Squarepoint Ops LLC Makes New Investment in Acushnet $GOLF

Squarepoint Ops LLC purchased a new stake in shares of Acushnet (NYSE:GOLF) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 26,992 shares of the company’s stock, valued at approximately $1,966,000.

Other hedge funds have also recently made changes to their positions in the company. Dimensional Fund Advisors LP raised its stake in Acushnet by 2.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,549,266 shares of the company’s stock valued at $106,366,000 after purchasing an additional 42,533 shares during the period. Wellington Management Group LLP grew its holdings in Acushnet by 6.7% during the 1st 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 in the last quarter. Raymond James Financial Inc. raised its position in shares of Acushnet by 0.4% during 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 during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Acushnet by 0.8% in the second quarter. Geode Capital Management LLC now owns 662,194 shares of the company’s stock worth $48,227,000 after buying an additional 5,009 shares in the last quarter. Finally, Bank of America Corp DE boosted its position in shares of Acushnet by 31.8% during the second quarter. Bank of America Corp DE now owns 457,460 shares of the company’s stock worth $33,312,000 after acquiring an additional 110,245 shares during the last quarter. Institutional investors own 53.12% of the company’s stock.

Analysts Set New Price Targets

GOLF has been the topic of several research analyst reports. KeyCorp boosted their price target on shares of Acushnet from $85.00 to $90.00 and gave the stock an “overweight” rating in a research note on Thursday, November 6th. Truist Financial boosted their target price on Acushnet from $65.00 to $74.00 and gave the stock a “hold” rating in a research report on Tuesday, November 4th. JPMorgan Chase & Co. raised their price target on Acushnet from $67.00 to $74.00 and gave the company an “underweight” rating in a report on Monday. Zacks Research downgraded Acushnet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 21st. Finally, Roth Capital reiterated a “neutral” rating and set a $80.00 target price on shares of Acushnet in a research report on Thursday, November 6th. Two analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $78.17.

Acushnet Trading Down 1.9%

Shares of GOLF stock opened at $81.99 on Friday. The company has a market cap of $4.81 billion, a PE ratio of 22.40 and a beta of 0.89. Acushnet has a 1 year low of $55.31 and a 1 year high of $86.19. The stock’s 50 day simple moving average is $81.19 and its two-hundred day simple moving average is $78.11. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.42 and a quick ratio of 1.30.

Acushnet (NYSE:GOLF) last announced 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). Acushnet had a return on equity of 27.50% and a net margin of 8.80%.The company had revenue of $657.66 million during the quarter, compared to analysts’ expectations of $632.76 million. During the same quarter last year, the firm posted $0.89 EPS. Acushnet’s revenue for the quarter was up 6.0% compared to the same quarter last year. Research analysts predict that Acushnet will post 3.06 earnings per share for the current year.

Acushnet Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be paid a $0.235 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $0.94 annualized dividend and a dividend yield of 1.1%. Acushnet’s dividend payout ratio is currently 25.68%.

Insider Activity

In related news, CEO David Eugene Maher sold 26,939 shares of Acushnet stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $79.33, for a total transaction of $2,137,070.87. Following the completion of the transaction, the chief executive officer directly owned 852,092 shares of the company’s stock, valued at approximately $67,596,458.36. The trade was a 3.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Francis Pelisek sold 20,000 shares of the stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $84.66, for a total transaction of $1,693,200.00. Following the completion of the sale, the insider directly owned 76,006 shares in the company, valued at $6,434,667.96. This trade represents a 20.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 71,460 shares of company stock valued at $5,786,311 in the last 90 days. Company insiders own 53.60% of the company’s stock.

About Acushnet

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.