Point72 Asset Management L.P. Has $16.76 Million Stake in Acushnet Holdings Corp. (NYSE:GOLF)

Point72 Asset Management L.P. reduced its holdings in Acushnet Holdings Corp. (NYSE:GOLF) by 11.4% during the 4th quarter, Holdings Channel reports. The fund owned 235,844 shares of the company’s stock after selling 30,356 shares during the quarter. Point72 Asset Management L.P.’s holdings in Acushnet were worth $16,764,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in Acushnet in the fourth quarter worth $62,713,000. Lord Abbett & CO. LLC acquired a new position in Acushnet during the 4th quarter worth about $28,641,000. Norges Bank acquired a new position in Acushnet during the 4th quarter worth about $14,825,000. 12th Street Asset Management Company LLC increased its position in Acushnet by 170.1% in the 4th quarter. 12th Street Asset Management Company LLC now owns 120,883 shares of the company’s stock valued at $8,592,000 after acquiring an additional 76,126 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Acushnet by 5.3% in the 4th quarter. JPMorgan Chase & Co. now owns 1,078,416 shares of the company’s stock valued at $76,654,000 after acquiring an additional 54,314 shares in the last quarter. 53.12% of the stock is currently owned by institutional investors.

Acushnet Stock Performance

Shares of NYSE GOLF opened at $72.13 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 stock has a 50 day moving average price of $64.70 and a 200 day moving average price of $67.89. The stock has a market capitalization of $4.24 billion, a PE ratio of 24.53 and a beta of 0.90. Acushnet Holdings Corp. has a 52 week low of $55.31 and a 52 week high of $76.65.

Acushnet (NYSE:GOLF) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.30. The company had revenue of $703.37 million for the quarter, compared to analyst estimates of $697.82 million. Acushnet had a net margin of 7.78% and a return on equity of 21.45%. Acushnet’s revenue for the quarter was down .6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.35 EPS. Analysts predict that Acushnet Holdings Corp. will post 3.06 earnings per share for the current fiscal year.

Acushnet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be issued a $0.235 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $0.94 annualized dividend and a yield of 1.30%. Acushnet’s dividend payout ratio is currently 26.11%.

Insiders Place Their Bets

In other news, insider Steven Francis Pelisek sold 20,000 shares of Acushnet stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $70.86, for a total value of $1,417,200.00. Following the completion of the sale, the insider now directly owns 96,006 shares in the company, valued at approximately $6,802,985.16. The trade was a 17.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 54.60% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on GOLF. JPMorgan Chase & Co. cut shares of Acushnet from a “neutral” rating to an “underweight” rating and dropped their price objective for the stock from $69.00 to $64.00 in a research report on Thursday, January 23rd. KeyCorp boosted their target price on Acushnet from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, May 8th. StockNews.com lowered Acushnet from a “buy” rating to a “hold” rating in a research report on Saturday, March 8th. Truist Financial boosted their price objective on Acushnet from $64.00 to $65.00 and gave the stock a “hold” rating in a report on Thursday, May 8th. Finally, Compass Point cut shares of Acushnet from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $80.00 to $71.00 in a research report on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Acushnet presently has an average rating of “Hold” and an average price target of $70.00.

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.