Principal Financial Group Inc. Sells 123,147 Shares of Acushnet $GOLF

Principal Financial Group Inc. reduced its position in shares of Acushnet (NYSE:GOLF) by 14.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 709,695 shares of the company’s stock after selling 123,147 shares during the period. Principal Financial Group Inc.’s holdings in Acushnet were worth $66,344,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Fifth Third Bancorp increased 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 purchasing an additional 27,233 shares during the period. Hsbc Holdings PLC purchased a new stake in Acushnet in the 1st quarter worth approximately $202,000. Millstone Evans Group LLC lifted its holdings in Acushnet by 170.2% in the 1st quarter. Millstone Evans Group LLC now owns 281 shares of the company’s stock worth $26,000 after buying an additional 177 shares during the period. Impact Investors Inc bought a new stake in shares of Acushnet in the 1st quarter worth approximately $334,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of Acushnet in the 1st quarter worth approximately $371,000. 53.12% of the stock is owned by institutional investors.

Insider Activity at Acushnet

In related news, insider Steven Francis Pelisek sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $91.26, for a total transaction of $1,368,900.00. Following the completion of the sale, the insider owned 70,512 shares of the company’s stock, valued at $6,434,925.12. This trade represents a 17.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nicholas N. Mohamed sold 529 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider owned 2,868 shares of the company’s stock, valued at approximately $272,460. The trade was a 15.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 53.30% of the stock is owned by company insiders.

Acushnet Price Performance

GOLF opened at $116.39 on Friday. The firm has a market cap of $6.81 billion, a PE ratio of 40.98 and a beta of 0.80. The stock has a 50-day moving average price of $100.07 and a 200-day moving average price of $96.64. Acushnet has a 1 year low of $73.09 and a 1 year high of $119.65. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.87 and a quick ratio of 1.59.

Acushnet (NYSE:GOLF) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.36 earnings per share for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.02). The firm had revenue of $752.98 million for the quarter, compared to the consensus estimate of $722.48 million. Acushnet had a net margin of 6.54% and a return on equity of 22.95%. The firm’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.62 earnings per share. Sell-side analysts predict that Acushnet will post 3.82 earnings per share for the current fiscal year.

Acushnet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Friday, June 5th were issued a dividend of $0.255 per share. The ex-dividend date was Friday, June 5th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 0.9%. Acushnet’s dividend payout ratio is presently 35.92%.

Analysts Set New Price Targets

A number of brokerages recently commented on GOLF. Truist Financial upped their target price on Acushnet from $95.00 to $97.00 and gave the company a “hold” rating in a report on Tuesday, May 19th. JPMorgan Chase & Co. lifted their price target on shares of Acushnet from $96.00 to $118.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Roth Capital set a $87.00 price objective on shares of Acushnet in a research report on Thursday, May 7th. Finally, Weiss Ratings lowered shares of Acushnet from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, July 9th. Eight research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Acushnet has an average rating of “Hold” and a consensus price target of $97.83.

Acushnet Company 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.