Acushnet (NYSE:GOLF) Sets New 12-Month Low - Here's What Happened

Acushnet Holdings Corp. (NYSE:GOLF - Get Free Report)'s stock price reached a new 52-week low on Friday . The stock traded as low as $57.00 and last traded at $57.60, with a volume of 380 shares. The stock had previously closed at $59.58.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on GOLF shares. JPMorgan Chase & Co. downgraded shares of Acushnet from a "neutral" rating to an "underweight" rating and cut their target price for the stock from $69.00 to $64.00 in a research report on Thursday, January 23rd. Compass Point upgraded shares of Acushnet from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $77.00 to $80.00 in a report on Tuesday, March 4th. KeyCorp reduced their price objective on shares of Acushnet from $80.00 to $77.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Finally, StockNews.com lowered Acushnet from a "buy" rating to a "hold" rating in a research report on Saturday, March 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $72.80.

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Acushnet Stock Performance

The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of 20.33 and a beta of 0.84. The company has a quick ratio of 1.14, a current ratio of 2.10 and a debt-to-equity ratio of 0.79. The company has a 50 day simple moving average of $65.70 and a 200-day simple moving average of $67.54.

Acushnet (NYSE:GOLF - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.31. Acushnet had a net margin of 7.78% and a return on equity of 21.45%. The business had revenue of $445.17 billion for the quarter, compared to analyst estimates of $454.83 million. As a group, equities research analysts expect that Acushnet Holdings Corp. will post 3.06 EPS for the current fiscal year.

Acushnet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were given a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a yield of 1.57%. This is a positive change from Acushnet's previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, March 7th. Acushnet's payout ratio is presently 28.23%.

Insider Buying and Selling at Acushnet

In other news, insider Steven Francis Pelisek sold 20,000 shares of the business's stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $70.86, for a total transaction of $1,417,200.00. Following the completion of the sale, the insider now directly owns 96,006 shares of the company's stock, valued at $6,802,985.16. The trade was a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 54.60% of the company's stock.

Institutional Trading of Acushnet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its holdings in Acushnet by 100.6% during the fourth 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Acushnet by 1.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,100 shares of the company's stock valued at $1,144,000 after purchasing an additional 213 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its position in shares of Acushnet by 1.6% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 13,404 shares of the company's stock valued at $953,000 after purchasing an additional 217 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. boosted its holdings in Acushnet by 39.6% during the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 818 shares of the company's stock worth $58,000 after purchasing an additional 232 shares during the last quarter. Finally, Semanteon Capital Management LP grew its position in Acushnet by 3.0% in the 4th quarter. Semanteon Capital Management LP now owns 9,659 shares of the company's stock worth $687,000 after purchasing an additional 281 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.