Acushnet (NYSE:GOLF) Shares Gap Down - Should You Sell?

Acushnet Holdings Corp. (NYSE:GOLF - Get Free Report) shares gapped down prior to trading on Thursday . The stock had previously closed at $74.60, but opened at $68.00. Acushnet shares last traded at $66.94, with a volume of 141,829 shares traded.

Analysts Set New Price Targets

Several equities analysts have commented on GOLF shares. JPMorgan Chase & Co. lowered shares of Acushnet from a "neutral" rating to an "underweight" rating and lowered their price objective for the company from $69.00 to $64.00 in a research report on Thursday. Truist Financial increased their price target on shares of Acushnet from $65.00 to $68.00 and gave the company a "hold" rating in a report on Friday, November 8th.

Acushnet Price Performance

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 market capitalization of $4.08 billion, a PE ratio of 22.85 and a beta of 0.88. The firm's 50 day simple moving average is $72.22 and its 200 day simple moving average is $67.85.

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 firm had revenue of $620.50 million during the quarter, compared to analysts' expectations of $620.40 million. During the same period in the previous year, the company earned $0.85 EPS. The firm's revenue for the quarter was up 4.6% compared to the same quarter last year. As a group, research analysts anticipate that Acushnet Holdings Corp. will post 3.06 EPS for the current fiscal year.

Acushnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were paid a dividend of $0.215 per share. This represents a $0.86 dividend on an annualized basis and a dividend 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 at Acushnet

In other news, insider Christopher Aaron Lindner sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $73.91, for a total transaction of $369,550.00. Following the transaction, the insider now directly owns 88,710 shares of the company's stock, valued at approximately $6,556,556.10. This trade represents a 5.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 54.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Jane Street Group LLC raised its holdings in shares of Acushnet by 702.1% in the 3rd quarter. Jane Street Group LLC now owns 508,705 shares of the company's stock valued at $32,430,000 after purchasing an additional 445,281 shares in the last quarter. Point72 Asset Management L.P. raised its stake in Acushnet by 258.9% in the third quarter. Point72 Asset Management L.P. now owns 266,200 shares of the company's stock worth $16,970,000 after buying an additional 192,034 shares in the last quarter. Eagle Asset Management Inc. lifted its holdings in Acushnet by 133.0% during the third quarter. Eagle Asset Management Inc. now owns 298,958 shares of the company's stock worth $19,059,000 after buying an additional 170,668 shares during the period. International Assets Investment Management LLC bought a new stake in Acushnet during the 3rd quarter valued at $7,986,000. Finally, Victory Capital Management Inc. boosted its position in Acushnet by 8.2% during the 3rd quarter. Victory Capital Management Inc. now owns 1,072,692 shares of the company's stock valued at $68,384,000 after acquiring an additional 81,065 shares in the last quarter. 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.