Acushnet (NYSE:GOLF) Stock Rating Lowered by 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 note issued to investors on Thursday, MarketBeat reports. They currently have a $64.00 price objective on the stock, down from their previous price objective of $69.00. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 4.73% from the stock’s current price.

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

Acushnet Price Performance

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

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

Insider Buying and Selling

In other Acushnet news, insider Christopher Aaron Lindner sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $73.91, for a total value of $369,550.00. Following the completion of the transaction, the insider now directly owns 88,710 shares in the company, valued at $6,556,556.10. This represents a 5.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 54.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Acushnet

Several hedge funds have recently modified their holdings of the stock. Blue Trust Inc. increased its holdings in Acushnet by 100.6% in the 4th quarter. Blue Trust Inc. now owns 351 shares of the company’s stock valued at $25,000 after acquiring an additional 176 shares during the last quarter. Brown Lisle Cummings Inc. bought a new position in shares of Acushnet during the 3rd quarter valued at about $40,000. Prospera Private Wealth LLC purchased a new position in shares of Acushnet during the third quarter valued at about $41,000. nVerses Capital LLC bought a new stake in shares of Acushnet in the third quarter worth about $57,000. Finally, Quarry LP lifted its position in shares of Acushnet by 745.6% in the third quarter. Quarry LP now owns 1,057 shares of the company’s stock worth $67,000 after buying an additional 932 shares in the last quarter. Hedge funds and other institutional investors own 53.12% of the company’s stock.

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.