NewEdge Wealth LLC Takes Position in Acushnet $GOLF

NewEdge Wealth LLC acquired a new stake in Acushnet (NYSE:GOLF) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 39,216 shares of the company’s stock, valued at approximately $4,648,000.

Several other hedge funds have also added to or reduced their stakes in the business. BlackRock Inc. bought a new position in Acushnet during the second quarter worth about $496,463,000. Bank of New York Mellon Corp acquired a new position in Acushnet in the second quarter valued at about $31,800,000. Morgan Stanley increased its holdings 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 acquiring an additional 251,889 shares in the last quarter. M&T Bank Corp increased its holdings in shares of Acushnet by 668.1% in the fourth quarter. M&T Bank Corp now owns 159,874 shares of the company’s stock worth $12,761,000 after acquiring an additional 139,060 shares in the last quarter. Finally, Neumeier Poma Investment Counsel LLC raised its position in shares of Acushnet by 51.7% during the fourth 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 period. Institutional investors and hedge funds own 53.12% of the company’s stock.

Insider Buying and Selling

In other Acushnet news, insider Nicholas N. Mohamed sold 529 shares of the business’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $95.00, for a total value of $50,255.00. Following the sale, the insider owned 2,868 shares in the company, valued at approximately $272,460. The trade was a 15.57% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Steven Francis Pelisek sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $91.26, for a total value of $1,368,900.00. Following the transaction, the insider directly owned 70,512 shares of the company’s stock, valued at approximately $6,434,925.12. This trade represents a 17.54% decrease in their position. The SEC filing for this sale provides additional information. 53.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GOLF. Weiss Ratings upgraded Acushnet from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, August 11th. Roth Capital reissued a “neutral” rating and set a $95.00 target price on shares of Acushnet in a research note on Friday, August 7th. Wall Street Zen upgraded shares of Acushnet from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Truist Financial raised their target price on shares of Acushnet from $95.00 to $97.00 and gave the stock a “hold” rating in a report on Tuesday, May 19th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Acushnet from $96.00 to $118.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. One investment analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $99.17.

Acushnet Price Performance

GOLF stock opened at $89.62 on Thursday. The stock has a 50-day moving average price of $105.07 and a two-hundred day moving average price of $98.39. The stock has a market cap of $5.23 billion, a PE ratio of 24.42 and a beta of 0.81. The company has a current ratio of 2.55, a quick ratio of 1.48 and a debt-to-equity ratio of 1.01. Acushnet has a 1 year low of $73.09 and a 1 year high of $119.65.

Acushnet (NYSE:GOLF) last released its quarterly earnings results on Thursday, August 6th. The company reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.45. The firm had revenue of $819.95 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the business posted $1.25 EPS. Equities analysts forecast that Acushnet will post 4.02 EPS for the current fiscal year.

Acushnet Announces Dividend

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

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.