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

Acushnet (NYSE:GOLF - Get Free Report) was downgraded by investment analysts at JPMorgan Chase & Co. from a "neutral" rating to an "underweight" rating in a report issued on Thursday, MarketBeat.com reports. They presently have a $64.00 price target on the stock, down from their previous price target of $69.00. JPMorgan Chase & Co.'s target price would suggest a potential downside of 5.97% from the company's current price.

Separately, Truist Financial raised their price objective on Acushnet from $65.00 to $68.00 and gave the stock a "hold" rating in a research note on Friday, November 8th.

Acushnet Stock Performance

GOLF stock traded down $6.53 during trading hours on Thursday, hitting $68.07. 725,219 shares of the stock were exchanged, compared to its average volume of 274,435. Acushnet has a 12 month low of $58.54 and a 12 month high of $76.65. The company has a current ratio of 2.10, a quick ratio of 1.14 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $4.14 billion, a P/E ratio of 23.10 and a beta of 0.88. The company has a 50-day simple moving average of $72.27 and a two-hundred day simple moving average of $67.81.

Acushnet (NYSE:GOLF - Get Free Report) last released 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 for the quarter, compared to analyst estimates of $620.40 million. During the same period last year, the firm earned $0.85 earnings per share. Acushnet's revenue for the quarter was up 4.6% compared to the same quarter last year. On average, analysts forecast that Acushnet will post 3.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Acushnet

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 completion of the transaction, the insider now owns 88,710 shares of the company's stock, valued at approximately $6,556,556.10. The trade was a 5.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 54.60% of the company's stock.

Institutional Investors Weigh In On Acushnet

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. boosted its position in Acushnet by 100.6% in the fourth quarter. Blue Trust Inc. now owns 351 shares of the company's stock valued at $25,000 after buying an additional 176 shares in the last quarter. Brown Lisle Cummings Inc. bought a new position in shares of Acushnet in the 3rd quarter valued at $40,000. Prospera Private Wealth LLC acquired a new stake in shares of Acushnet during the 3rd quarter valued at $41,000. nVerses Capital LLC bought a new stake in Acushnet during the 3rd quarter worth $57,000. Finally, Quarry LP increased its holdings in Acushnet by 745.6% in the 3rd quarter. Quarry LP now owns 1,057 shares of the company's stock worth $67,000 after purchasing an additional 932 shares in the last quarter. 53.12% of the stock is owned by 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.