Acushnet Holdings Corp. (NYSE:GOLF) Short Interest Down 13.8% in November
Acushnet Holdings Corp. (NYSE:GOLF) experienced a noticeable reduction in short interest for the month of November. As of November 15th, the total short interest stood at 4,060,000 shares, reflecting a decrease of 13.8% from the previous total of 4,710,000 shares recorded on October 31st. Currently, approximately 14.4% of the company’s stock is sold short. Given the average daily trading volume of 299,700 shares, the days-to-cover ratio currently sits at 13.5 days.
On Friday, Acushnet stock opened at $73.11. Throughout the last 12 months, the stock has seen a low of $55.74 and a high of $76.38. With a market capitalization of $4.45 billion, Acushnet holds a P/E ratio of 24.87 and a beta of 0.85. The company’s quick ratio is 1.14, and it has a current ratio of 2.10, coupled with a debt-to-equity ratio of 0.79. The stock’s 50-day moving average stands at $65.56, while the two-hundred-day moving average is at $65.57.
Acushnet recently reported its quarterly earnings on November 7th, showing earnings per share (EPS) of $0.89, which surpassed analysts’ expectations of $0.79 by $0.10. The company generated revenues of $620.50 million, slightly above the consensus estimate of $620.40 million. Acushnet achieved a net margin of 7.78% and a return on equity of 21.45%. Compared to the same quarter last year, the company’s quarterly revenue grew by 4.6%. In the prior year, the firm recorded earnings of $0.85 EPS. Analysts predict that Acushnet will achieve EPS of 3.06 for the current year.
Additionally, Acushnet announced a quarterly dividend to be paid on December 20th. Shareholders on record as of December 6th will receive a dividend of $0.215 per share, with an ex-dividend date also set for December 6th. This dividend payout translates to an annualized amount of $0.86, yielding approximately 1.18%. Presently, Acushnet’s dividend payout ratio is 29.25%.
Several equity research analysts have provided perspectives on Acushnet. Truist Financial raised its target price from $65.00 to $68.00 while rating the stock as a “hold.” Meanwhile, Jefferies Financial Group adjusted its rating from “buy” to “hold,” revising its price objective for Acushnet from $86.00 to $75.00. In another assessment, Compass Point reduced its target price from $78.00 to $76.00 while maintaining a “buy” rating. Currently, three analysts hold a “hold” rating, and two have recommended the stock as a buy, resulting in a consensus rating of “Hold” and an average target price of $71.40, according to data from MarketBeat.com.
In other corporate developments, insider Christopher Aaron Lindner sold 5,000 shares of Acushnet stock on November 25th, at an average price of $73.91, totaling $369,550. Following this transaction, the insider’s ownership decreased by 5.34%, leaving them with 88,710 shares valued at approximately $6,556,556.10. Insider ownership accounts for 54.60% of the company’s total stock.
Recent activity among hedge funds and institutional investors indicates a trend in altering their positions in Acushnet. Notably, Victory Capital Management Inc. increased its stake by 8.2% during the third quarter, now owning 1,072,692 shares valued at around $68.38 million. Principal Financial Group Inc. also boosted its holdings by 6.7%, owning 1,013,857 shares worth $64.63 million. Furthermore, Jane Street Group LLC significantly expanded its position by 702.1%, acquiring 508,705 shares valued at roughly $32.43 million. Other firms, such as Raymond James & Associates and FMR LLC, have also increased their stakes in recent quarters. As it stands, institutional investors and hedge funds collectively own 53.12% of Acushnet’s stock.
Acushnet Holdings Corp. specializes in the design, development, manufacturing, and distribution of golf products across various regions, including the United States, Europe, the Middle East, Africa, Japan, and Korea. The company operates through segments including Titleist Golf Balls, Titleist Golf Clubs, Titleist Golf Gear, and FootJoy Golf Wear.
