Acushnet (NYSE:GOLF) Shares Gap Down – Here’s What Happened

Acushnet (NYSE:GOLF)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $81.89, but opened at $79.95. Acushnet shares last traded at $79.7860, with a volume of 3,301 shares trading hands.

Analysts Set New Price Targets

Several research analysts have commented on the company. Roth Capital reissued a “neutral” rating and issued a $80.00 price objective on shares of Acushnet in a research report on Thursday, November 6th. KeyCorp upped their target price on Acushnet from $85.00 to $90.00 and gave the stock an “overweight” rating in a research report on Thursday, November 6th. Truist Financial raised their target price on Acushnet from $65.00 to $74.00 and gave the company a “hold” rating in a report on Tuesday, November 4th. Weiss Ratings reissued a “buy (b)” rating on shares of Acushnet in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. upped their price target on Acushnet from $67.00 to $74.00 and gave the stock an “underweight” rating in a report on Monday, December 15th. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $78.17.

Acushnet Trading Up 1.5%

The firm has a market cap of $4.75 billion, a P/E ratio of 22.06 and a beta of 0.88. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.30 and a current ratio of 2.42. The firm has a fifty day moving average of $81.57 and a 200-day moving average of $78.87.

Acushnet (NYSE:GOLF) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.81 earnings per share for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). The firm had revenue of $657.66 million during the quarter, compared to analyst estimates of $632.76 million. Acushnet had a return on equity of 27.50% and a net margin of 8.80%.The firm’s revenue was up 6.0% on a year-over-year basis. During the same period last year, the business earned $0.89 EPS. Equities research analysts forecast that Acushnet will post 3.06 earnings per share for the current year.

Acushnet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were given a $0.235 dividend. The ex-dividend date was Friday, December 5th. This represents a $0.94 annualized dividend and a yield of 1.2%. Acushnet’s payout ratio is 25.68%.

Insider Transactions at Acushnet

In other news, insider Steven Francis Pelisek sold 20,000 shares of the stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $84.66, for a total transaction of $1,693,200.00. Following the transaction, the insider owned 76,006 shares in the company, valued at $6,434,667.96. This represents a 20.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO David Eugene Maher sold 26,939 shares of the company’s stock in a transaction on Friday, November 14th. The stock was sold at an average price of $79.33, for a total transaction of $2,137,070.87. Following the sale, the chief executive officer directly owned 852,092 shares of the company’s stock, valued at approximately $67,596,458.36. This represents a 3.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 71,460 shares of company stock worth $5,786,311 in the last three months. 53.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Acushnet

A number of institutional investors have recently bought and sold shares of GOLF. Corebridge Financial Inc. raised its position in Acushnet by 3.2% in the first quarter. Corebridge Financial Inc. now owns 14,521 shares of the company’s stock worth $997,000 after purchasing an additional 450 shares in the last quarter. Royal Bank of Canada raised its holdings in shares of Acushnet by 6.6% in the 1st quarter. Royal Bank of Canada now owns 88,703 shares of the company’s stock worth $6,090,000 after buying an additional 5,510 shares in the last quarter. PDT Partners LLC bought a new position in shares of Acushnet during the 1st quarter worth approximately $652,000. AQR Capital Management LLC boosted its stake in Acushnet by 2.5% in the 1st quarter. AQR Capital Management LLC now owns 19,498 shares of the company’s stock valued at $1,339,000 after buying an additional 475 shares in the last quarter. Finally, Integrated Wealth Concepts LLC grew its position in Acushnet by 13.5% in the first quarter. Integrated Wealth Concepts LLC now owns 4,603 shares of the company’s stock valued at $316,000 after acquiring an additional 548 shares during the period. Institutional investors and hedge funds own 53.12% of the company’s stock.

About Acushnet

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.