JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Acushnet (NYSE:GOLF) Stock

Key Points

• JPMorgan Chase & Co. raised its price target on Acushnet to $118 from $96 while keeping a neutral rating, implying only modest upside from the prior close.
• Despite the higher target, the broader analyst view remains cautious: Acushnet’s consensus rating is Hold with an average price target of $97.83, and most analysts rate it Hold.
• Acushnet shares recently traded near their 52-week high at $117.16, following a quarter in which revenue rose 7.1% year over year even though earnings per share slightly missed estimates.

Acushnet (NYSE:GOLF - Get Free Report) had its target price upped by equities research analysts at JPMorgan Chase & Co. from $96.00 to $118.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 0.72% from the stock's previous close.

Several other equities analysts also recently issued reports on GOLF. Weiss Ratings downgraded shares of Acushnet from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, May 27th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Acushnet in a report on Thursday, February 26th. UBS Group set a $100.00 price objective on shares of Acushnet in a research report on Thursday, February 26th. Roth Mkm set a $87.00 target price on shares of Acushnet in a research note on Thursday, May 7th. Finally, Truist Financial upped their target price on shares of Acushnet from $95.00 to $97.00 and gave the stock a "hold" rating in a research report on Tuesday, May 19th. One investment analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $97.83.

Acushnet Stock Performance

Shares of Acushnet stock traded up $3.96 on Friday, reaching $117.16. 110,347 shares of the company were exchanged, compared to its average volume of 350,608. The firm has a market cap of $6.86 billion, a price-to-earnings ratio of 41.15 and a beta of 0.85. Acushnet has a 1-year low of $72.06 and a 1-year high of $117.99. The company has a debt-to-equity ratio of 1.36, a quick ratio of 1.59 and a current ratio of 2.87. The company's 50-day moving average is $94.38 and its two-hundred day moving average is $93.29.

Acushnet (NYSE:GOLF - Get Free Report) last released its quarterly earnings data 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 company had revenue of $752.98 million for the quarter, compared to analyst estimates of $722.48 million. Acushnet had a net margin of 6.54% and a return on equity of 22.95%. The company's revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.62 EPS. As a group, research analysts expect that Acushnet will post 3.82 earnings per share for the current fiscal year.

Insider Activity at Acushnet

In other news, insider Nicholas N. Mohamed sold 529 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $95.00, for a total transaction of $50,255.00. Following the sale, the insider owned 2,868 shares in the company, valued at $272,460. The trade was a 15.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Francis Pelisek sold 15,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $91.26, for a total transaction of $1,368,900.00. Following the completion of the transaction, the insider directly owned 70,512 shares of the company's stock, valued at $6,434,925.12. This represents a 17.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 53.30% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of GOLF. Royal Bank of Canada boosted its position in Acushnet by 6.6% during the 1st quarter. Royal Bank of Canada now owns 88,703 shares of the company's stock worth $6,090,000 after acquiring an additional 5,510 shares during the period. AQR Capital Management LLC increased its holdings in shares of Acushnet by 2.5% in the 1st quarter. AQR Capital Management LLC now owns 19,498 shares of the company's stock valued at $1,339,000 after purchasing an additional 475 shares during the period. Integrated Wealth Concepts LLC lifted its position in shares of Acushnet by 13.5% in the first quarter. Integrated Wealth Concepts LLC now owns 4,603 shares of the company's stock worth $316,000 after purchasing an additional 548 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Acushnet by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,560 shares of the company's stock valued at $1,137,000 after purchasing an additional 460 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Acushnet by 39.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 249,807 shares of the company's stock worth $17,152,000 after buying an additional 70,095 shares in the last quarter. Hedge funds and other institutional investors own 53.12% of the company's stock.

Acushnet Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.