Northern Trust Corp Acquires 28,314 Shares of Acushnet Holdings Corp. (NYSE:GOLF)

Northern Trust Corp boosted its position in shares of Acushnet Holdings Corp. (NYSE:GOLF) by 8.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 354,169 shares of the company’s stock after acquiring an additional 28,314 shares during the period. Northern Trust Corp’s holdings in Acushnet were worth $25,174,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its position in shares of Acushnet by 100.6% during the fourth quarter. Blue Trust Inc. now owns 351 shares of the company’s stock valued at $25,000 after buying an additional 176 shares during the last quarter. Berry Wealth Group LP purchased a new position in Acushnet during the fourth quarter worth $202,000. Heritage Family Offices LLP purchased a new stake in shares of Acushnet during the fourth quarter valued at $205,000. Corient Private Wealth LLC purchased a new stake in shares of Acushnet during the fourth quarter valued at $210,000. Finally, Leavell Investment Management Inc. purchased a new stake in shares of Acushnet during the fourth quarter valued at $210,000. Institutional investors own 53.12% of the company’s stock.

Acushnet Stock Down 0.5%

NYSE GOLF opened at $67.78 on Monday. The business has a fifty day moving average price of $64.46 and a 200 day moving average price of $67.59. Acushnet Holdings Corp. has a one year low of $55.31 and a one year high of $76.65. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.14 and a current ratio of 2.10. The company has a market cap of $4.07 billion, a P/E ratio of 23.05 and a beta of 0.90.

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

Acushnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be given a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date is Friday, June 6th. Acushnet’s payout ratio is 26.11%.

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, insider Steven Francis Pelisek sold 20,000 shares of the firm’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $70.86, for a total transaction of $1,417,200.00. Following the completion of the transaction, the insider now directly owns 96,006 shares in the company, valued at $6,802,985.16. This trade represents a 17.24% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 54.60% of the company’s stock.

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.