Acushnet Holdings Corp. (NYSE:GOLF) Sees Large Decrease in Short Interest

Acushnet Holdings Corp. (NYSE:GOLF) saw a significant decline in short interest in October. As of October 31st, there was short interest totalling 4,710,000 shares, a decline of 7.8% from the October 15th total of 5,110,000 shares. Approximately 16.7% of the shares of the stock are short sold. Based on an average daily volume of 303,200 shares, the days-to-cover ratio is presently 15.5 days.

Hedge Funds Weigh In On Acushnet

Several large investors have recently added to or reduced their stakes in GOLF. New Covenant Trust Company N.A. acquired a new position in Acushnet during the first quarter worth approximately $27,000. Brown Lisle Cummings Inc. acquired a new stake in shares of Acushnet during the 3rd quarter worth $40,000. Prospera Private Wealth LLC purchased a new position in shares of Acushnet in the 3rd quarter worth $41,000. nVerses Capital LLC acquired a new position in Acushnet in the third quarter valued at $57,000. Finally, Quarry LP grew its position in Acushnet by 745.6% during the third quarter. Quarry LP now owns 1,057 shares of the company’s stock valued at $67,000 after acquiring an additional 932 shares during the period. 53.12% of the stock is currently owned by hedge funds and other institutional investors.

Acushnet Stock Up 1.5 %

GOLF opened at $69.31 on Monday. The firm has a market cap of $4.21 billion, a P/E ratio of 23.57 and a beta of 0.85. The business’s fifty day simple moving average is $64.05 and its 200 day simple moving average is $64.97. Acushnet has a 52 week low of $55.74 and a 52 week high of $76.38. The company has a quick ratio of 1.14, a current ratio of 2.10 and a debt-to-equity ratio of 0.79.

Acushnet (NYSE:GOLF) last released its quarterly earnings results on Thursday, November 7th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.10. The company had revenue of $620.50 million for the quarter, compared to analysts’ expectations of $620.40 million. Acushnet had a net margin of 7.78% and a return on equity of 21.45%. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. During the same period last year, the company earned $0.85 EPS. As a group, equities research analysts anticipate that Acushnet will post 3.06 EPS for the current fiscal year.

Acushnet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be paid a dividend of $0.215 per share. This represents a $0.86 dividend on an annualized basis and a dividend yield of 1.24%. The ex-dividend date is Friday, December 6th. Acushnet’s dividend payout ratio is presently 29.25%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on GOLF shares. Truist Financial raised their price target on Acushnet from $65.00 to $68.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Jefferies Financial Group downgraded shares of Acushnet from a “buy” rating to a “hold” rating and dropped their target price for the company from $86.00 to $75.00 in a report on Tuesday, September 17th. Finally, Compass Point reduced their price target on shares of Acushnet from $78.00 to $76.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $71.40.

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.