KB Financial Partners LLC Buys Shares of 16,061 Acushnet Holdings Corp. (NYSE:GOLF)

KB Financial Partners LLC bought a new position in shares of Acushnet Holdings Corp. (NYSE:GOLF) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 16,061 shares of the company’s stock, valued at approximately $818,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Federated Hermes Inc. acquired a new position in shares of Acushnet during the third quarter worth $30,000. Point72 Hong Kong Ltd purchased a new stake in Acushnet in the 2nd quarter valued at $57,000. Bessemer Group Inc. purchased a new position in Acushnet during the 1st quarter worth $85,000. Steward Partners Investment Advisory LLC increased its stake in Acushnet by 26.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 3,343 shares of the company’s stock valued at $142,000 after purchasing an additional 694 shares during the period. Finally, Pictet Asset Management SA purchased a new position in shares of Acushnet during the first quarter worth about $211,000. Hedge funds and other institutional investors own 53.12% of the company’s stock.

Insider Buying and Selling

In other Acushnet news, insider Brendan J. Reidy sold 17,000 shares of Acushnet stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $56.08, for a total transaction of $953,360.00. Following the transaction, the insider now directly owns 55,101 shares of the company’s stock, valued at $3,090,064.08. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Brendan J. Reidy sold 17,000 shares of the stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $56.08, for a total value of $953,360.00. Following the completion of the sale, the insider now owns 55,101 shares in the company, valued at $3,090,064.08. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Sean S. Sullivan sold 13,101 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $58.34, for a total value of $764,312.34. Following the completion of the transaction, the chief financial officer now owns 110,975 shares of the company’s stock, valued at approximately $6,474,281.50. The disclosure for this sale can be found here. Corporate insiders own 54.10% of the company’s stock.

Wall Street Analyst Weigh In

GOLF has been the subject of a number of analyst reports. StockNews.com initiated coverage on shares of Acushnet in a research report on Thursday, August 17th. They set a “hold” rating for the company. Tigress Financial increased their target price on Acushnet from $62.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, September 7th. Truist Financial increased their price objective on Acushnet from $50.00 to $55.00 and gave the stock a “hold” rating in a research report on Friday, August 4th. Morgan Stanley upped their price target on shares of Acushnet from $56.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Friday, August 4th. Finally, Jefferies Financial Group upgraded shares of Acushnet from a “hold” rating to a “buy” rating and raised their price objective for the company from $61.00 to $84.00 in a research note on Monday, August 21st. Six equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $59.33.

Acushnet Stock Performance

NYSE:GOLF opened at $57.24 on Wednesday. Acushnet Holdings Corp. has a twelve month low of $42.06 and a twelve month high of $61.98. The company has a market capitalization of $3.81 billion, a P/E ratio of 18.06 and a beta of 0.86. 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 firm has a 50-day moving average price of $56.66 and a two-hundred day moving average price of $52.17.

Acushnet (NYSE:GOLF) last posted its earnings results on Thursday, August 3rd. The company reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.16. Acushnet had a return on equity of 21.42% and a net margin of 9.23%. The firm had revenue of $689.40 million for the quarter, compared to analyst estimates of $673.30 million. During the same quarter in the prior year, the company earned $0.91 EPS. Acushnet’s revenue was up 4.7% on a year-over-year basis. As a group, research analysts expect that Acushnet Holdings Corp. will post 2.9 earnings per share for the current fiscal year.

Acushnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Friday, September 1st will be paid a dividend of $0.195 per share. The ex-dividend date is Thursday, August 31st. This represents a $0.78 annualized dividend and a dividend yield of 1.36%. Acushnet’s dividend payout ratio is presently 24.61%.

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.