Truist Financial Forecasts Strong Price Appreciation for Acushnet (NYSE:GOLF) Stock

Acushnet (NYSE:GOLF - Get Free Report) had its price objective upped by analysts at Truist Financial from $65.00 to $68.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "hold" rating on the stock. Truist Financial's price objective would indicate a potential downside of 6.21% from the stock's previous close.

A number of other research firms have also recently weighed in on GOLF. Compass Point cut their price target on Acushnet from $78.00 to $76.00 and set a "buy" rating on the stock in a report on Wednesday, August 7th. Jefferies Financial Group cut Acushnet from a "buy" rating to a "hold" rating and decreased their price target for the stock from $86.00 to $75.00 in a research note on Tuesday, September 17th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Acushnet presently has a consensus rating of "Hold" and a consensus target price of $71.40.

Acushnet Stock Performance

NYSE GOLF traded up $1.49 during trading hours on Friday, reaching $72.51. The company's stock had a trading volume of 472,807 shares, compared to its average volume of 314,501. The stock has a market cap of $4.48 billion, a PE ratio of 24.31 and a beta of 0.85. The business has a 50-day simple moving average of $63.62 and a 200 day simple moving average of $64.63. Acushnet has a 52 week low of $53.68 and a 52 week high of $76.38. The company has a current ratio of 2.28, a quick ratio of 1.27 and a debt-to-equity ratio of 0.81.

Acushnet (NYSE:GOLF - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.79 by $0.10. Acushnet had a return on equity of 21.17% and a net margin of 7.91%. The business had revenue of $620.50 million during the quarter, compared to analyst estimates of $620.40 million. During the same quarter in the previous year, the firm posted $0.85 EPS. The business's revenue for the quarter was up 4.6% compared to the same quarter last year. Equities research analysts predict that Acushnet will post 3.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GOLF. Sei Investments Co. raised its holdings in Acushnet by 29.0% during the 1st quarter. Sei Investments Co. now owns 96,624 shares of the company's stock worth $6,372,000 after buying an additional 21,730 shares during the period. Quantbot Technologies LP purchased a new stake in shares of Acushnet in the 1st quarter valued at approximately $1,842,000. Vanguard Group Inc. boosted its stake in Acushnet by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 3,010,318 shares of the company's stock worth $198,530,000 after purchasing an additional 15,088 shares during the period. State Board of Administration of Florida Retirement System grew its position in Acushnet by 95.4% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 36,994 shares of the company's stock worth $2,440,000 after purchasing an additional 18,064 shares in the last quarter. Finally, Victory Capital Management Inc. raised its stake in Acushnet by 871.1% during the 2nd quarter. Victory Capital Management Inc. now owns 991,627 shares of the company's stock valued at $62,948,000 after purchasing an additional 889,515 shares during the period. Institutional investors own 53.12% of the company's stock.

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.