Acushnet (NYSE:GOLF) Downgraded to Underweight Rating by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered shares of Acushnet (NYSE:GOLF) from a neutral rating to an underweight rating in a research note issued to investors on Thursday morning, MarketBeat reports. JPMorgan Chase & Co. currently has $64.00 price objective on the stock, down from their previous price objective of $69.00.

Separately, Truist Financial lifted their price target on shares of Acushnet from $65.00 to $68.00 and gave the stock a “hold” rating in a report on Friday, November 8th.

Acushnet Price Performance

NYSE GOLF opened at $68.07 on Thursday. The company has a market cap of $4.14 billion, a PE ratio of 23.15 and a beta of 0.88. The firm’s 50 day moving average price is $72.27 and its 200-day moving average price is $67.81. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.14 and a current ratio of 2.10. Acushnet has a 52-week low of $58.54 and a 52-week high of $76.65.

Acushnet (NYSE:GOLF) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.79 by $0.10. Acushnet had a return on equity of 21.45% and a net margin of 7.78%. The firm had revenue of $620.50 million during the quarter, compared to analyst estimates of $620.40 million. During the same period in the previous year, the company posted $0.85 EPS. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. Sell-side analysts forecast that Acushnet will post 3.06 EPS for the current fiscal year.

Acushnet Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were paid a $0.215 dividend. This represents a $0.86 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date of this dividend was Friday, December 6th. Acushnet’s dividend payout ratio (DPR) is presently 29.25%.

Insiders Place Their Bets

In other Acushnet news, insider Christopher Aaron Lindner sold 5,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $73.91, for a total transaction of $369,550.00. Following the sale, the insider now owns 88,710 shares in the company, valued at approximately $6,556,556.10. The trade was a 5.34 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 54.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Acushnet

A number of large investors have recently bought and sold shares of GOLF. Blue Trust Inc. lifted its stake in Acushnet by 100.6% during the 4th quarter. Blue Trust Inc. now owns 351 shares of the company’s stock valued at $25,000 after acquiring an additional 176 shares during the period. Brown Lisle Cummings Inc. purchased a new position in shares of Acushnet during the third quarter worth $40,000. Prospera Private Wealth LLC acquired a new position in Acushnet during the third quarter valued at $41,000. nVerses Capital LLC purchased a new stake in Acushnet in the third quarter valued at $57,000. Finally, Quarry LP grew its position in Acushnet by 745.6% during the 3rd quarter. Quarry LP now owns 1,057 shares of the company’s stock worth $67,000 after purchasing an additional 932 shares during the period. Hedge funds and other institutional investors own 53.12% of the company’s stock.

Acushnet Company Profile

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.