Acushnet $GOLF Stock Position Cut by SummitTX Capital L.P.

SummitTX Capital L.P. decreased its stake in shares of Acushnet (NYSE:GOLF) by 84.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,272 shares of the company’s stock after selling 12,146 shares during the period. SummitTX Capital L.P.’s holdings in Acushnet were worth $212,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Royal Bank of Canada lifted its stake in shares of Acushnet by 6.6% in the 1st quarter. Royal Bank of Canada now owns 88,703 shares of the company’s stock worth $6,090,000 after acquiring an additional 5,510 shares during the period. AQR Capital Management LLC increased its stake in shares of Acushnet by 2.5% during the first quarter. AQR Capital Management LLC now owns 19,498 shares of the company’s stock valued at $1,339,000 after acquiring an additional 475 shares during the period. Integrated Wealth Concepts LLC raised its holdings in Acushnet by 13.5% during the first quarter. Integrated Wealth Concepts LLC now owns 4,603 shares of the company’s stock worth $316,000 after purchasing an additional 548 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Acushnet by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,560 shares of the company’s stock worth $1,137,000 after purchasing an additional 460 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Acushnet by 39.0% in the first quarter. Goldman Sachs Group Inc. now owns 249,807 shares of the company’s stock worth $17,152,000 after purchasing an additional 70,095 shares during the period. 53.12% of the stock is currently owned by institutional investors.

Acushnet Stock Up 0.8%

NYSE GOLF opened at $101.18 on Friday. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.87 and a quick ratio of 1.59. The company’s 50 day simple moving average is $104.15 and its 200 day simple moving average is $98.25. Acushnet has a 12 month low of $73.09 and a 12 month high of $119.65. The company has a market capitalization of $5.92 billion, a P/E ratio of 35.63 and a beta of 0.80.

Acushnet (NYSE:GOLF) last issued its earnings results 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 business had revenue of $752.98 million for the quarter, compared to the consensus estimate of $722.48 million. Acushnet had a return on equity of 22.95% and a net margin of 6.54%.The company’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.62 earnings per share. Equities research analysts expect that Acushnet will post 3.75 earnings per share for the current fiscal year.

Acushnet Dividend Announcement

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

Analyst Ratings Changes

A number of brokerages have issued reports on GOLF. Truist Financial increased their price target on Acushnet from $95.00 to $97.00 and gave the company a “hold” rating in a research note on Tuesday, May 19th. Roth Capital set a $87.00 price objective on Acushnet in a research note on Thursday, May 7th. Weiss Ratings upgraded Acushnet from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 24th. Finally, JPMorgan Chase & Co. raised their target price on Acushnet from $96.00 to $118.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. One investment analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat.com, Acushnet has a consensus rating of “Hold” and a consensus price target of $97.83.

Insiders Place Their Bets

In related news, insider Steven Francis Pelisek sold 15,000 shares of Acushnet stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $91.26, for a total value of $1,368,900.00. Following the transaction, the insider directly owned 70,512 shares in the company, valued at $6,434,925.12. The trade was a 17.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Nicholas N. Mohamed sold 529 shares of the company’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $95.00, for a total value of $50,255.00. Following the sale, the insider directly owned 2,868 shares of the company’s stock, valued at approximately $272,460. This represents 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 currently owned by corporate insiders.

About Acushnet

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.