Acushnet (NYSE:GOLF) Reaches New 12-Month High - Here's What Happened

Acushnet (NYSE:GOLF - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $76.73 and last traded at $76.67, with a volume of 363670 shares. The stock had previously closed at $74.19.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Truist Financial upped their price objective on Acushnet from $64.00 to $65.00 and gave the company a "hold" rating in a research report on Thursday, May 8th. Wall Street Zen lowered shares of Acushnet from a "buy" rating to a "hold" rating in a research note on Saturday, March 8th. Compass Point lowered shares of Acushnet from a "buy" rating to a "neutral" rating and cut their price target for the stock from $80.00 to $71.00 in a report on Monday, May 5th. Finally, KeyCorp reissued an "overweight" rating and issued a $80.00 price target (up previously from $75.00) on shares of Acushnet in a report on Friday, June 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $71.00.

Acushnet Stock Down 0.9%

The firm has a market capitalization of $4.47 billion, a PE ratio of 21.11 and a beta of 0.84. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.21 and a current ratio of 2.21. The business's 50 day moving average price is $70.10 and its 200-day moving average price is $68.01.

Acushnet (NYSE:GOLF - Get Free Report) last announced its earnings results on Wednesday, May 7th. The company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.30. The firm had revenue of $703.37 million for the quarter, compared to the consensus estimate of $697.82 million. Acushnet had a net margin of 9.21% and a return on equity of 26.81%. The firm's revenue for the quarter was down .6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.35 EPS. As a group, equities research analysts forecast that Acushnet will post 3.06 earnings per share for the current year.

Acushnet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were given a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date of this dividend was Friday, June 6th. Acushnet's dividend payout ratio (DPR) is currently 26.11%.

Institutional Investors Weigh In On Acushnet

Large investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Acushnet by 9.6% during the first quarter. Vanguard Group Inc. now owns 3,090,666 shares of the company's stock worth $212,205,000 after buying an additional 269,742 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Acushnet by 2.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,549,266 shares of the company's stock valued at $106,366,000 after purchasing an additional 42,533 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Acushnet by 6.7% during the 1st quarter. Wellington Management Group LLP now owns 1,310,965 shares of the company's stock worth $90,011,000 after buying an additional 82,247 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Acushnet by 7.9% during the 1st quarter. Principal Financial Group Inc. now owns 1,104,699 shares of the company's stock worth $75,849,000 after buying an additional 80,676 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Acushnet by 5.3% in the fourth quarter. JPMorgan Chase & Co. now owns 1,078,416 shares of the company's stock valued at $76,654,000 after buying an additional 54,314 shares in the last quarter. 53.12% of the stock is owned by institutional investors and hedge funds.

About Acushnet

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.