The Manufacturers Life Insurance Company Lowers Position in Acushnet Holdings Corp. (NYSE:GOLF)

The Manufacturers Life Insurance Company lowered its stake in shares of Acushnet Holdings Corp. (NYSE:GOLF) by 5.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,368 shares of the company’s stock after selling 864 shares during the period. The Manufacturers Life Insurance Company’s holdings in Acushnet were worth $1,163,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Blue Trust Inc. increased its holdings in shares of Acushnet by 100.6% during the 4th quarter. Blue Trust Inc. now owns 351 shares of the company’s stock worth $25,000 after buying an additional 176 shares during the last quarter. Berry Wealth Group LP acquired a new stake in Acushnet during the fourth quarter worth about $202,000. Heritage Family Offices LLP purchased a new position in shares of Acushnet in the 4th quarter worth about $205,000. Corient Private Wealth LLC purchased a new position in shares of Acushnet in the 4th quarter worth about $210,000. Finally, Leavell Investment Management Inc. acquired a new position in shares of Acushnet in the 4th quarter valued at about $210,000. Institutional investors and hedge funds own 53.12% of the company’s stock.

Acushnet Trading Down 1.1%

Shares of GOLF opened at $70.39 on Wednesday. The company has a market capitalization of $4.14 billion, a P/E ratio of 23.94 and a beta of 0.90. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.14 and a current ratio of 2.10. The stock has a 50-day moving average price of $64.56 and a 200 day moving average price of $67.66. Acushnet Holdings Corp. has a one year low of $55.31 and a one year high of $76.65.

Acushnet (NYSE:GOLF) last issued its earnings results on Wednesday, May 7th. The company reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.30. The company had revenue of $703.37 million for the quarter, compared to analysts’ expectations of $697.82 million. Acushnet had a net margin of 7.78% and a return on equity of 21.45%. The firm’s revenue was down .6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.35 earnings per share. Sell-side analysts forecast that Acushnet Holdings Corp. will post 3.06 EPS for the current fiscal year.

Acushnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be given a dividend of $0.235 per share. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.94 annualized dividend and a dividend yield of 1.34%. Acushnet’s dividend payout ratio (DPR) is 26.11%.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. JPMorgan Chase & Co. downgraded shares of Acushnet from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $69.00 to $64.00 in a research report on Thursday, January 23rd. StockNews.com lowered shares of Acushnet from a “buy” rating to a “hold” rating in a research report on Saturday, March 8th. Truist Financial lifted their target price on shares of Acushnet from $64.00 to $65.00 and gave the company a “hold” rating in a report on Thursday, May 8th. KeyCorp upped their price target on shares of Acushnet from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, May 8th. Finally, Compass Point lowered Acushnet from a “buy” rating to a “neutral” rating and cut their price objective for the company from $80.00 to $71.00 in a research report on Monday, May 5th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, Acushnet currently has an average rating of “Hold” and a consensus price target of $70.00.

Insider Activity at Acushnet

In other Acushnet news, insider Steven Francis Pelisek sold 20,000 shares of Acushnet stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $70.86, for a total value of $1,417,200.00. Following the transaction, the insider now owns 96,006 shares in the company, valued at approximately $6,802,985.16. The trade was a 17.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 54.60% of the company’s stock.

Acushnet 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.