NewEdge Wealth LLC Sells 4,993 Shares of Acushnet $GOLF

NewEdge Wealth LLC trimmed its stake in shares of Acushnet (NYSE:GOLF) by 11.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 39,571 shares of the company’s stock after selling 4,993 shares during the period. NewEdge Wealth LLC owned approximately 0.07% of Acushnet worth $3,699,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Morgan Stanley boosted its holdings in Acushnet by 22.3% in the fourth quarter. Morgan Stanley now owns 1,379,236 shares of the company’s stock worth $110,091,000 after purchasing an additional 251,889 shares during the last quarter. M&T Bank Corp raised its stake in Acushnet by 668.1% during the 4th quarter. M&T Bank Corp now owns 159,874 shares of the company’s stock valued at $12,761,000 after buying an additional 139,060 shares during the last quarter. Neumeier Poma Investment Counsel LLC raised its stake in Acushnet by 51.7% during the 4th quarter. Neumeier Poma Investment Counsel LLC now owns 384,424 shares of the company’s stock valued at $30,685,000 after buying an additional 130,990 shares during the last quarter. Capital Research Global Investors raised its stake in Acushnet by 8.5% during the 4th quarter. Capital Research Global Investors now owns 1,465,000 shares of the company’s stock valued at $116,936,000 after buying an additional 115,000 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Acushnet by 31.8% during the 2nd quarter. Bank of America Corp DE now owns 457,460 shares of the company’s stock valued at $33,312,000 after buying an additional 110,245 shares during the period. Institutional investors own 53.12% of the company’s stock.

Insider Transactions at Acushnet

In related news, insider Nicholas N. Mohamed sold 529 shares of the 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 in the company, valued at approximately $272,460. This trade represents a 15.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven Francis Pelisek sold 15,000 shares of Acushnet stock in a transaction that occurred on 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 sale, the insider directly owned 70,512 shares in the company, valued at $6,434,925.12. This trade represents a 17.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 53.30% of the company’s stock.

Acushnet Stock Down 0.9%

GOLF opened at $104.46 on Friday. The stock has a market cap 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 quick ratio of 1.59 and a current ratio of 2.87. The firm’s fifty day moving average is $102.71 and its 200 day moving average is $97.68. Acushnet has a fifty-two week low of $73.09 and a fifty-two week high of $119.65.

Acushnet (NYSE:GOLF) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $1.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.38 by ($0.02). Acushnet had a return on equity of 22.95% and a net margin of 6.54%.The business had revenue of $752.98 million during the quarter, compared to analysts’ expectations of $722.48 million. During the same quarter in the previous year, the company posted $1.62 EPS. The company’s quarterly revenue was up 7.1% on a year-over-year basis. On average, sell-side analysts forecast that Acushnet will post 3.75 earnings per share for the current fiscal year.

Acushnet Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GOLF. Weiss Ratings downgraded Acushnet from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, July 9th. Truist Financial increased 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. Roth Capital set a $87.00 target price on Acushnet in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. boosted their price target on Acushnet from $96.00 to $118.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. Eight investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus 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.