Acushnet (NYSE:GOLF) Given New $63.00 Price Target at Truist Financial

Acushnet (NYSE:GOLF) had its target price hoisted by research analysts at Truist Financial from $62.00 to $63.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s price target indicates a potential downside of 3.80% from the stock’s current price.

Separately, KeyCorp boosted their price target on shares of Acushnet from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, January 12th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $66.86.

Acushnet Price Performance

Shares of NYSE:GOLF opened at $65.49 on Wednesday. The company has a 50 day moving average of $63.50 and a 200 day moving average of $61.80. The company has a current ratio of 2.21, a quick ratio of 0.84 and a debt-to-equity ratio of 0.74. Acushnet has a 12 month low of $43.62 and a 12 month high of $70.10. The stock has a market cap of $4.15 billion, a P/E ratio of 22.66 and a beta of 0.88.

Acushnet (NYSE:GOLF) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.38) by ($0.03). Acushnet had a return on equity of 20.09% and a net margin of 8.33%. The business had revenue of $413.00 million during the quarter, compared to analysts’ expectations of $429.16 million. The company’s revenue was down 7.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Acushnet will post 3.17 EPS for the current fiscal year.

Insider Activity at Acushnet

In other Acushnet news, insider Brendan J. Reidy sold 9,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $64.49, for a total transaction of $580,410.00. Following the transaction, the insider now directly owns 58,588 shares of the company’s stock, valued at approximately $3,778,340.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider John Francis Duke, Jr. sold 17,000 shares of the business’s stock in a transaction on Friday, March 8th. The shares were sold at an average price of $64.32, for a total transaction of $1,093,440.00. Following the sale, the insider now owns 130,472 shares in the company, valued at approximately $8,391,959.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Brendan J. Reidy sold 9,000 shares of Acushnet stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $64.49, for a total transaction of $580,410.00. Following the transaction, the insider now directly owns 58,588 shares of the company’s stock, valued at $3,778,340.12. The disclosure for this sale can be found here. 54.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Acushnet

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Norges Bank bought a new position in Acushnet during the 4th quarter valued at approximately $21,945,000. International Assets Investment Management LLC purchased a new stake in Acushnet during the 4th quarter valued at about $9,318,000. Eagle Asset Management Inc. purchased a new position in Acushnet in the fourth quarter worth about $7,673,000. Grantham Mayo Van Otterloo & Co. LLC lifted its stake in shares of Acushnet by 32.3% in the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 386,443 shares of the company’s stock worth $20,497,000 after buying an additional 94,253 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in shares of Acushnet by 8.0% during the third quarter. Ameriprise Financial Inc. now owns 965,654 shares of the company’s stock valued at $51,221,000 after acquiring an additional 71,263 shares in the last quarter. Institutional investors own 53.12% of the company’s stock.

Acushnet Company Profile

Acushnet Holdings Corp. designs, develops, manufactures, and distributes golf products in the United States, Europe, the Middle East, Africa, Japan, Korea, and internationally. The company operates through four segments: Titleist Golf Balls, Titleist Golf Clubs, Titleist Golf Gear, and FootJoy Golf Wear.