Acushnet Holdings Corp. (NYSE:GOLF) Stake Lowered by Man Group plc

Man Group plc reduced its stake in shares of Acushnet Holdings Corp. (NYSE:GOLF) by 30.7% during the 4th quarter, HoldingsChannel reports. The fund owned 67,572 shares of the company’s stock after selling 29,895 shares during the period. Man Group plc’s holdings in Acushnet were worth $4,803,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Sei Investments Co. boosted its holdings in Acushnet by 4.3% in the fourth quarter. Sei Investments Co. now owns 102,137 shares of the company’s stock worth $7,260,000 after purchasing an additional 4,256 shares in the last quarter. Principal Financial Group Inc. increased its stake in Acushnet by 1.0% in the fourth quarter. Principal Financial Group Inc. now owns 1,024,023 shares of the company’s stock valued at $72,783,000 after acquiring an additional 10,166 shares during the period. Renaissance Technologies LLC increased its stake in Acushnet by 93.1% in the fourth quarter. Renaissance Technologies LLC now owns 19,693 shares of the company’s stock valued at $1,400,000 after acquiring an additional 9,493 shares during the period. Atria Investments Inc increased its stake in Acushnet by 35.0% in the fourth quarter. Atria Investments Inc now owns 31,890 shares of the company’s stock valued at $2,267,000 after acquiring an additional 8,268 shares during the period. Finally, Barclays PLC increased its stake in Acushnet by 361.5% in the third quarter. Barclays PLC now owns 48,563 shares of the company’s stock valued at $3,096,000 after acquiring an additional 38,041 shares during the period. 53.12% of the stock is currently owned by hedge funds and other institutional investors.

Acushnet Trading Down 0.5%

Shares of NYSE:GOLF opened at $71.57 on Wednesday. Acushnet Holdings Corp. has a 12 month low of $55.31 and a 12 month high of $76.65. The company has a quick ratio of 1.14, a current ratio of 2.10 and a debt-to-equity ratio of 0.79. The company’s fifty day simple moving average is $64.95 and its 200 day simple moving average is $68.03. The firm has a market cap of $4.21 billion, a price-to-earnings ratio of 24.34 and a beta of 0.90.

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

Acushnet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be paid a $0.235 dividend. The ex-dividend date is Friday, June 6th. This represents a $0.94 annualized dividend and a yield of 1.31%. Acushnet’s payout ratio is currently 26.11%.

Insider Buying and Selling at Acushnet

In other Acushnet news, insider Steven Francis Pelisek sold 20,000 shares of Acushnet stock in a transaction 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 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 position. The sale 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.

Analysts Set New Price Targets

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