State of Alaska Department of Revenue Takes $1.04 Million Position in Acushnet (NYSE:GOLF)

State of Alaska Department of Revenue purchased a new stake in shares of Acushnet (NYSE:GOLF) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 15,161 shares of the company’s stock, valued at approximately $1,040,000.

A number of other large investors also recently modified their holdings of GOLF. Raymond James Financial Inc. acquired a new position in shares of Acushnet during the fourth quarter valued at $62,713,000. Lord Abbett & CO. LLC bought a new position in Acushnet during the fourth quarter valued at about $28,641,000. Norges Bank bought a new position in Acushnet during the fourth quarter valued at about $14,825,000. 12th Street Asset Management Company LLC boosted its stake in Acushnet by 170.1% during the fourth quarter. 12th Street Asset Management Company LLC now owns 120,883 shares of the company’s stock valued at $8,592,000 after buying an additional 76,126 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Acushnet by 5.3% during the fourth quarter. JPMorgan Chase & Co. now owns 1,078,416 shares of the company’s stock valued at $76,654,000 after buying an additional 54,314 shares in the last quarter. 53.12% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Wall Street Zen cut Acushnet from a “buy” rating to a “hold” rating in a research note on Saturday, March 8th. KeyCorp raised their target price on Acushnet from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, May 8th. Truist Financial raised their target price on Acushnet from $64.00 to $65.00 and gave the company a “hold” rating in a research note on Thursday, May 8th. Finally, Compass Point cut Acushnet from a “buy” rating to a “neutral” rating and decreased their target price for the company from $80.00 to $71.00 in a research note on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $70.00.

Acushnet Stock Up 2.5%

Shares of NYSE:GOLF opened at $73.40 on Friday. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.21 and a current ratio of 2.21. The company has a market cap of $4.31 billion, a PE ratio of 20.39 and a beta of 0.84. Acushnet has a 52 week low of $55.31 and a 52 week high of $76.65. The firm has a 50 day simple moving average of $68.75 and a 200 day simple moving average of $68.00.

Acushnet (NYSE:GOLF) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.32 by $0.30. The business had revenue of $703.37 million during the quarter, compared to the consensus estimate of $697.82 million. Acushnet had a net margin of 9.21% and a return on equity of 26.81%. The firm’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.35 EPS. As a group, research analysts expect that Acushnet will post 3.06 earnings per share for the current year.

Acushnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a dividend of $0.235 per share. The ex-dividend date was Friday, June 6th. This represents a $0.94 dividend on an annualized basis and a yield of 1.28%. Acushnet’s payout ratio is presently 26.11%.

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.