NewEdge Wealth LLC Decreases Stock Position in Acushnet $GOLF

NewEdge Wealth LLC decreased its position in shares of Acushnet (NYSE:GOLF) by 11.2% in the first quarter, HoldingsChannel reports. The firm owned 39,571 shares of the company’s stock after selling 4,993 shares during the quarter. NewEdge Wealth LLC’s holdings in Acushnet were worth $3,699,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in GOLF. Fifth Third Bancorp grew its holdings in Acushnet by 36,310.7% during the 1st quarter. Fifth Third Bancorp now owns 27,308 shares of the company’s stock valued at $2,553,000 after buying an additional 27,233 shares in the last quarter. Kennedy Capital Management LLC boosted its position in shares of Acushnet by 11.5% during the 4th quarter. Kennedy Capital Management LLC now owns 217,803 shares of the company’s stock valued at $17,385,000 after acquiring an additional 22,424 shares during the last quarter. Louisiana State Employees Retirement System bought a new position in shares of Acushnet during the 1st quarter valued at approximately $1,140,000. M&T Bank Corp grew 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 valued at $12,761,000 after purchasing an additional 139,060 shares in the last quarter. Finally, Capital Research Global Investors increased its position in Acushnet by 8.5% in the fourth quarter. Capital Research Global Investors now owns 1,465,000 shares of the company’s stock worth $116,936,000 after purchasing an additional 115,000 shares during the last quarter. 53.12% of the stock is currently owned by hedge funds and other institutional investors.

Acushnet Price Performance

NYSE:GOLF opened at $104.46 on Friday. The firm has a market capitalization of $6.12 billion, a price-to-earnings ratio of 36.78 and a beta of 0.80. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.87 and a quick ratio of 1.59. The business has a 50 day simple moving average of $102.71 and a 200-day simple moving average of $97.68. Acushnet has a 1 year low of $73.09 and a 1 year high of $119.65.

Acushnet (NYSE:GOLF) last released its earnings results on Wednesday, May 6th. The company reported $1.36 earnings per share for the quarter, missing the consensus estimate of $1.38 by ($0.02). Acushnet had a net margin of 6.54% and a return on equity of 22.95%. The company had revenue of $752.98 million for the quarter, compared to the consensus estimate of $722.48 million. During the same period in the prior year, the firm posted $1.62 EPS. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. Equities analysts forecast that Acushnet will post 3.75 EPS for the current year.

Acushnet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Friday, June 5th were paid a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Friday, June 5th. Acushnet’s payout ratio is presently 35.92%.

Insiders Place Their Bets

In other news, insider Steven Francis Pelisek sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $91.26, for a total value of $1,368,900.00. Following the completion of the sale, the insider owned 70,512 shares in the company, valued at approximately $6,434,925.12. This trade represents a 17.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nicholas N. Mohamed sold 529 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $95.00, for a total transaction of $50,255.00. Following the completion of the sale, the insider owned 2,868 shares of the company’s stock, valued at $272,460. This trade represents a 15.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 53.30% of the company’s stock.

Analyst Upgrades and Downgrades

GOLF has been the topic of a number of recent research reports. Weiss Ratings downgraded shares of Acushnet from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 9th. Truist Financial lifted their price objective on shares of Acushnet from $95.00 to $97.00 and gave the stock a “hold” rating in a research note on Tuesday, May 19th. JPMorgan Chase & Co. lifted their price objective 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. Finally, Roth Capital set a $87.00 target price on shares of Acushnet in a report on Thursday, May 7th. Eight analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $97.83.

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.