Amalgamated Bank Grows Stake in Acushnet (NYSE:GOLF)

Amalgamated Bank grew its holdings in Acushnet (NYSE:GOLF) by 712.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 7,836 shares of the company’s stock after acquiring an additional 6,871 shares during the quarter. Amalgamated Bank’s holdings in Acushnet were worth $538,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Public Employees Retirement System of Ohio purchased a new position in shares of Acushnet in the 4th quarter valued at about $31,000. KBC Group NV purchased a new position in Acushnet during the 1st quarter worth approximately $44,000. GAMMA Investing LLC grew its stake in Acushnet by 96.1% during the 1st quarter. GAMMA Investing LLC now owns 651 shares of the company’s stock worth $45,000 after buying an additional 319 shares during the last quarter. Lazard Asset Management LLC purchased a new position in Acushnet during the 4th quarter worth approximately $51,000. Finally, Point72 Asia Singapore Pte. Ltd. grew its stake in Acushnet by 39.6% during the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 818 shares of the company’s stock worth $58,000 after buying an additional 232 shares during the last quarter. Hedge funds and other institutional investors own 53.12% of the company’s stock.

Acushnet Stock Up 0.6%

Acushnet stock opened at $78.19 on Friday. Acushnet has a twelve month low of $55.31 and a twelve month high of $79.23. The stock has a 50 day moving average of $71.29 and a two-hundred day moving average of $68.22. The company has a current ratio of 2.21, a quick ratio of 1.21 and a debt-to-equity ratio of 1.19. The stock has a market capitalization of $4.60 billion, a price-to-earnings ratio of 21.72 and a beta of 0.84.

Acushnet (NYSE:GOLF) last posted its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $697.82 million. Acushnet had a return on equity of 26.81% and a net margin of 9.21%. The firm’s revenue for the quarter was down .6% on a year-over-year basis. During the same period last 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 declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a $0.235 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.94 annualized dividend and a dividend yield of 1.20%. Acushnet’s dividend payout ratio is currently 26.11%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on GOLF shares. Compass Point downgraded Acushnet from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $80.00 to $71.00 in a research note on Monday, May 5th. Truist Financial raised their price target on Acushnet from $64.00 to $65.00 and gave the stock a “hold” rating in a research note on Thursday, May 8th. Finally, KeyCorp restated an “overweight” rating and set a $80.00 price target (up previously from $75.00) on shares of Acushnet in a research note on Friday, June 27th. 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. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $71.00.

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.