JPMorgan Chase & Co. Decreases Stock Position in Acushnet $GOLF

JPMorgan Chase & Co. trimmed its position in shares of Acushnet (NYSE:GOLF) by 4.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 830,995 shares of the company’s stock after selling 34,880 shares during the period. JPMorgan Chase & Co.’s holdings in Acushnet were worth $65,225,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GOLF. Fisher Asset Management LLC lifted its holdings in Acushnet by 238.0% in the 3rd quarter. Fisher Asset Management LLC now owns 704,151 shares of the company’s stock worth $55,269,000 after buying an additional 495,794 shares in the last quarter. Norges Bank acquired a new stake in shares of Acushnet during the second quarter valued at about $20,963,000. Tributary Capital Management LLC increased its position in shares of Acushnet by 92.6% during the third quarter. Tributary Capital Management LLC now owns 457,490 shares of the company’s stock worth $35,908,000 after acquiring an additional 219,895 shares during the last quarter. Bank of America Corp DE increased its position in shares of Acushnet by 31.8% during the second quarter. Bank of America Corp DE now owns 457,460 shares of the company’s stock worth $33,312,000 after acquiring an additional 110,245 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of Acushnet by 489.1% in the second quarter. American Century Companies Inc. now owns 122,185 shares of the company’s stock worth $8,898,000 after acquiring an additional 101,443 shares in the last quarter. Hedge funds and other institutional investors own 53.12% of the company’s stock.

Analyst Upgrades and Downgrades

GOLF has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised Acushnet from an “underweight” rating to a “neutral” rating and increased their price target for the company from $74.00 to $96.00 in a report on Friday, January 23rd. Weiss Ratings downgraded Acushnet from a “buy (b)” rating to a “hold (c+)” rating in a report on Thursday, March 5th. UBS Group set a $100.00 target price on Acushnet in a research report on Thursday, February 26th. KeyCorp reiterated a “sector weight” rating on shares of Acushnet in a research note on Friday, January 16th. Finally, Truist Financial raised their price target on shares of Acushnet from $74.00 to $95.00 and gave the stock a “hold” rating in a research report on Monday, February 9th. Nine investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Acushnet currently has an average rating of “Hold” and an average target price of $89.57.

Acushnet Stock Performance

Shares of GOLF stock opened at $91.30 on Friday. The stock has a market capitalization of $5.35 billion, a price-to-earnings ratio of 29.45 and a beta of 0.88. Acushnet has a one year low of $55.31 and a one year high of $104.81. The company’s 50-day simple moving average is $96.58 and its 200-day simple moving average is $85.83. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.97 and a current ratio of 2.38.

Acushnet (NYSE:GOLF) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.58) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.31). Acushnet had a net margin of 7.37% and a return on equity of 25.49%. The firm had revenue of $477.22 million during the quarter, compared to the consensus estimate of $453.59 million. During the same period in the prior year, the firm earned ($0.02) earnings per share. The firm’s quarterly revenue was up 7.2% compared to the same quarter last year. Equities analysts anticipate that Acushnet will post 3.06 earnings per share for the current fiscal year.

Acushnet Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be given a $0.255 dividend. This represents a $1.02 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, March 6th. This is a positive change from Acushnet’s previous quarterly dividend of $0.24. Acushnet’s payout ratio is 32.90%.

Insider Buying and Selling at Acushnet

In other news, Director Gregory A. Hewett sold 4,206 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $100.00, for a total value of $420,600.00. Following the completion of the sale, the director directly owned 37,017 shares in the company, valued at approximately $3,701,700. The trade was a 10.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 53.60% of the company’s stock.

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.