Bank of New York Mellon Corp Cuts Stock Position in Acushnet $GOLF

Bank of New York Mellon Corp trimmed its holdings in shares of Acushnet (NYSE:GOLF) by 1.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 340,414 shares of the company’s stock after selling 3,564 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.58% of Acushnet worth $24,789,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Acushnet during the 1st quarter worth about $629,000. American Century Companies Inc. increased its stake in Acushnet by 9.9% during the 1st quarter. American Century Companies Inc. now owns 20,742 shares of the company’s stock worth $1,424,000 after buying an additional 1,860 shares in the last quarter. Mackenzie Financial Corp acquired a new position in shares of Acushnet during the first quarter valued at approximately $273,000. Charles Schwab Investment Management Inc. lifted its position in shares of Acushnet by 7.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 387,315 shares of the company’s stock valued at $26,593,000 after acquiring an additional 25,571 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Acushnet by 8.6% in the second quarter. Envestnet Asset Management Inc. now owns 246,963 shares of the company’s stock worth $17,984,000 after acquiring an additional 19,612 shares during the last quarter. Institutional investors and hedge funds own 53.12% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Zacks Research cut Acushnet from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 21st. Truist Financial upped their target price on shares of Acushnet from $65.00 to $74.00 and gave the stock a “hold” rating in a report on Tuesday, November 4th. Weiss Ratings reissued a “buy (b)” rating on shares of Acushnet in a research note on Wednesday, October 8th. Roth Capital reaffirmed a “neutral” rating and set a $80.00 price objective on shares of Acushnet in a research note on Thursday, November 6th. Finally, KeyCorp increased their price objective on shares of Acushnet from $85.00 to $90.00 and gave the company an “overweight” rating in a report on Thursday, November 6th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Acushnet has a consensus rating of “Hold” and an average price target of $76.50.

Acushnet Trading Down 0.4%

Shares of GOLF stock opened at $79.55 on Friday. The company has a current ratio of 2.42, a quick ratio of 1.30 and a debt-to-equity ratio of 1.03. Acushnet has a twelve month low of $55.31 and a twelve month high of $84.40. The company’s 50-day moving average price is $78.35 and its 200-day moving average price is $75.81. The stock has a market cap of $4.67 billion, a price-to-earnings ratio of 21.74 and a beta of 0.90.

Acushnet (NYSE:GOLF) last issued its earnings results on Wednesday, November 5th. The company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.85 by ($0.04). The firm had revenue of $657.66 million for the quarter, compared to analysts’ expectations of $632.76 million. Acushnet had a return on equity of 27.50% and a net margin of 8.80%.Acushnet’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period last year, the firm earned $0.89 earnings per share. Acushnet has set its FY 2025 guidance at EPS. As a group, equities analysts predict that Acushnet will post 3.06 earnings per share for the current year.

Acushnet Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be given a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, December 5th. Acushnet’s payout ratio is presently 25.68%.

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.