Zacks Research Upgrades Acushnet (NYSE:GOLF) to Strong-Buy

Acushnet (NYSE:GOLF) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

Several other research firms also recently weighed in on GOLF. Weiss Ratings restated a “buy (b)” rating on shares of Acushnet in a report on Wednesday, October 8th. Roth Capital reissued a “neutral” rating and set a $80.00 price objective on shares of Acushnet in a research note on Thursday, November 6th. Morgan Stanley lifted their price objective on Acushnet from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Thursday, January 15th. Truist Financial upped their target price on Acushnet from $65.00 to $74.00 and gave the company a “hold” rating in a research note on Tuesday, November 4th. Finally, JPMorgan Chase & Co. raised their price target on Acushnet from $67.00 to $74.00 and gave the stock an “underweight” rating in a research report on Monday, December 15th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $79.83.

Acushnet Stock Performance

Shares of GOLF stock opened at $90.43 on Monday. The stock has a fifty day moving average price of $83.94 and a 200 day moving average price of $80.33. The stock has a market cap of $5.30 billion, a PE ratio of 24.71 and a beta of 0.88. Acushnet has a 1 year low of $55.31 and a 1 year high of $94.18. The company has a debt-to-equity ratio of 1.03, a quick ratio of 1.30 and a current ratio of 2.42.

Acushnet (NYSE:GOLF) last posted its earnings results on Wednesday, November 5th. The company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.85 by ($0.04). Acushnet had a net margin of 8.80% and a return on equity of 27.50%. The firm had revenue of $657.66 million during the quarter, compared to analyst estimates of $632.76 million. During the same period last year, the company posted $0.89 EPS. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. Sell-side analysts forecast that Acushnet will post 3.06 earnings per share for the current fiscal year.

Insider Buying and Selling at Acushnet

In other news, insider Steven Francis Pelisek sold 20,000 shares of Acushnet stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $84.66, for a total value of $1,693,200.00. Following the completion of the sale, the insider owned 76,006 shares of the company’s stock, valued at $6,434,667.96. The trade was a 20.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO David Eugene Maher sold 26,939 shares of the company’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $79.33, for a total value of $2,137,070.87. Following the completion of the transaction, the chief executive officer owned 852,092 shares of the company’s stock, valued at $67,596,458.36. The trade was a 3.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 71,460 shares of company stock worth $5,786,311 in the last 90 days. Insiders own 53.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Brown Brothers Harriman & Co. grew its holdings in Acushnet by 389.6% in the third quarter. Brown Brothers Harriman & Co. now owns 328 shares of the company’s stock valued at $26,000 after purchasing an additional 261 shares during the period. Kelleher Financial Advisors purchased a new position in Acushnet during the third quarter worth approximately $28,000. EverSource Wealth Advisors LLC boosted its holdings in shares of Acushnet by 149.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 492 shares of the company’s stock valued at $36,000 after purchasing an additional 295 shares during the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Acushnet by 83.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 540 shares of the company’s stock valued at $39,000 after buying an additional 246 shares during the period. Finally, Allworth Financial LP grew its stake in shares of Acushnet by 57.3% during the 3rd quarter. Allworth Financial LP now owns 505 shares of the company’s stock valued at $40,000 after buying an additional 184 shares during the period. 53.12% of the stock is currently owned by hedge funds and other institutional investors.

Acushnet Company Profile

Acushnet Holdings Corp., traded on the NYSE under the symbol GOLF, is a leading designer, manufacturer and marketer of golf equipment, footwear, apparel and accessories. The company’s portfolio encompasses a range of golf lifestyle products, with a focus on innovation, performance and quality for players of all skill levels.

At the core of Acushnet’s product lineup is the Titleist brand, globally recognized for its Tour-level golf balls and precision-engineered clubs. FootJoy offers golf shoes, gloves and apparel that blend comfort, style and technical performance, while Scotty Cameron putters and Vokey design wedges cater to players seeking exacting standards in feel and accuracy.