Acushnet Holdings Corp. (NYSE:GOLF) has received a “Hold” consensus recommendation from the eight ratings firms that currently cover the company, according to Bloomberg Ratings reports on September 18, 2023. Among these analysts, five have assigned a hold rating to the stock, while three have given it a buy rating. The average 12-month price objective among brokerages that have recently updated their coverage stands at $59.33.
In recent news related to Acushnet, insider Brendan J. Reidy sold 17,000 shares of the company’s stock in a transaction that took place on August 10th. The shares were sold at an average price of $56.08, amounting to a total value of $953,360.00. Following the completion of the sale, Reidy now holds 55,101 shares in Acushnet, valued at approximately $3,090,064.08. This transaction was disclosed in a document filed with the Securities & Exchange Commission and can be accessed through the provided link.
Furthermore, another insider named Sean S. Sullivan, who serves as CFO for Acushnet, also sold 13,101 shares of stock on August 7th for an average price of $58.34 per share. This transaction amounted to a total value of $764,312.34 and decreased Sullivan’s direct ownership to 110,975 shares valued at around $6,474,281.50.
It is worth noting that company insiders currently hold approximately 54.10% of Acushnet’s stock.
Acushnet published its quarterly earnings results on August 3rd where it reported an earnings per share (EPS) of $1.09 for the quarter surpassing analysts’ consensus estimates by $0.16 per share ($0.93 estimated). Moreover, it displayed a return on equity (ROE) of 21.42% and a net margin of 9.23%. The company achieved a revenue of $689.40 million during the quarter, above analysts’ expectations of $673.30 million. Comparatively, in the same quarter of the previous year, Acushnet posted an EPS of $0.91. Its revenue for the quarter rose by 4.7% compared to the prior year’s corresponding period.
Based on evaluations carried out by equities research analysts, it is predicted that Acushnet will report earnings per share of 2.9 for the current fiscal year.
In conclusion, Acushnet Holdings Corp., a renowned player in golf equipment manufacturing and distribution, has been given a “Hold” consensus recommendation by analysts following the release of its quarterly earnings report which beat estimates and showed growth in revenue compared to last year’s corresponding quarter.The company has seen several insider trades recently, with both Brendan J. Reidy and Sean S. Sullivan selling portions of their holdings in August 2023. As we approach further updates on Acushnet, it will be interesting to monitor how these factors influence market perception and future investment decisions regarding this stock.
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Assessing Broker Opinions, Investor Activity, and Stock Performance of Acushnet Holdings Corp. (GOLF)
On September 18, 2023, several brokerages provided their opinions on Acushnet Holdings Corp. (GOLF) as part of an assessment of the company’s stock performance. StockNews.com initiated coverage on Acushnet and issued a “hold” rating on the stock. This was followed by Tigress Financial, which raised its price target from $62.00 to $68.00 and gave the company a “buy” rating in their research report on September 7th. Morgan Stanley also increased their price objective from $56.00 to $58.00, giving Acushnet an “equal weight” rating on August 4th.
Truist Financial also revised their price target, raising it from $50.00 to $55.00 while maintaining a “hold” rating in their research report published on August 4th. Finally, KeyCorp upped its price target from $61.00 to $65.00 and categorized Acushnet as an “overweight” investment in a research report released on August 4th.
In addition to these brokerage reports, various hedge funds and institutional investors have made adjustments to their positions in Acushnet’s stock during recent months. First Horizon Advisors Inc., for instance, significantly increased its holdings by 527.8% during the second quarter, now owning 496 shares valued at approximately $27,000.
Federated Hermes Inc., another institutional investor, entered a new position and acquired shares of Acushnet during the third quarter with an estimated value of about $30,000. Similarly, UMB Bank n.a., in the second quarter alone, enhanced its holdings by 2,638.1%, adding another 554 shares valued at around $31,000.
Furthermore, First Capital Advisors Group LLC initiated a new position in Acushnet during the second quarter with an approximate value of $43,000. Finally, Point72 Hong Kong Ltd entered a new position in the second quarter with an estimated value of approximately $57,000. Institutional investors collectively now own 53.12% of the company’s stock.
As of September 18, 2023, shares of Acushnet (GOLF) opened at $56.60. The company’s quick ratio stands at 1.29, its current ratio at 2.53, and its debt-to-equity ratio at 0.61. Acushnet has experienced a 52-week low of $42.06 and a high of $61.98. With regards to moving averages, the stock has a 50-day moving average price of $56.88 and a 200-day moving average price of $52.32.
Acushnet Holdings Corp., currently boasting a market capitalization of $3.77 billion, exhibits a price-to-earnings (P/E) ratio of 17.85 and a beta rating of 0.86.
Overall, with varying ratings from different brokerages and fluctuating positions among institutional investors, Acushnet continues to attract attention within the market as it navigates through changing dynamics and competitive pressures in its industry sector.
