LPL Financial LLC Acquires 6,549 Shares of Acushnet $GOLF

LPL Financial LLC boosted its holdings in shares of Acushnet (NYSE:GOLF) by 25.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,960 shares of the company’s stock after acquiring an additional 6,549 shares during the period. LPL Financial LLC owned about 0.05% of Acushnet worth $2,194,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GOLF. Lord Abbett & CO. LLC purchased a new position in Acushnet in the fourth quarter valued at about $28,641,000. Edgestream Partners L.P. purchased a new stake in shares of Acushnet during the first quarter worth about $6,020,000. Principal Financial Group Inc. grew its stake in shares of Acushnet by 7.9% during the first quarter. Principal Financial Group Inc. now owns 1,104,699 shares of the company’s stock worth $75,849,000 after acquiring an additional 80,676 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Acushnet by 26.5% during the first quarter. Bank of New York Mellon Corp now owns 343,978 shares of the company’s stock worth $23,617,000 after acquiring an additional 71,983 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its position in Acushnet by 59.1% in the fourth quarter. Nuveen Asset Management LLC now owns 138,358 shares of the company’s stock valued at $9,834,000 after buying an additional 51,404 shares during the last quarter. Hedge funds and other institutional investors own 53.12% of the company’s stock.

Insider Buying and Selling at Acushnet

In related news, insider Mary Louise Bohn sold 13,190 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $78.85, for a total value of $1,040,031.50. Following the completion of the transaction, the insider directly owned 191,786 shares of the company’s stock, valued at approximately $15,122,326.10. This represents a 6.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Holdings Corp. Misto sold 953,406 shares of the stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $65.56, for a total value of $62,505,297.36. Following the completion of the transaction, the director directly owned 29,523,653 shares of the company’s stock, valued at approximately $1,935,570,690.68. This represents a 3.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. 53.60% of the stock is currently owned by corporate insiders.

Acushnet Trading Up 0.4%

Shares of GOLF stock opened at $78.2170 on Wednesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.25 and a quick ratio of 1.21. The company has a market cap of $4.59 billion, a price-to-earnings ratio of 20.91 and a beta of 0.84. The stock has a 50 day simple moving average of $76.80 and a 200-day simple moving average of $69.84. Acushnet has a 1-year low of $55.31 and a 1-year high of $84.40.

Acushnet (NYSE:GOLF) last announced its earnings results on Thursday, August 7th. The company reported $1.25 earnings per share for the quarter, missing the consensus estimate of $1.33 by ($0.08). The business had revenue of $720.48 million for the quarter, compared to analyst estimates of $713.70 million. Acushnet had a return on equity of 28.05% and a net margin of 9.24%.The company’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.11 earnings per share. On average, equities research analysts expect that Acushnet will post 3.06 EPS for the current fiscal year.

Acushnet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be paid a $0.235 dividend. This represents a $0.94 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Friday, September 5th. Acushnet’s dividend payout ratio is currently 25.13%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GOLF. Morgan Stanley upped their target price on Acushnet from $63.00 to $80.00 and gave the company an “equal weight” rating in a research report on Friday, July 18th. Truist Financial boosted their price target on Acushnet from $64.00 to $65.00 and gave the company a “hold” rating in a report on Thursday, May 8th. KeyCorp boosted their price target on Acushnet from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 8th. Finally, Compass Point downgraded Acushnet from a “buy” rating to a “neutral” rating and decreased their price target for the company from $80.00 to $71.00 in a report on Monday, May 5th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $73.33.

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.