Acushnet (NYSE:GOLF) Cut to “Underweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Acushnet (NYSE:GOLF) from a neutral rating to an underweight rating in a research note issued to investors on Thursday, MarketBeat.com 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 boosted their price objective on Acushnet from $65.00 to $68.00 and gave the company a “hold” rating in a report on Friday, November 8th.

Acushnet Price Performance

Acushnet stock opened at $67.18 on Thursday. The stock’s 50 day moving average price is $72.22 and its two-hundred day moving average price is $67.91. The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of 22.85 and a beta of 0.88. 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 posted its quarterly earnings results on Thursday, November 7th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.10. Acushnet had a net margin of 7.78% and a return on equity of 21.45%. The business had revenue of $620.50 million during the quarter, compared to analysts’ expectations of $620.40 million. During the same period last year, the company posted $0.85 earnings per share. The business’s quarterly revenue was up 4.6% on a year-over-year basis. On average, equities analysts predict that Acushnet will post 3.06 earnings per share for the current year.

Acushnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were issued a dividend of $0.215 per share. This represents a $0.86 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date of this dividend was Friday, December 6th. Acushnet’s dividend payout ratio is currently 29.25%.

Insider Activity

In other news, insider Christopher Aaron Lindner sold 5,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $73.91, for a total value of $369,550.00. Following the completion of the sale, the insider now owns 88,710 shares in the company, valued at $6,556,556.10. This represents a 5.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 54.60% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GOLF. Blue Trust Inc. lifted its position in shares of Acushnet by 100.6% during the 4th quarter. Blue Trust Inc. now owns 351 shares of the company’s stock worth $25,000 after buying an additional 176 shares in the last quarter. Brown Lisle Cummings Inc. purchased a new stake in shares of Acushnet during the third quarter valued at approximately $40,000. Prospera Private Wealth LLC purchased a new stake in shares of Acushnet during the third quarter valued at approximately $41,000. nVerses Capital LLC bought a new stake in Acushnet during the third quarter worth $57,000. Finally, Quarry LP boosted its position in Acushnet by 745.6% in the third quarter. Quarry LP now owns 1,057 shares of the company’s stock worth $67,000 after purchasing an additional 932 shares during the last quarter. 53.12% of the stock is currently owned by hedge funds and other institutional investors.

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.