Truist Financial Corp Cuts Stock Holdings in Acushnet $GOLF

Truist Financial Corp lowered its stake in shares of Acushnet (NYSE:GOLF) by 7.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,337 shares of the company’s stock after selling 447 shares during the quarter. Truist Financial Corp’s holdings in Acushnet were worth $389,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Acushnet by 9.6% in the first quarter. Vanguard Group Inc. now owns 3,090,666 shares of the company’s stock valued at $212,205,000 after buying an additional 269,742 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Acushnet by 2.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,549,266 shares of the company’s stock valued at $106,366,000 after buying an additional 42,533 shares during the last quarter. Wellington Management Group LLP increased its holdings in Acushnet by 6.7% in the first quarter. Wellington Management Group LLP now owns 1,310,965 shares of the company’s stock valued at $90,011,000 after buying an additional 82,247 shares during the last quarter. Principal Financial Group Inc. increased its holdings in 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 during the last quarter. Finally, Raymond James Financial Inc. increased its holdings in Acushnet by 7.5% in the first quarter. Raymond James Financial Inc. now owns 948,210 shares of the company’s stock valued at $65,104,000 after buying an additional 65,922 shares during the last quarter. Hedge funds and other institutional investors own 53.12% of the company’s stock.

Acushnet Price Performance

Shares of GOLF opened at $80.33 on Friday. Acushnet has a fifty-two week low of $55.31 and a fifty-two week high of $84.40. The company has a market capitalization of $4.71 billion, a price-to-earnings ratio of 21.48 and a beta of 0.89. The firm has a 50-day simple moving average of $77.44 and a 200-day simple moving average of $72.99. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.21 and a current ratio of 2.25.

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). Acushnet had a return on equity of 28.05% and a net margin of 9.24%.The business had revenue of $720.48 million for the quarter, compared to analyst estimates of $713.70 million. During the same quarter last year, the company posted $1.11 EPS. Acushnet’s quarterly revenue was up 5.4% on a year-over-year basis. On average, equities research analysts anticipate that Acushnet will post 3.06 earnings per share for the current year.

Acushnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were given a $0.235 dividend. The ex-dividend date was Friday, September 5th. This represents a $0.94 dividend on an annualized basis and a yield of 1.2%. Acushnet’s dividend payout ratio (DPR) is presently 25.13%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on GOLF. Zacks Research lowered Acushnet from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 21st. Morgan Stanley raised their price objective on Acushnet from $63.00 to $80.00 and gave the stock an “equal weight” rating in a report on Friday, July 18th. KeyCorp raised their price objective on Acushnet from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 8th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Acushnet in a report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $73.00.

Insider Buying and Selling

In related news, insider Mary Louise Bohn sold 13,190 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $78.85, for a total value of $1,040,031.50. Following the completion of the sale, the insider owned 191,786 shares in the company, valued at $15,122,326.10. This trade represents a 6.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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.