KeyCorp Issues Pessimistic Forecast for Acushnet (NYSE:GOLF) Stock Price

Acushnet (NYSE:GOLF) had its price objective cut by KeyCorp from $80.00 to $77.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts also recently commented on the stock. Truist Financial boosted their price objective on shares of Acushnet from $65.00 to $68.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. JPMorgan Chase & Co. downgraded shares of Acushnet from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $69.00 to $64.00 in a research note on Thursday, January 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $72.00.

Acushnet Stock Down 0.9 %

Shares of NYSE GOLF opened at $64.29 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.14 and a current ratio of 2.10. The firm has a market capitalization of $3.91 billion, a price-to-earnings ratio of 21.87 and a beta of 0.86. The stock has a 50 day moving average price of $68.95 and a 200 day moving average price of $67.60. Acushnet has a 52-week low of $58.54 and a 52-week high of $76.65.

Acushnet (NYSE:GOLF) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.31. The firm had revenue of $445.17 billion during the quarter, compared to analyst estimates of $454.83 million. Acushnet had a return on equity of 21.45% and a net margin of 7.78%. Sell-side analysts expect that Acushnet will post 3.06 earnings per share for the current year.

Acushnet Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be issued a $0.235 dividend. This represents a $0.94 annualized dividend and a yield of 1.46%. This is a positive change from Acushnet’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 7th. Acushnet’s dividend payout ratio is presently 25.83%.

Institutional Investors Weigh In On Acushnet

Hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. raised its holdings in shares of Acushnet by 6.7% during the third quarter. Principal Financial Group Inc. now owns 1,013,857 shares of the company’s stock valued at $64,632,000 after acquiring an additional 63,294 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Acushnet in the third quarter worth approximately $1,443,000. FMR LLC boosted its stake in shares of Acushnet by 2.5% in the third quarter. FMR LLC now owns 441,069 shares of the company’s stock worth $28,118,000 after acquiring an additional 10,762 shares during the last quarter. Tidal Investments LLC acquired a new stake in shares of Acushnet in the third quarter worth approximately $508,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of Acushnet in the third quarter worth approximately $7,986,000. 53.12% of the stock is owned by hedge funds and other institutional investors.

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.