Acushnet (NYSE:GOLF) Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Acushnet (NYSE:GOLF) from a buy rating to a hold rating in a research note published on Saturday morning,Wall Street Zen reports.

GOLF has been the subject of several other research reports. Roth Capital reissued a “neutral” rating and issued a $95.00 target price on shares of Acushnet in a research note on Friday, August 7th. Stephens began coverage on shares of Acushnet in a research note on Tuesday, September 15th. They set an “equal weight” rating and a $88.00 price target on the stock. Weiss Ratings upgraded shares of Acushnet from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Acushnet from $96.00 to $118.00 and gave the company a “neutral” rating in a research report on Friday, June 26th. One analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $97.57.

Acushnet Price Performance

GOLF stock opened at $82.14 on Friday. The stock’s 50 day moving average price is $93.85 and its 200 day moving average price is $96.00. The firm has a market cap of $4.80 billion, a P/E ratio of 22.38 and a beta of 0.80. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.48 and a current ratio of 2.55. Acushnet has a 1 year low of $73.09 and a 1 year high of $119.65.

Acushnet (NYSE:GOLF) last released its quarterly earnings results on Thursday, August 6th. The company reported $2.08 earnings per share for the quarter, topping analysts’ consensus estimates of $1.63 by $0.45. Acushnet had a return on equity of 27.98% and a net margin of 8.12%.The company had revenue of $819.95 million during the quarter, compared to analysts’ expectations of $788.24 million. During the same period in the previous year, the firm posted $1.25 earnings per share. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. On average, sell-side analysts expect that Acushnet will post 4.02 earnings per share for the current fiscal year.

Acushnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were paid a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Friday, September 4th. Acushnet’s dividend payout ratio (DPR) is presently 27.79%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Nykredit A S purchased a new position in shares of Acushnet during the 2nd quarter worth about $164,000. Corient Private Wealth LP grew its holdings in Acushnet by 598.9% in the second quarter. Corient Private Wealth LP now owns 41,237 shares of the company’s stock valued at $4,888,000 after purchasing an additional 35,337 shares during the period. HighTower Advisors LLC increased its position in Acushnet by 42.8% during the second quarter. HighTower Advisors LLC now owns 9,864 shares of the company’s stock worth $1,169,000 after purchasing an additional 2,957 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Acushnet during the second quarter worth approximately $225,000. Finally, Empowered Funds LLC acquired a new position in Acushnet during the second quarter worth approximately $353,000. Institutional investors and hedge funds own 53.12% of the company’s stock.

About Acushnet

Acushnet Holdings Corp. develops, manufactures and distributes golf equipment, apparel and accessories. The company’s portfolio includes golf balls, clubs, wedges, putters, golf gloves, footwear, clothing, bags and other products serving recreational and professional golfers.

Acushnet’s principal brands include Titleist, known for golf balls and equipment; FootJoy, which offers golf footwear, gloves and apparel; and Scotty Cameron, which designs premium putters. The company also markets products under brands including Vokey Design, KJUS and Linksoul.

Founded in 1910, Acushnet is headquartered in Fairhaven, Massachusetts, and serves customers through a global network of retailers, golf courses, distributors and direct-to-consumer channels.