Acushnet (NYSE:GOLF) Rating Lowered to “Underweight” at JPMorgan Chase & Co.

Acushnet (NYSE:GOLF) was downgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research report issued on Thursday, Marketbeat reports. They presently have a $64.00 price target on the stock, down from their prior price target of $69.00. JPMorgan Chase & Co.‘s price target points to a potential downside of 14.07% from the company’s previous close.

Separately, Truist Financial raised their price target on Acushnet from $65.00 to $68.00 and gave the stock a “hold” rating in a research note on Friday, November 8th.

Acushnet Trading Down 1.7 %

Shares of GOLF stock opened at $74.48 on Thursday. The stock has a market cap of $4.53 billion, a P/E ratio of 25.33 and a beta of 0.88. The business has a fifty day simple moving average of $72.27 and a 200-day simple moving average of $67.81. Acushnet has a fifty-two week low of $58.54 and a fifty-two week high of $76.65. The company has a quick ratio of 1.14, a current ratio of 2.10 and a debt-to-equity ratio of 0.79.

Acushnet (NYSE:GOLF) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.10. The firm had revenue of $620.50 million during the quarter, compared to analysts’ expectations of $620.40 million. Acushnet had a return on equity of 21.45% and a net margin of 7.78%. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.85 EPS. On average, analysts forecast that Acushnet will post 3.06 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Christopher Aaron Lindner sold 5,000 shares of Acushnet stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $73.91, for a total value of $369,550.00. Following the transaction, the insider now directly owns 88,710 shares of the company’s stock, valued at $6,556,556.10. The trade was a 5.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 54.60% of the company’s stock.

Hedge Funds Weigh In On Acushnet

Several hedge funds and other institutional investors have recently modified their holdings of the company. Jane Street Group LLC lifted its position in Acushnet by 702.1% during the 3rd quarter. Jane Street Group LLC now owns 508,705 shares of the company’s stock worth $32,430,000 after acquiring an additional 445,281 shares in the last quarter. Point72 Asset Management L.P. lifted its position in Acushnet by 258.9% during the 3rd quarter. Point72 Asset Management L.P. now owns 266,200 shares of the company’s stock worth $16,970,000 after acquiring an additional 192,034 shares in the last quarter. Eagle Asset Management Inc. lifted its position in Acushnet by 133.0% during the 3rd quarter. Eagle Asset Management Inc. now owns 298,958 shares of the company’s stock worth $19,059,000 after acquiring an additional 170,668 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Acushnet during the 3rd quarter worth approximately $7,986,000. Finally, Victory Capital Management Inc. lifted 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 worth $68,384,000 after acquiring an additional 81,065 shares in the last quarter. 53.12% of the stock is owned by institutional investors and hedge funds.

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.