Truist Financial Issues Pessimistic Forecast for Acushnet (NYSE:GOLF) Stock Price

Acushnet (NYSE:GOLF - Free Report) had its price objective reduced by Truist Financial from $68.00 to $64.00 in a research note issued to investors on Monday,Benzinga reports. Truist Financial currently has a hold rating on the stock.

A number of other equities analysts have also recently issued reports on GOLF. StockNews.com cut shares of Acushnet from a "buy" rating to a "hold" rating in a research report on Saturday, March 8th. KeyCorp reduced their price objective on Acushnet from $80.00 to $77.00 and set an "overweight" rating for the company in a research note on Friday, February 28th. JPMorgan Chase & Co. lowered Acushnet from a "neutral" rating to an "underweight" rating and lowered their target price for the stock from $69.00 to $64.00 in a research report on Thursday, January 23rd. Finally, Compass Point upgraded shares of Acushnet from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $77.00 to $80.00 in a report on Tuesday, March 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $70.60.

Acushnet Trading Up 0.6 %

Shares of NYSE GOLF traded up $0.34 during trading on Monday, reaching $59.63. The company had a trading volume of 388,479 shares, compared to its average volume of 369,480. The company has a quick ratio of 1.14, a current ratio of 2.10 and a debt-to-equity ratio of 0.79. Acushnet has a 12 month low of $55.31 and a 12 month high of $76.65. The company's fifty day moving average price is $64.86 and its 200-day moving average price is $67.31. The stock has a market cap of $3.57 billion, a P/E ratio of 20.28 and a beta of 0.84.

Acushnet (NYSE:GOLF - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.33) by $0.31. The business had revenue of $445.17 billion during the quarter, compared to analysts' expectations of $454.83 million. Acushnet had a return on equity of 21.45% and a net margin of 7.78%. As a group, research analysts expect that Acushnet will post 3.06 earnings per share for the current year.

Acushnet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were paid a $0.235 dividend. This is a boost from Acushnet's previous quarterly dividend of $0.22. This represents a $0.94 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date of this dividend was Friday, March 7th. Acushnet's payout ratio is currently 28.23%.

Insiders Place Their Bets

In related news, insider Steven Francis Pelisek sold 20,000 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $70.86, for a total transaction of $1,417,200.00. Following the sale, the insider now owns 96,006 shares of the company's stock, valued at approximately $6,802,985.16. This represents a 17.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 54.60% of the company's stock.

Institutional Investors Weigh In On Acushnet

Several hedge funds have recently bought and sold shares of GOLF. Blue Trust Inc. lifted its holdings in shares of Acushnet by 100.6% in the 4th quarter. Blue Trust Inc. now owns 351 shares of the company's stock worth $25,000 after acquiring an additional 176 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in Acushnet in the fourth quarter worth $31,000. GAMMA Investing LLC boosted its position in shares of Acushnet by 96.1% in the 1st quarter. GAMMA Investing LLC now owns 651 shares of the company's stock worth $45,000 after purchasing an additional 319 shares in the last quarter. Lazard Asset Management LLC purchased a new stake in shares of Acushnet in the 4th quarter worth approximately $51,000. Finally, Point72 Asia Singapore Pte. Ltd. increased its position in Acushnet by 39.6% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 818 shares of the company's stock valued at $58,000 after buying an additional 232 shares in the last quarter. 53.12% of the stock is currently owned by institutional investors.

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.