Acushnet Holdings Corp. (NYSE:GOLF) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its position in Acushnet Holdings Corp. (NYSE:GOLF) by 4.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 308,759 shares of the company’s stock after selling 13,779 shares during the period. Bank of New York Mellon Corp owned about 0.46% of Acushnet worth $15,728,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in GOLF. Russell Investments Group Ltd. purchased a new position in Acushnet during the first quarter worth approximately $225,000. MGO One Seven LLC acquired a new stake in Acushnet in the 1st quarter valued at $5,068,000. Truist Financial Corp increased its holdings in Acushnet by 34.8% in the 1st quarter. Truist Financial Corp now owns 6,946 shares of the company’s stock worth $354,000 after acquiring an additional 1,795 shares in the last quarter. Amica Mutual Insurance Co. acquired a new position in Acushnet during the first quarter worth $2,510,000. Finally, Amica Retiree Medical Trust purchased a new position in Acushnet during the first quarter valued at $388,000. 53.12% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Acushnet

In other Acushnet news, insider Christopher Aaron Lindner sold 8,000 shares of the stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $51.45, for a total transaction of $411,600.00. Following the completion of the transaction, the insider now owns 102,910 shares of the company’s stock, valued at $5,294,719.50. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Sean S. Sullivan sold 13,101 shares of the stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $58.34, for a total transaction of $764,312.34. Following the transaction, the chief financial officer now owns 110,975 shares of the company’s stock, valued at approximately $6,474,281.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Christopher Aaron Lindner sold 8,000 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $51.45, for a total transaction of $411,600.00. Following the sale, the insider now owns 102,910 shares in the company, valued at $5,294,719.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,101 shares of company stock worth $2,129,272. Company insiders own 54.10% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on GOLF shares. Jefferies Financial Group raised shares of Acushnet from a “hold” rating to a “buy” rating and boosted their target price for the stock from $61.00 to $84.00 in a research note on Monday, August 21st. StockNews.com assumed coverage on Acushnet in a research note on Thursday, August 17th. They issued a “hold” rating on the stock. KeyCorp increased their price objective on Acushnet from $61.00 to $65.00 and gave the company an “overweight” rating in a research note on Friday, August 4th. Truist Financial lifted their target price on shares of Acushnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research note on Friday, August 4th. Finally, Compass Point increased their target price on shares of Acushnet from $57.00 to $59.00 in a research report on Friday, August 4th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $58.67.

Acushnet Price Performance

Acushnet stock opened at $58.22 on Thursday. The company has a current ratio of 2.53, a quick ratio of 1.29 and a debt-to-equity ratio of 0.61. The company has a 50-day moving average price of $55.96 and a 200 day moving average price of $51.68. Acushnet Holdings Corp. has a 12-month low of $42.06 and a 12-month high of $61.98. The stock has a market cap of $3.88 billion, a P/E ratio of 18.37 and a beta of 0.87.

Acushnet (NYSE:GOLF) last announced its quarterly earnings results on Thursday, August 3rd. The company reported $1.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.16. The business had revenue of $689.40 million during the quarter, compared to the consensus estimate of $673.30 million. Acushnet had a net margin of 9.23% and a return on equity of 21.42%. The business’s revenue was up 4.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.91 EPS. Sell-side analysts anticipate that Acushnet Holdings Corp. will post 2.9 earnings per share for the current year.

Acushnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Friday, September 1st will be given a dividend of $0.195 per share. This represents a $0.78 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date is Thursday, August 31st. Acushnet’s payout ratio is 24.61%.

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.