KeyCorp Cuts Acushnet (NYSE:GOLF) Price Target to $77.00

Acushnet (NYSE:GOLF) had its price objective trimmed by KeyCorp from $80.00 to $77.00 in a research report report published on Friday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

GOLF has been the subject of several other research reports. JPMorgan Chase & Co. cut Acushnet from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $69.00 to $64.00 in a report on Thursday, January 23rd. Truist Financial increased their price objective on Acushnet from $65.00 to $68.00 and gave the stock a “hold” rating in a report on Friday, November 8th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $72.00.

Acushnet Price Performance

Shares of NYSE GOLF opened at $64.29 on Friday. The firm has a market capitalization of $3.91 billion, a P/E ratio of 21.87 and a beta of 0.86. 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’s 50-day simple moving average is $68.95 and its two-hundred day simple moving average is $67.60. Acushnet has a twelve month low of $58.54 and a twelve month high of $76.65.

Acushnet (NYSE:GOLF) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.31. The firm had revenue of $445.17 billion during the quarter, compared to analysts’ expectations of $454.83 million. Acushnet had a return on equity of 21.45% and a net margin of 7.78%. As a group, equities analysts anticipate that Acushnet will post 3.06 EPS for the current fiscal year.

Acushnet Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be paid a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a yield of 1.46%. This is an increase from Acushnet’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 7th. Acushnet’s dividend payout ratio (DPR) is currently 25.83%.

Hedge Funds Weigh In On Acushnet

A number of institutional investors and hedge funds have recently modified their holdings of GOLF. Raymond James Financial Inc. purchased a new position in shares of Acushnet in the 4th quarter worth $62,713,000. Jane Street Group LLC boosted its stake 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 buying an additional 445,281 shares during the last quarter. Lord Abbett & CO. LLC purchased a new position in shares of Acushnet in the 4th quarter worth $28,641,000. Norges Bank purchased a new position in Acushnet during the fourth quarter valued at $14,825,000. Finally, Point72 Asset Management L.P. lifted its position in Acushnet by 258.9% during the third quarter. Point72 Asset Management L.P. now owns 266,200 shares of the company’s stock valued at $16,970,000 after purchasing an additional 192,034 shares in the last quarter. 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.