Corient Private Wealth LP Takes Position in Acushnet $GOLF

Corient Private Wealth LP purchased a new position in shares of Acushnet (NYSE:GOLF) during the second quarter, HoldingsChannel reports. The firm purchased 41,448 shares of the company’s stock, valued at approximately $4,913,000.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Acushnet in the 2nd quarter valued at approximately $496,463,000. Capital Research Global Investors raised its stake in shares of Acushnet by 8.5% during the 4th quarter. Capital Research Global Investors now owns 1,465,000 shares of the company’s stock worth $116,936,000 after buying an additional 115,000 shares in the last quarter. Morgan Stanley lifted its holdings in shares of Acushnet by 22.3% in the 4th quarter. Morgan Stanley now owns 1,379,236 shares of the company’s stock valued at $110,091,000 after buying an additional 251,889 shares during the period. Raymond James Financial Inc. boosted its stake in shares of Acushnet by 0.4% in the second quarter. Raymond James Financial Inc. now owns 952,453 shares of the company’s stock valued at $69,358,000 after buying an additional 4,243 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Acushnet by 31.8% in the second quarter. Bank of America Corp DE now owns 457,460 shares of the company’s stock valued at $33,312,000 after buying an additional 110,245 shares in the last quarter. 53.12% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Weiss Ratings upgraded Acushnet from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, August 11th. Truist Financial boosted their target price on shares of Acushnet from $95.00 to $97.00 and gave the stock a “hold” rating in a research report on Tuesday, May 19th. JPMorgan Chase & Co. upped their price target on shares of Acushnet from $96.00 to $118.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Wall Street Zen upgraded shares of Acushnet from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Finally, Roth Capital restated a “neutral” rating and set a $95.00 target price on shares of Acushnet in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $99.17.

Insiders Place Their Bets

In other Acushnet news, insider Nicholas N. Mohamed sold 529 shares of the firm’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $95.00, for a total transaction of $50,255.00. Following the completion of the transaction, the insider directly owned 2,868 shares in the company, valued at approximately $272,460. This trade represents a 15.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 53.30% of the company’s stock.

Acushnet Stock Performance

Shares of GOLF stock opened at $86.17 on Tuesday. The stock has a fifty day moving average price of $102.74 and a 200 day moving average price of $97.66. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.48 and a current ratio of 2.55. The stock has a market cap of $5.03 billion, a PE ratio of 23.48 and a beta of 0.81. Acushnet has a 1 year low of $73.09 and a 1 year high of $119.65.

Acushnet (NYSE:GOLF) last posted its earnings results on Thursday, August 6th. The company reported $2.08 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.45. Acushnet had a return on equity of 27.98% and a net margin of 8.12%.The company had revenue of $819.95 million for the quarter, compared to analyst estimates of $788.24 million. During the same quarter in the prior year, the company earned $1.25 earnings per share. Acushnet’s revenue was up 13.8% compared to the same quarter last year. Sell-side analysts forecast that Acushnet will post 4.02 earnings per share for the current fiscal year.

Acushnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be paid a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Friday, September 4th. Acushnet’s dividend payout ratio is presently 27.79%.

Acushnet Profile

Acushnet Holdings Corp., traded on the NYSE under the symbol GOLF, is a leading designer, manufacturer and marketer of golf equipment, footwear, apparel and accessories. The company’s portfolio encompasses a range of golf lifestyle products, with a focus on innovation, performance and quality for players of all skill levels.

At the core of Acushnet’s product lineup is the Titleist brand, globally recognized for its Tour-level golf balls and precision-engineered clubs. FootJoy offers golf shoes, gloves and apparel that blend comfort, style and technical performance, while Scotty Cameron putters and Vokey design wedges cater to players seeking exacting standards in feel and accuracy.