Acushnet (NYSE:GOLF) Cut to “Hold” at Zacks Investment Research

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Zacks Investment Research lowered shares of Acushnet (NYSE:GOLF) from a buy rating to a hold rating in a research report released on Saturday, Zacks.com reports.

According to Zacks, “Acushnet Holdings Corp. designs, develops, manufactures, and distributes golf products. The company’s operating segment consists of Titleist Golf Balls, Titleist Golf Clubs, Titleist Golf Gear and FootJoy Golf Wear. Acushnet Holdings Corp. is headquartered in Fairhaven, Massachusetts. “

A number of other equities research analysts have also weighed in on GOLF. ValuEngine lowered shares of Acushnet from a buy rating to a hold rating in a research note on Thursday, August 1st. Roth Capital upgraded shares of Acushnet from a neutral rating to a buy rating and boosted their target price for the company from $27.00 to $28.00 in a research note on Thursday, May 9th. Finally, SunTrust Banks lowered shares of Acushnet from a buy rating to a hold rating and set a $26.00 target price for the company. in a research note on Wednesday, July 31st. Eight investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $26.24.

Shares of NYSE GOLF opened at $25.99 on Friday. Acushnet has a twelve month low of $20.24 and a twelve month high of $27.87. The stock has a market cap of $1.88 billion, a price-to-earnings ratio of 19.69, a P/E/G ratio of 3.23 and a beta of 0.99. The stock has a 50 day moving average price of $25.99. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.24 and a current ratio of 2.15.

Acushnet (NYSE:GOLF) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.08). The firm had revenue of $462.22 million during the quarter, compared to analysts’ expectations of $484.88 million. Acushnet had a return on equity of 9.81% and a net margin of 5.71%. Acushnet’s revenue was down 3.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.53 earnings per share. Equities research analysts predict that Acushnet will post 1.55 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be paid a dividend of $0.14 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $0.56 dividend on an annualized basis and a yield of 2.15%. Acushnet’s dividend payout ratio is presently 42.42%.

Institutional investors and hedge funds have recently made changes to their positions in the business. Legal & General Group Plc raised its stake in Acushnet by 41.9% during the 4th quarter. Legal & General Group Plc now owns 18,868 shares of the company’s stock valued at $398,000 after buying an additional 5,571 shares during the last quarter. Metropolitan Life Insurance Co. NY grew its position in shares of Acushnet by 327.8% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 10,737 shares of the company’s stock valued at $226,000 after acquiring an additional 8,227 shares during the period. Victory Capital Management Inc. grew its position in shares of Acushnet by 25.9% during the 1st quarter. Victory Capital Management Inc. now owns 57,584 shares of the company’s stock valued at $1,332,000 after acquiring an additional 11,843 shares during the period. Icon Wealth Partners LLC bought a new stake in shares of Acushnet during the 1st quarter valued at $34,000. Finally, Boyar Asset Management Inc. grew its position in shares of Acushnet by 158.7% during the 1st quarter. Boyar Asset Management Inc. now owns 31,074 shares of the company’s stock valued at $719,000 after acquiring an additional 19,063 shares during the period. Institutional investors and hedge funds own 50.55% 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.

Further Reading: Gross Domestic Product (GDP)

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