Acushnet (NYSE:GOLF) Hits New 52-Week High – Still a Buy?

Acushnet (NYSE:GOLF) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $86.32 and last traded at $86.1920, with a volume of 72981 shares changing hands. The stock had previously closed at $84.50.

Analysts Set New Price Targets

A number of research analysts have recently commented on GOLF shares. 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. Truist Financial boosted their target price on shares of Acushnet from $65.00 to $74.00 and gave the stock a “hold” rating in a research report on Tuesday, November 4th. KeyCorp increased their price target on shares of Acushnet from $85.00 to $90.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Roth Capital restated a “neutral” rating and issued a $80.00 price target on shares of Acushnet in a research report on Thursday, November 6th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Acushnet in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $78.17.

Acushnet Stock Performance

The company has a quick ratio of 1.30, a current ratio of 2.42 and a debt-to-equity ratio of 1.03. The firm has a 50-day moving average of $81.63 and a 200 day moving average of $79.14. The stock has a market capitalization of $5.07 billion, a P/E ratio of 23.63 and a beta of 0.88.

Acushnet (NYSE:GOLF) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). The business had revenue of $657.66 million during the quarter, compared to analyst estimates of $632.76 million. Acushnet had a net margin of 8.80% and a return on equity of 27.50%. The company’s quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.89 EPS. Research analysts anticipate that Acushnet will post 3.06 EPS for the current fiscal 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 paid a dividend of $0.235 per share. The ex-dividend date was Friday, December 5th. This represents a $0.94 dividend on an annualized basis and a yield of 1.1%. Acushnet’s dividend payout ratio (DPR) is currently 25.68%.

Insider Buying and Selling

In other news, CEO David Eugene Maher sold 26,939 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $79.33, for a total value of $2,137,070.87. Following the sale, the chief executive officer directly owned 852,092 shares in the company, valued at approximately $67,596,458.36. This represents a 3.06% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Steven Francis Pelisek sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $84.66, for a total value of $1,693,200.00. Following the transaction, the insider owned 76,006 shares of the company’s stock, valued at $6,434,667.96. This trade represents a 20.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 71,460 shares of company stock worth $5,786,311 over the last ninety days. Company insiders own 53.60% of the company’s stock.

Institutional Investors Weigh In On Acushnet

Several large investors have recently made changes to their positions in the company. Raymond James Financial Inc. lifted its holdings in Acushnet by 0.4% during the 2nd quarter. Raymond James Financial Inc. now owns 952,453 shares of the company’s stock valued at $69,358,000 after purchasing an additional 4,243 shares during the last quarter. Fisher Asset Management LLC increased its holdings in shares of Acushnet by 238.0% during the third quarter. Fisher Asset Management LLC now owns 704,151 shares of the company’s stock worth $55,269,000 after buying an additional 495,794 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Acushnet by 0.8% in the second quarter. Geode Capital Management LLC now owns 662,194 shares of the company’s stock valued at $48,227,000 after acquiring an additional 5,009 shares during the last quarter. Tributary Capital Management LLC raised its stake in shares of Acushnet by 92.6% in the third quarter. Tributary Capital Management LLC now owns 457,490 shares of the company’s stock valued at $35,908,000 after acquiring an additional 219,895 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Acushnet by 31.8% in the 2nd quarter. Bank of America Corp DE now owns 457,460 shares of the company’s stock worth $33,312,000 after acquiring an additional 110,245 shares in the last quarter. Institutional investors 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.