The Manufacturers Life Insurance Company Has $1.16 Million Holdings in Acushnet Holdings Corp. (NYSE:GOLF)

The Manufacturers Life Insurance Company cut its holdings in shares of Acushnet Holdings Corp. (NYSE:GOLF) by 5.0% in the fourth quarter, Holdings Channel reports. The institutional investor owned 16,368 shares of the company’s stock after selling 864 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Acushnet were worth $1,163,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of GOLF. Blue Trust Inc. grew its holdings in shares of Acushnet by 100.6% during the 4th quarter. Blue Trust Inc. now owns 351 shares of the company’s stock worth $25,000 after purchasing an additional 176 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its position in Acushnet by 1.6% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 13,404 shares of the company’s stock worth $953,000 after purchasing an additional 217 shares during the period. Semanteon Capital Management LP boosted its stake in Acushnet by 3.0% during the fourth quarter. Semanteon Capital Management LP now owns 9,659 shares of the company’s stock worth $687,000 after buying an additional 281 shares in the last quarter. Robertson Stephens Wealth Management LLC increased its holdings in Acushnet by 8.4% in the 4th quarter. Robertson Stephens Wealth Management LLC now owns 4,196 shares of the company’s stock valued at $298,000 after buying an additional 326 shares during the period. Finally, Franklin Resources Inc. raised its stake in shares of Acushnet by 2.5% in the 3rd quarter. Franklin Resources Inc. now owns 22,831 shares of the company’s stock valued at $1,455,000 after buying an additional 548 shares in the last quarter. 53.12% of the stock is owned by institutional investors.

Acushnet Trading Down 1.1%

Shares of GOLF stock opened at $70.39 on Wednesday. The company has a market capitalization of $4.14 billion, a P/E ratio of 23.94 and a beta of 0.90. 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 firm has a 50-day moving average price of $64.56 and a 200 day moving average price of $67.66.

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

Acushnet Dividend Announcement

The firm also recently disclosed 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. This represents a $0.94 dividend on an annualized basis and a yield of 1.34%. The ex-dividend date is Friday, June 6th. Acushnet’s dividend payout ratio is currently 26.11%.

Insider Transactions at Acushnet

In other news, insider Steven Francis Pelisek sold 20,000 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $70.86, for a total transaction of $1,417,200.00. Following the sale, the insider now directly owns 96,006 shares of the company’s stock, valued at $6,802,985.16. This represents a 17.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 54.60% of the company’s stock.

Analysts Set New Price Targets

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

Acushnet Company Profile

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.