Acushnet (NYSE:GOLF) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Acushnet (NYSE:GOLF) from a buy rating to a hold rating in a research note published on Saturday, Zacks.com reports.

According to Zacks, “Acushnet Holdings Corp. designs, develops, manufactures, and distributes golf products. The company’s operating segment consists of Titleist Golf Balls, Titleist Golf Clubs, Titleist Golf Gear and FootJoy Golf Wear. Acushnet Holdings Corp. is headquartered in Fairhaven, Massachusetts. “

GOLF has been the topic of several other research reports. Roth Capital raised Acushnet from a neutral rating to a buy rating and upped their price target for the company from $27.00 to $28.00 in a research note on Thursday, May 9th. SunTrust Banks lowered Acushnet from a buy rating to a hold rating and set a $26.00 price target on the stock. in a research note on Wednesday, July 31st. Finally, ValuEngine lowered Acushnet from a buy rating to a hold rating in a research note on Thursday, August 1st. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Acushnet presently has an average rating of Hold and a consensus target price of $26.24.

NYSE GOLF opened at $24.99 on Friday. The stock’s fifty day moving average is $26.01. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of 20.65, a P/E/G ratio of 3.23 and a beta of 0.99. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.15 and a quick ratio of 1.24. Acushnet has a fifty-two week low of $20.24 and a fifty-two week high of $27.87.

Acushnet (NYSE:GOLF) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.08). The company had revenue of $462.22 million for the quarter, compared to analyst estimates of $484.88 million. Acushnet had a return on equity of 9.81% and a net margin of 5.71%. The business’s quarterly revenue was down 3.3% on a year-over-year basis. During the same period last year, the firm posted $0.53 EPS. On average, equities research analysts predict that Acushnet will post 1.55 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Thursday, August 29th. Acushnet’s dividend payout ratio (DPR) is presently 42.42%.

Institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio raised its holdings in shares of Acushnet by 89.9% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 1,018 shares of the company’s stock valued at $27,000 after buying an additional 482 shares during the period. Icon Wealth Partners LLC purchased a new stake in shares of Acushnet in the 1st quarter valued at $34,000. Advisor Group Inc. raised its holdings in shares of Acushnet by 29.9% in the 4th quarter. Advisor Group Inc. now owns 1,986 shares of the company’s stock valued at $42,000 after buying an additional 457 shares during the period. Bank of Montreal Can raised its holdings in shares of Acushnet by 790.6% in the 2nd quarter. Bank of Montreal Can now owns 3,304 shares of the company’s stock valued at $86,000 after buying an additional 2,933 shares during the period. Finally, Amica Retiree Medical Trust purchased a new stake in shares of Acushnet in the 2nd quarter valued at $109,000. 50.55% of the stock is currently owned by institutional investors and hedge funds.

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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