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

Acushnet (NYSE:GOLF) had its price objective raised by research analysts at Truist Financial from $65.00 to $74.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “hold” rating on the stock. Truist Financial’s price target would indicate a potential downside of 3.25% from the company’s current price.

Several other brokerages have also recently commented on GOLF. KeyCorp increased their price target on Acushnet from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 8th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Acushnet in a research report on Wednesday, October 8th. Zacks Research cut Acushnet from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 21st. Finally, Morgan Stanley raised their price objective on Acushnet from $63.00 to $80.00 and gave the company an “equal weight” rating in a research report on Friday, July 18th. Two investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $74.80.

Acushnet Stock Up 0.1%

NYSE GOLF traded up $0.11 during trading hours on Tuesday, hitting $76.49. 33,056 shares of the company traded hands, compared to its average volume of 439,563. The business’s 50-day moving average is $77.89 and its 200-day moving average is $74.82. Acushnet has a twelve month low of $55.31 and a twelve month high of $84.40. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.21 and a current ratio of 2.25. The stock has a market capitalization of $4.49 billion, a price-to-earnings ratio of 20.39 and a beta of 0.90.

Acushnet (NYSE:GOLF) last issued its quarterly earnings results on Thursday, August 7th. The company reported $1.25 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.08). Acushnet had a net margin of 9.24% and a return on equity of 28.05%. The company had revenue of $720.48 million for the quarter, compared to analyst estimates of $713.70 million. During the same period last year, the company posted $1.11 earnings per share. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. Sell-side analysts anticipate that Acushnet will post 3.06 earnings per share for the current year.

Insider Buying and Selling

In other Acushnet news, insider Mary Louise Bohn sold 13,190 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $78.85, for a total transaction of $1,040,031.50. Following the transaction, the insider owned 191,786 shares in the company, valued at $15,122,326.10. This trade represents a 6.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 53.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Acushnet

Hedge funds have recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC increased its stake in Acushnet by 149.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 492 shares of the company’s stock worth $36,000 after acquiring an additional 295 shares during the period. Nisa Investment Advisors LLC increased its stake in Acushnet by 83.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 540 shares of the company’s stock worth $39,000 after acquiring an additional 246 shares during the period. Bessemer Group Inc. increased its stake in Acushnet by 78.6% during the 2nd quarter. Bessemer Group Inc. now owns 575 shares of the company’s stock worth $42,000 after acquiring an additional 253 shares during the period. KBC Group NV bought a new position in Acushnet during the 1st quarter worth $44,000. Finally, GAMMA Investing LLC increased its stake in Acushnet by 96.1% during the 1st quarter. GAMMA Investing LLC now owns 651 shares of the company’s stock worth $45,000 after acquiring an additional 319 shares during the period. Institutional investors own 53.12% of the company’s stock.

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.