JPMorgan Chase & Co. Downgrades Acushnet (NYSE:GOLF) to Underweight

Acushnet (NYSE:GOLF) was downgraded by analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a research report issued to clients and investors on Thursday, MarketBeat.com reports. They currently 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 4.73% from the company’s previous close.

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

Acushnet Price Performance

Shares of NYSE GOLF opened at $67.18 on Thursday. Acushnet has a 1 year low of $58.54 and a 1 year high of $76.65. The stock has a market capitalization of $4.08 billion, a P/E ratio of 22.85 and a beta of 0.88. The company’s 50-day moving average is $72.22 and its 200 day moving average is $67.85. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.10 and a quick ratio of 1.14.

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

Insider Transactions at Acushnet

In other news, insider Christopher Aaron Lindner sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $73.91, for a total value of $369,550.00. Following the transaction, the insider now owns 88,710 shares in the company, valued at approximately $6,556,556.10. This represents a 5.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 54.60% of the company’s stock.

Hedge Funds Weigh In On Acushnet

A number of hedge funds have recently added to or reduced their stakes in the company. Jane Street Group LLC increased its holdings in shares of Acushnet by 702.1% in the 3rd quarter. Jane Street Group LLC now owns 508,705 shares of the company’s stock worth $32,430,000 after purchasing an additional 445,281 shares in the last quarter. Point72 Asset Management L.P. increased its holdings in Acushnet by 258.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 266,200 shares of the company’s stock worth $16,970,000 after buying an additional 192,034 shares in the last quarter. Eagle Asset Management Inc. lifted its stake in Acushnet by 133.0% during the 3rd quarter. Eagle Asset Management Inc. now owns 298,958 shares of the company’s stock valued at $19,059,000 after acquiring an additional 170,668 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Acushnet during the 3rd quarter valued at about $7,986,000. Finally, Victory Capital Management Inc. grew its stake in shares of Acushnet by 8.2% in the third 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 during the period. 53.12% of the stock is currently owned by hedge funds and other institutional investors.

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.