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.
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%.
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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