Acushnet (NYSE:GOLF) Sets New 12-Month High - Here's Why

Shares of Acushnet (NYSE:GOLF - Get Free Report) hit a new 52-week high during trading on Wednesday . The stock traded as high as $77.31 and last traded at $77.19, with a volume of 102921 shares. The stock had previously closed at $75.76.

Analysts Set New Price Targets

GOLF has been the subject of several research reports. Compass Point cut Acushnet from a "buy" rating to a "neutral" rating and reduced their target price for the stock from $80.00 to $71.00 in a research report on Monday, May 5th. KeyCorp reaffirmed an "overweight" rating and issued a $80.00 target price (up from $75.00) on shares of Acushnet in a research report on Friday, June 27th. Finally, Truist Financial raised their target price on Acushnet from $64.00 to $65.00 and gave the stock a "hold" rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $71.00.

Acushnet Stock Down 0.4%

The company has a debt-to-equity ratio of 1.19, a current ratio of 2.21 and a quick ratio of 1.21. The firm has a 50 day simple moving average of $71.52 and a 200-day simple moving average of $68.25. The stock has a market capitalization of $4.58 billion, a price-to-earnings ratio of 21.66 and a beta of 0.84.

Acushnet (NYSE:GOLF - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.30. Acushnet had a return on equity of 26.81% and a net margin of 9.21%. The firm had revenue of $703.37 million during the quarter, compared to analyst estimates of $697.82 million. During the same period in the prior year, the company posted $1.35 earnings per share. The business's revenue for the quarter was down .6% compared to the same quarter last year. On average, sell-side analysts forecast that Acushnet will post 3.06 EPS for the current fiscal year.

Acushnet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were paid a $0.235 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.21%. Acushnet's dividend payout ratio (DPR) is presently 26.11%.

Insider Buying and Selling at Acushnet

In other news, Director Holdings Corp. Misto sold 953,406 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $65.56, for a total value of $62,505,297.36. Following the completion of the sale, the director directly owned 29,523,653 shares in the company, valued at approximately $1,935,570,690.68. This trade represents a 3.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 53.60% of the company's stock.

Institutional Trading of Acushnet

Hedge funds and other institutional investors have recently made changes to their positions in the business. Praxis Investment Management Inc. acquired a new stake in shares of Acushnet in the first quarter valued at $290,000. SG Americas Securities LLC increased its stake in shares of Acushnet by 783.2% in the first quarter. SG Americas Securities LLC now owns 17,391 shares of the company's stock valued at $1,194,000 after buying an additional 15,422 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Acushnet by 89.6% in the first quarter. Rhumbline Advisers now owns 78,007 shares of the company's stock valued at $5,356,000 after buying an additional 36,865 shares in the last quarter. Sei Investments Co. increased its stake in shares of Acushnet by 4.3% in the fourth quarter. Sei Investments Co. now owns 102,137 shares of the company's stock valued at $7,260,000 after buying an additional 4,256 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Acushnet by 13,363.3% in the first quarter. GAMMA Investing LLC now owns 44,698 shares of the company's stock valued at $3,069,000 after buying an additional 44,366 shares in the last quarter. 53.12% of the stock is currently owned by institutional investors and hedge funds.

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.