,460. The trade was a 15.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Steven Francis Pelisek sold 15,000 shares of the stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $91.26, for a total transaction of $1,368,900.00. Following the sale, the insider directly owned 70,512 shares in the company, valued at $6,434,925.12. This trade represents a 17.54% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 53.30% of the company’s stock.

Institutional Investors Weigh In On Acushnet

Several hedge funds have recently modified their holdings of GOLF. Millstone Evans Group LLC grew its position in shares of Acushnet by 170.2% during the 1st quarter. Millstone Evans Group LLC now owns 281 shares of the company’s stock valued at $26,000 after acquiring an additional 177 shares during the period. Brown Brothers Harriman & Co. raised its holdings in Acushnet by 389.6% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 328 shares of the company’s stock worth $26,000 after purchasing an additional 261 shares during the period. Kelleher Financial Advisors purchased a new position in Acushnet during the third quarter worth approximately $28,000. EverSource Wealth Advisors LLC grew its holdings in Acushnet by 149.7% in the second quarter. EverSource Wealth Advisors LLC now owns 492 shares of the company’s stock valued at $36,000 after purchasing an additional 295 shares during the period. Finally, Allworth Financial LP grew its holdings in Acushnet by 57.3% in the third quarter. Allworth Financial LP now owns 505 shares of the company’s stock valued at $40,000 after purchasing an additional 184 shares during the period. 53.12% of the stock is owned by hedge funds and other institutional investors.

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.