Acushnet Holdings Corp. (NYSE:GOLF) Shares Acquired by Edgestream Partners L.P.

Edgestream Partners L.P. boosted its holdings in Acushnet Holdings Corp. (NYSE:GOLF) by 101.0% during the third quarter, Holdings Channel.com reports. The fund owned 115,143 shares of the company’s stock after acquiring an additional 57,847 shares during the period. Edgestream Partners L.P.’s holdings in Acushnet were worth $7,340,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased its stake in shares of Acushnet by 871.1% during the 2nd quarter. Victory Capital Management Inc. now owns 991,627 shares of the company’s stock worth $62,948,000 after purchasing an additional 889,515 shares in the last quarter. Janus Henderson Group PLC raised its stake in Acushnet by 126.4% in the 1st quarter. Janus Henderson Group PLC now owns 36,470 shares of the company’s stock valued at $2,405,000 after purchasing an additional 20,360 shares during the last quarter. Raymond James & Associates lifted its holdings in Acushnet by 0.9% in the 3rd quarter. Raymond James & Associates now owns 466,099 shares of the company’s stock valued at $29,714,000 after purchasing an additional 4,300 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Acushnet during the third quarter worth about $1,443,000. Finally, Envestnet Asset Management Inc. raised its position in shares of Acushnet by 6.7% in the second quarter. Envestnet Asset Management Inc. now owns 130,868 shares of the company’s stock valued at $8,307,000 after buying an additional 8,248 shares during the last quarter. 53.12% of the stock is currently owned by hedge funds and other institutional investors.

Acushnet Stock Performance

Shares of GOLF stock opened at $73.12 on Friday. 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 firm has a market capitalization of $4.45 billion, a price-to-earnings ratio of 24.87 and a beta of 0.85. Acushnet Holdings Corp. has a one year low of $55.74 and a one year high of $76.38. The company has a 50 day moving average price of $65.56 and a 200 day moving average price of $65.56.

Acushnet (NYSE:GOLF) last released its quarterly earnings data on Thursday, November 7th. The company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.10. Acushnet had a return on equity of 21.45% and a net margin of 7.78%. The business had revenue of $620.50 million during the quarter, compared to the consensus estimate of $620.40 million. During the same period in the prior year, the firm posted $0.85 EPS. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. Sell-side analysts anticipate 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 will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be paid a $0.215 dividend. This represents a $0.86 annualized dividend and a dividend yield of 1.18%. The ex-dividend date of this dividend is Friday, December 6th. Acushnet’s dividend payout ratio is currently 29.25%.

Insider Transactions at Acushnet

In other news, insider Christopher Aaron Lindner sold 5,000 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $73.91, for a total value of $369,550.00. Following the transaction, the insider now owns 88,710 shares of the company’s stock, valued at approximately $6,556,556.10. This trade represents a 5.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 54.60% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Compass Point decreased their target price on shares of Acushnet from $78.00 to $76.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Jefferies Financial Group cut Acushnet from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $86.00 to $75.00 in a report on Tuesday, September 17th. Finally, Truist Financial upped their target price on Acushnet from $65.00 to $68.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $71.40.

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.