Royal Bank of Canada Sells 6,506 Shares of Acushnet $GOLF

Royal Bank of Canada reduced its holdings in Acushnet (NYSE:GOLF) by 7.4% in the 1st quarter, HoldingsChannel reports. The fund owned 81,897 shares of the company’s stock after selling 6,506 shares during the period. Royal Bank of Canada’s holdings in Acushnet were worth $7,655,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of GOLF. Morgan Stanley grew its stake in shares of Acushnet by 22.3% in the fourth quarter. Morgan Stanley now owns 1,379,236 shares of the company’s stock worth $110,091,000 after purchasing an additional 251,889 shares during the last quarter. M&T Bank Corp raised its position in Acushnet by 668.1% during the 4th quarter. M&T Bank Corp now owns 159,874 shares of the company’s stock worth $12,761,000 after purchasing an additional 139,060 shares during the last quarter. Neumeier Poma Investment Counsel LLC raised its position in Acushnet by 51.7% during the 4th quarter. Neumeier Poma Investment Counsel LLC now owns 384,424 shares of the company’s stock worth $30,685,000 after purchasing an additional 130,990 shares during the last quarter. Capital Research Global Investors lifted its holdings in 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 during the period. Finally, Bank of America Corp DE grew its position in shares of Acushnet by 31.8% in the 2nd 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 during the last quarter. Institutional investors and hedge funds own 53.12% of the company’s stock.

Analysts Set New Price Targets

GOLF has been the subject of several recent research reports. Truist Financial increased their price target on Acushnet from $95.00 to $97.00 and gave the company a “hold” rating in a research note on Tuesday, May 19th. JPMorgan Chase & Co. upped their target price on Acushnet from $96.00 to $118.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Roth Capital reissued a “neutral” rating and set a $95.00 target price on shares of Acushnet in a research report on Friday. Finally, Weiss Ratings upgraded shares of Acushnet from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 24th. One analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, Acushnet presently has a consensus rating of “Hold” and a consensus target price of $99.17.

Acushnet Trading Down 2.2%

Shares of GOLF stock opened at $91.26 on Tuesday. Acushnet has a fifty-two week low of $73.09 and a fifty-two week high of $119.65. 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 50 day simple moving average of $105.18 and a two-hundred day simple moving average of $98.61. The company has a market cap of $5.33 billion, a P/E ratio of 24.87 and a beta of 0.81.

Acushnet (NYSE:GOLF) last posted its quarterly earnings results on Thursday, August 6th. The company reported $2.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.45. The firm had revenue of $819.95 million for the quarter, compared to analysts’ expectations of $788.24 million. Acushnet had a return on equity of 27.98% and a net margin of 8.12%.The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the prior year, the business earned $1.25 EPS. Research analysts forecast that Acushnet will post 3.84 earnings per share for the current year.

Acushnet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be paid a dividend of $0.255 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.02 annualized dividend and a yield of 1.1%. Acushnet’s dividend payout ratio is currently 27.79%.

Insiders Place Their Bets

In other news, insider Nicholas N. Mohamed sold 529 shares of the 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 transaction, the insider owned 2,868 shares of the company’s stock, valued at $272,460. This represents a 15.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Steven Francis Pelisek sold 15,000 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $91.26, for a total transaction of $1,368,900.00. Following the transaction, the insider directly owned 70,512 shares in the company, valued at $6,434,925.12. This trade represents a 17.54% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 53.30% of the company’s stock.

Acushnet Company 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.