Acushnet Holdings Corp (NYSE:GOLF) Sees Significant Drop in Short Interest

Acushnet Holdings Corp (NYSE:GOLF) was the target of a significant drop in short interest in the month of June. As of June 30th, there was short interest totalling 3,078,500 shares, a drop of 15.3% from the May 30th total of 3,633,600 shares. Currently, 9.2% of the company’s stock are sold short. Based on an average daily trading volume, of 222,200 shares, the days-to-cover ratio is currently 13.9 days.

GOLF has been the subject of several recent research reports. ValuEngine lowered Yext from a “strong-buy” rating to a “buy” rating in a research report on Friday, May 10th. Zacks Investment Research lowered Haynes International from a “hold” rating to a “sell” rating in a research report on Wednesday, May 8th. Roth Capital raised their price objective on NV5 Global from $90.00 to $96.00 and gave the company a “buy” rating in a research report on Thursday, May 9th. Finally, TheStreet lowered 22nd Century Group from a “c-” rating to a “d+” rating in a research report on Friday, March 29th. Seven equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and an average target price of $25.59.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northern Trust Corp increased its holdings in Acushnet by 3.3% in the 4th quarter. Northern Trust Corp now owns 564,379 shares of the company’s stock worth $11,890,000 after buying an additional 18,064 shares in the last quarter. Legal & General Group Plc increased its holdings in Acushnet by 41.9% in the 4th quarter. Legal & General Group Plc now owns 18,868 shares of the company’s stock worth $398,000 after buying an additional 5,571 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its holdings in Acushnet by 327.8% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 10,737 shares of the company’s stock worth $226,000 after buying an additional 8,227 shares in the last quarter. D. E. Shaw & Co. Inc. increased its holdings in Acushnet by 531.0% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 71,907 shares of the company’s stock worth $1,515,000 after buying an additional 60,512 shares in the last quarter. Finally, River & Mercantile Asset Management LLP increased its holdings in Acushnet by 32.9% in the 4th quarter. River & Mercantile Asset Management LLP now owns 315,156 shares of the company’s stock worth $6,634,000 after buying an additional 77,967 shares in the last quarter. Institutional investors own 50.18% of the company’s stock.

Shares of NYSE:GOLF traded up $0.14 on Friday, hitting $26.74. 81,404 shares of the company traded hands, compared to its average volume of 182,732. Acushnet has a 52 week low of $20.24 and a 52 week high of $27.87. The company has a current ratio of 1.89, a quick ratio of 1.08 and a debt-to-equity ratio of 0.36. The business has a 50 day moving average price of $25.56. The company has a market capitalization of $2.00 billion, a P/E ratio of 20.36, a PEG ratio of 3.45 and a beta of 1.00.

Acushnet (NYSE:GOLF) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.11). Acushnet had a net margin of 5.74% and a return on equity of 10.10%. The company had revenue of $433.70 million for the quarter, compared to the consensus estimate of $445.66 million. During the same quarter in the previous year, the business earned $0.56 earnings per share. Acushnet’s revenue was down 1.9% compared to the same quarter last year. On average, equities analysts anticipate that Acushnet will post 1.53 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Friday, May 31st were issued a $0.14 dividend. The ex-dividend date was Thursday, May 30th. This represents a $0.56 annualized dividend and a yield of 2.09%. Acushnet’s payout ratio is 42.42%.

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.

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