Acushnet Holdings, Inc. (GOLF) Coverage Initiated by Analysts at Jefferies Group
The analysts wrote, “We believe GOLF should see steady growth as it drives further market share gains, and benefits from an improving industry backdrop. A loyal customer base and high consumables penetration add a key aspect of predictability. We initiate coverage of GOLF with a Buy rating & $25 PT and see the risk/reward skewed to the upside. We expect the stock to be driven by multiple expansion, as GOLF trades below its peer set. JEF was a passive bookrunner in the Oct. ’16 IPO. Acushnet is the beneficiary of a stabilizing golf industry. We see several demographic tailwinds fueling the golf industry, including the 76M baby boomers entering retirement (and planning to play more golf) and improving participation from beginner/ junior golfers. Golf rounds played inflected up in 2015 and are tracking up YTD, speaking to this trend.”
A number of other equities research analysts have also recently weighed in on GOLF. Nomura initiated coverage on Acushnet Holdings in a research note on Tuesday. They issued a “buy” rating for the company. KeyCorp initiated coverage on Acushnet Holdings in a research note on Tuesday. They set an “overweight” rating for the company. JPMorgan Chase & Co. initiated coverage on Acushnet Holdings in a research note on Tuesday. They set a “neutral” rating for the company. SunTrust Banks Inc. initiated coverage on Acushnet Holdings in a research note on Tuesday. They set a “buy” rating for the company. Finally, Wells Fargo & Co. initiated coverage on Acushnet Holdings in a research note on Tuesday. They set a “market perform” rating for the company. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $23.25.
Acushnet Holdings (NYSE:GOLF) opened at 19.02 on Tuesday. The stock’s market cap is $415.04 million. The firm has a 50-day moving average price of $18.20 and a 200-day moving average price of $18.20. Acushnet Holdings has a one year low of $16.90 and a one year high of $19.18.
In related news, major shareholder Wb Atlas Llc sold 4,029,099 shares of the company’s stock in a transaction on Wednesday, November 2nd. The stock was sold at an average price of $17.00, for a total transaction of $68,494,683.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Walter R. Uihlein acquired 70,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 2nd. The shares were acquired at an average cost of $17.00 per share, for a total transaction of $1,190,000.00. Following the acquisition, the chief executive officer now directly owns 702,196 shares of the company’s stock, valued at $11,937,332. The disclosure for this purchase can be found here.
About Acushnet Holdings Inc.
Acushnet Holdings Inc. is involved in the design, development, manufacture and distribution of performance-driven golf products. Their brands include Titleist, one of golf’s leading performance equipment brands, and FootJoy, one of golf’s leading performance wear brands.
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