Wesbanco Bank Inc. lessened its holdings in Acushnet Holdings Corp. (NYSE:GOLF – Free Report) by 7.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 9,159 shares of the company’s stock after selling 779 shares during the quarter. Wesbanco Bank Inc.’s holdings in Acushnet were worth $651,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also made changes to their positions in the company. Hennion & Walsh Asset Management Inc. grew its stake in shares of Acushnet by 34.2% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 4,662 shares of the company’s stock worth $331,000 after buying an additional 1,187 shares during the last quarter. Heritage Family Offices LLP purchased a new stake in shares of Acushnet in the fourth quarter worth $205,000. PFW Advisors LLC bought a new position in shares of Acushnet during the fourth quarter valued at $264,000. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Acushnet in the 4th quarter worth about $239,000. Finally, Principal Financial Group Inc. raised its position in shares of Acushnet by 6.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,013,857 shares of the company’s stock worth $64,632,000 after purchasing an additional 63,294 shares during the last quarter. Institutional investors own 53.12% of the company’s stock.
Analyst Upgrades and Downgrades
GOLF has been the subject of a number of analyst reports. JPMorgan Chase & Co. lowered shares of Acushnet from a “neutral” rating to an “underweight” rating and reduced their price objective for the company from $69.00 to $64.00 in a research note on Thursday. Truist Financial boosted their price objective on shares of Acushnet from $65.00 to $68.00 and gave the stock a “hold” rating in a report on Friday, November 8th.
Insider Activity at Acushnet
In related news, insider Christopher Aaron Lindner sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $73.91, for a total transaction of $369,550.00. Following the completion of the sale, the insider now directly owns 88,710 shares in the company, valued at approximately $6,556,556.10. The trade was a 5.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 54.60% of the stock is owned by company insiders.
Acushnet Price Performance
GOLF opened at $68.07 on Friday. The company’s 50-day simple moving average is $72.27 and its two-hundred day simple moving average is $67.81. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.14 and a current ratio of 2.10. The stock has a market capitalization of $4.14 billion, a P/E ratio of 23.15 and a beta of 0.88. Acushnet Holdings Corp. has a 52-week low of $58.54 and a 52-week high of $76.65.
Acushnet (NYSE:GOLF – Get Free Report) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.10. Acushnet had a net margin of 7.78% and a return on equity of 21.45%. The company had revenue of $620.50 million for the quarter, compared to the consensus estimate of $620.40 million. During the same quarter in the prior year, the firm earned $0.85 earnings per share. The firm’s revenue for the quarter was up 4.6% compared to the same quarter last year. As a group, analysts predict that Acushnet Holdings Corp. will post 3.06 EPS for the current year.
Acushnet Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were issued a $0.215 dividend. This represents a $0.86 annualized dividend and a dividend yield of 1.26%. The ex-dividend date of this dividend was Friday, December 6th. Acushnet’s payout ratio is currently 29.25%.
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.
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