Acushnet (NYSE:GOLF) Sets New 52-Week High - Here's Why

Key Points

• Acushnet stock hit a new 52-week high, trading as high as $111.21 and last changing hands at $109.13, up about 1.8% on the day.
• Recent analyst activity has been cautious overall: the stock has an average Hold rating, with one Buy and seven Hold ratings, and a consensus price target of $94.17.
• The company’s latest quarter showed revenue growth of 7.1% year over year to $752.98 million, though EPS of $1.36 slightly missed estimates; Acushnet also pays a quarterly dividend yielding about 0.9%.

Acushnet (NYSE:GOLF - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $111.21 and last traded at $109.13, with a volume of 9689 shares. The stock had previously closed at $108.06.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GOLF. UBS Group set a $100.00 price target on Acushnet in a research report on Thursday, February 26th. Jefferies Financial Group restated a "hold" rating on shares of Acushnet in a report on Thursday, February 26th. Roth Mkm set a $87.00 price objective on shares of Acushnet in a research note on Thursday, May 7th. Truist Financial increased their target price on shares of Acushnet from $95.00 to $97.00 and gave the stock a "hold" rating in a report on Tuesday, May 19th. Finally, Weiss Ratings downgraded shares of Acushnet from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, Acushnet currently has an average rating of "Hold" and an average target price of $94.17.

Acushnet Trading Up 1.8%

The firm has a market capitalization of $6.44 billion, a PE ratio of 38.60 and a beta of 0.85. The company has a quick ratio of 1.59, a current ratio of 2.87 and a debt-to-equity ratio of 1.36. The company's 50-day simple moving average is $93.83 and its 200 day simple moving average is $92.91.

Acushnet (NYSE:GOLF - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.36 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.38 by ($0.02). The business had revenue of $752.98 million for the quarter, compared to analyst estimates of $722.48 million. Acushnet had a return on equity of 22.95% and a net margin of 6.54%.The business's revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.62 earnings per share. As a group, sell-side analysts expect that Acushnet will post 3.82 EPS for the current year.

Acushnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Friday, June 5th were issued a $0.255 dividend. This represents a $1.02 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Friday, June 5th. Acushnet's dividend payout ratio (DPR) is currently 35.92%.

Insider Transactions at Acushnet

In related news, insider Steven Francis Pelisek sold 15,000 shares of Acushnet stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $91.26, for a total value of $1,368,900.00. Following the completion of the sale, the insider directly owned 70,512 shares in the company, valued at $6,434,925.12. This trade represents a 17.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Nicholas N. Mohamed sold 529 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $95.00, for a total transaction of $50,255.00. Following the sale, the insider directly owned 2,868 shares in the company, valued at approximately $272,460. This represents a 15.57% decrease in their position. The SEC filing for this sale provides additional information. 53.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Empowered Funds LLC purchased a new stake in shares of Acushnet during the first quarter valued at $279,000. Glenmede Trust Co. NA raised its stake in Acushnet by 3.2% in the 1st quarter. Glenmede Trust Co. NA now owns 10,764 shares of the company's stock worth $1,006,000 after acquiring an additional 335 shares during the last quarter. Edgestream Partners L.P. raised its stake in Acushnet by 106.5% in the 1st quarter. Edgestream Partners L.P. now owns 73,742 shares of the company's stock worth $6,893,000 after acquiring an additional 38,030 shares during the last quarter. Amundi lifted its position in Acushnet by 33.3% during the 1st quarter. Amundi now owns 6,173 shares of the company's stock worth $577,000 after acquiring an additional 1,542 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its position in Acushnet by 43.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 535 shares of the company's stock worth $50,000 after acquiring an additional 163 shares during the period. Hedge funds and other institutional investors own 53.12% of the company's stock.

About Acushnet

Acushnet Holdings Corp., traded on the NYSE under the symbol GOLF, is a leading designer, manufacturer and marketer of golf equipment, footwear, apparel and accessories. The company's portfolio encompasses a range of golf lifestyle products, with a focus on innovation, performance and quality for players of all skill levels.

At the core of Acushnet's product lineup is the Titleist brand, globally recognized for its Tour-level golf balls and precision-engineered clubs. FootJoy offers golf shoes, gloves and apparel that blend comfort, style and technical performance, while Scotty Cameron putters and Vokey design wedges cater to players seeking exacting standards in feel and accuracy.

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