Maryland State Retirement & Pension System Buys New Shares in Acushnet (NYSE:GOLF)

Maryland State Retirement & Pension System bought a new stake in Acushnet (NYSE:GOLF) in the 1st quarter, Holdings Channel.com reports. The fund bought 7,983 shares of the company’s stock, valued at approximately $548,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of Acushnet by 9.6% in the 1st quarter. Vanguard Group Inc. now owns 3,090,666 shares of the company’s stock worth $212,205,000 after purchasing an additional 269,742 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Acushnet by 0.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,506,733 shares of the company’s stock worth $107,097,000 after purchasing an additional 5,661 shares during the period. Principal Financial Group Inc. raised its holdings in shares of Acushnet by 7.9% in the 1st quarter. Principal Financial Group Inc. now owns 1,104,699 shares of the company’s stock worth $75,849,000 after purchasing an additional 80,676 shares during the period. Lord Abbett & CO. LLC purchased a new position in shares of Acushnet in the 4th quarter worth about $28,641,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Acushnet by 7.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 387,315 shares of the company’s stock worth $26,593,000 after purchasing an additional 25,571 shares during the period. 53.12% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Acushnet news, Director Holdings Corp. Misto sold 953,406 shares of the firm’s stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $65.56, for a total transaction of $62,505,297.36. Following the completion of the sale, the director owned 29,523,653 shares in the company, valued at $1,935,570,690.68. This trade represents a 3.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 53.60% of the stock is currently owned by company insiders.

Acushnet Price Performance

GOLF stock opened at $79.00 on Friday. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.21 and a current ratio of 2.25. Acushnet has a 1 year low of $55.31 and a 1 year high of $84.40. The firm has a market cap of $4.63 billion, a P/E ratio of 21.12 and a beta of 0.84. The stock has a 50-day simple moving average of $76.46 and a 200-day simple moving average of $69.57.

Acushnet (NYSE:GOLF) last posted its earnings results on Thursday, August 7th. The company reported $1.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.33 by ($0.08). Acushnet had a net margin of 9.24% and a return on equity of 28.05%. The company had revenue of $720.48 million during the quarter, compared to analyst estimates of $713.70 million. During the same quarter last year, the business posted $1.11 EPS. Acushnet’s quarterly revenue was up 5.4% compared to the same quarter last year. On average, equities analysts predict that Acushnet 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, September 19th. Shareholders of record on Friday, September 5th will be paid a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, September 5th. Acushnet’s dividend payout ratio (DPR) is 25.13%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. KeyCorp raised their price objective on Acushnet from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 8th. Morgan Stanley raised their price objective on Acushnet from $63.00 to $80.00 and gave the stock an “equal weight” rating in a report on Friday, July 18th. Compass Point downgraded Acushnet from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $80.00 to $71.00 in a report on Monday, May 5th. Finally, Truist Financial raised their price objective on Acushnet from $64.00 to $65.00 and gave the stock a “hold” rating in a report on Thursday, May 8th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $73.33.

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.