Acushnet (NYSE:GOLF) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Acushnet from “hold” to “buy,” although the broader analyst consensus remains “hold,” with eight hold ratings and one buy rating and an average price target of $96.57.
• Acushnet reported strong quarterly results, with earnings of $2.08 per share versus the $1.63 consensus estimate and revenue of $819.95 million, up 13.8% year over year.
• The stock opened at $80.21, below its 50-day and 200-day moving averages, while institutional investors own 53.12% of the company after several firms initiated or increased positions.

Acushnet (NYSE:GOLF - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday, Wall Street Zen reports.

Several other research analysts have also weighed in on the company. JPMorgan Chase & Co. upped their target price on Acushnet from $96.00 to $118.00 and gave the stock a "neutral" rating in a research report on Friday, June 26th. Roth Capital reiterated a "neutral" rating and set a $95.00 price target on shares of Acushnet in a report on Friday, August 7th. Weiss Ratings cut Acushnet from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, September 28th. Finally, Stephens cut their price objective on shares of Acushnet from $88.00 to $81.00 and set an "equal weight" rating on the stock in a research report on Wednesday. One equities research analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $96.57.

Acushnet Trading Up 0.9%

Shares of NYSE:GOLF opened at $80.21 on Friday. The firm has a fifty day moving average of $84.85 and a two-hundred day moving average of $94.36. The company has a quick ratio of 1.48, a current ratio of 2.55 and a debt-to-equity ratio of 1.01. Acushnet has a 12-month low of $75.16 and a 12-month high of $119.65. The firm has a market capitalization of $4.68 billion, a P/E ratio of 20.12 and a beta of 0.79.

Acushnet (NYSE:GOLF - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $2.08 earnings per share for the quarter, topping analysts' consensus estimates of $1.63 by $0.45. The business had revenue of $819.95 million for the quarter, compared to the consensus estimate of $788.24 million. Acushnet had a net margin of 8.12% and a return on equity of 27.98%. Acushnet's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the prior year, the business posted $1.25 earnings per share. On average, equities analysts expect that Acushnet will post 4.02 EPS for the current fiscal year.

Institutional Trading of Acushnet

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of Acushnet during the 2nd quarter valued at about $496,463,000. Neumeier Poma Investment Counsel LLC bought a new position in shares of Acushnet in the 2nd quarter valued at approximately $45,290,194. Bank of New York Mellon Corp bought a new position in shares of Acushnet in the 2nd quarter valued at approximately $31,800,000. Bank of America Corp DE bought a new position in shares of Acushnet in the 2nd quarter valued at approximately $19,732,000. Finally, Sei Investments Co. raised its stake in shares of Acushnet by 7.6% in the 1st quarter. Sei Investments Co. now owns 108,255 shares of the company's stock valued at $10,120,000 after acquiring an additional 7,604 shares in the last quarter. Institutional investors and hedge funds own 53.12% of the company's stock.

About Acushnet

Acushnet Holdings Corp. is a golf equipment and apparel company that develops, manufactures and markets products for golfers worldwide. Its portfolio includes golf clubs, golf balls, golf shoes, gloves, apparel, accessories and other golf-related equipment.

The company's principal brands include Titleist, known for golf balls, clubs and equipment; FootJoy, which offers golf footwear, gloves and apparel; Scotty Cameron, which produces premium putters; Vokey Design, which specializes in wedges; and KJUS, a performance golf and outdoor apparel brand.

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