Bank of New York Mellon Corp Boosts Holdings in Acushnet (NYSE:GOLF)

Bank of New York Mellon Corp increased its stake in shares of Acushnet (NYSE:GOLF) by 26.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 343,978 shares of the company’s stock after purchasing an additional 71,983 shares during the quarter. Bank of New York Mellon Corp owned 0.57% of Acushnet worth $23,617,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of GOLF. Lord Abbett & CO. LLC purchased a new stake in shares of Acushnet during the 4th quarter worth $28,641,000. Norges Bank acquired a new stake in shares of Acushnet in the fourth quarter valued at $14,825,000. Principal Financial Group Inc. grew its stake in shares of Acushnet by 7.9% in the first quarter. Principal Financial Group Inc. now owns 1,104,699 shares of the company’s stock valued at $75,849,000 after buying an additional 80,676 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Acushnet by 5.3% during the 4th quarter. JPMorgan Chase & Co. now owns 1,078,416 shares of the company’s stock worth $76,654,000 after purchasing an additional 54,314 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in Acushnet by 59.1% during the 4th quarter. Nuveen Asset Management LLC now owns 138,358 shares of the company’s stock worth $9,834,000 after buying an additional 51,404 shares during the last quarter. Institutional investors own 53.12% of the company’s stock.

Acushnet Stock Up 2.8%

GOLF stock opened at $80.37 on Friday. The company has a quick ratio of 1.21, a current ratio of 2.21 and a debt-to-equity ratio of 1.19. The business’s 50-day simple moving average is $72.45 and its 200 day simple moving average is $68.48. The company has a market cap of $4.72 billion, a PE ratio of 22.33 and a beta of 0.84. Acushnet has a twelve month low of $55.31 and a twelve month high of $80.70.

Acushnet (NYSE:GOLF) last released its earnings results on Wednesday, May 7th. The company reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.30. The firm had revenue of $703.37 million during the quarter, compared to analyst estimates of $697.82 million. Acushnet had a net margin of 9.21% and a return on equity of 26.81%. The business’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.35 EPS. On average, research analysts anticipate that Acushnet will post 3.06 earnings per share for the current year.

Acushnet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors 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 annualized dividend and a dividend yield of 1.17%. Acushnet’s dividend payout ratio is 26.11%.

Analysts Set New Price Targets

Several equities analysts have issued reports on GOLF shares. Compass Point cut Acushnet from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $80.00 to $71.00 in a research report on Monday, May 5th. Truist Financial lifted their target price on Acushnet from $64.00 to $65.00 and gave the stock a “hold” rating in a research report on Thursday, May 8th. Finally, KeyCorp restated an “overweight” rating and issued a $80.00 target price (up from $75.00) on shares of Acushnet in a research note on Friday, June 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Acushnet currently has an average rating of “Hold” and an average target price of $71.00.

Insider Buying and Selling

In related news, Director Holdings Corp. Misto sold 953,406 shares of Acushnet stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $65.56, for a total transaction of $62,505,297.36. Following the completion of the transaction, the director owned 29,523,653 shares of the company’s stock, valued at $1,935,570,690.68. This trade represents a 3.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 53.60% of the stock is currently owned by insiders.

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.