Acushnet (NYSE:GOLF) Shares Gap Down – Here’s Why

Acushnet Holdings Corp. (NYSE:GOLF)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $74.60, but opened at $68.00. Acushnet shares last traded at $66.94, with a volume of 141,829 shares traded.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on GOLF shares. Truist Financial boosted their price target on shares of Acushnet from $65.00 to $68.00 and gave the company a “hold” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. downgraded Acushnet from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $69.00 to $64.00 in a report on Thursday.

Acushnet Stock Performance

The company has a current ratio of 2.10, a quick ratio of 1.14 and a debt-to-equity ratio of 0.79. The company’s 50 day moving average is $72.22 and its 200-day moving average is $67.85. The company has a market capitalization of $4.08 billion, a P/E ratio of 22.85 and a beta of 0.88.

Acushnet (NYSE:GOLF) last released its earnings results on Thursday, November 7th. The company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.10. The firm had revenue of $620.50 million during the quarter, compared to analyst estimates of $620.40 million. Acushnet had a net margin of 7.78% and a return on equity of 21.45%. The business’s revenue was up 4.6% on a year-over-year basis. During the same period last year, the business earned $0.85 earnings per share. Equities analysts anticipate that Acushnet Holdings Corp. will post 3.06 EPS for the current fiscal year.

Acushnet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were paid a $0.215 dividend. The ex-dividend date was Friday, December 6th. This represents a $0.86 dividend on an annualized basis and a dividend yield of 1.28%. Acushnet’s dividend payout ratio is currently 29.25%.

Insider Transactions at Acushnet

In related news, insider Christopher Aaron Lindner sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $73.91, for a total transaction of $369,550.00. Following the completion of the sale, the insider now owns 88,710 shares of the company’s stock, valued at $6,556,556.10. This trade represents a 5.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 54.60% of the stock is owned by insiders.

Institutional Trading of Acushnet

Institutional investors and hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. raised its holdings in shares of Acushnet by 8.2% during the third quarter. Victory Capital Management Inc. now owns 1,072,692 shares of the company’s stock valued at $68,384,000 after purchasing an additional 81,065 shares during the last quarter. Principal Financial Group Inc. grew its position in Acushnet by 6.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,013,857 shares of the company’s stock worth $64,632,000 after purchasing an additional 63,294 shares during the period. Jane Street Group LLC raised its stake in Acushnet by 702.1% during the 3rd quarter. Jane Street Group LLC now owns 508,705 shares of the company’s stock valued at $32,430,000 after buying an additional 445,281 shares during the last quarter. Raymond James & Associates lifted its holdings in shares of Acushnet by 0.9% during the 3rd quarter. Raymond James & Associates now owns 466,099 shares of the company’s stock valued at $29,714,000 after buying an additional 4,300 shares during the period. Finally, FMR LLC boosted its stake in shares of Acushnet by 2.5% in the 3rd quarter. FMR LLC now owns 441,069 shares of the company’s stock worth $28,118,000 after buying an additional 10,762 shares during the last quarter. 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.