Royal Bank of Canada Has $7.66 Million Stock Holdings in Acushnet $GOLF

Royal Bank of Canada lowered its position in shares of Acushnet (NYSE:GOLF) by 7.4% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 81,897 shares of the company’s stock after selling 6,506 shares during the quarter. Royal Bank of Canada owned about 0.14% of Acushnet worth $7,655,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Oregon Public Employees Retirement Fund grew its stake in shares of Acushnet by 1.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 6,300 shares of the company’s stock valued at $503,000 after acquiring an additional 100 shares in the last quarter. Envestnet Portfolio Solutions Inc. boosted its holdings in Acushnet by 3.3% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 4,213 shares of the company’s stock valued at $336,000 after purchasing an additional 133 shares during the period. Steward Partners Investment Advisory LLC boosted its holdings in Acushnet by 2.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 5,779 shares of the company’s stock valued at $461,000 after purchasing an additional 135 shares during the period. Illinois Municipal Retirement Fund grew its position in shares of Acushnet by 1.0% during the 1st quarter. Illinois Municipal Retirement Fund now owns 15,021 shares of the company’s stock worth $1,404,000 after purchasing an additional 142 shares in the last quarter. Finally, ProShare Advisors LLC grew its position in shares of Acushnet by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 5,368 shares of the company’s stock worth $428,000 after purchasing an additional 166 shares in the last quarter. Institutional investors own 53.12% of the company’s stock.

Wall Street Analysts Forecast Growth

GOLF has been the subject of a number of analyst reports. Weiss Ratings upgraded shares of Acushnet from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 24th. Truist Financial increased their price target on Acushnet from $95.00 to $97.00 and gave the stock a “hold” rating in a research report on Tuesday, May 19th. JPMorgan Chase & Co. raised their price objective on Acushnet from $96.00 to $118.00 and gave the stock a “neutral” rating in a research note on Friday, June 26th. Finally, Roth Capital reaffirmed a “neutral” rating and issued a $95.00 price objective on shares of Acushnet in a report on Friday. One investment analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Acushnet presently has a consensus rating of “Hold” and an average price target of $99.17.

Acushnet Stock Down 2.2%

Shares of NYSE GOLF opened at $91.26 on Tuesday. The company has a market cap of $5.33 billion, a price-to-earnings ratio of 24.87 and a beta of 0.81. The company has a current ratio of 2.55, a quick ratio of 1.48 and a debt-to-equity ratio of 1.01. Acushnet has a 12 month low of $73.09 and a 12 month high of $119.65. The stock has a 50-day moving average price of $105.18 and a two-hundred day moving average price of $98.61.

Acushnet (NYSE:GOLF) last posted its quarterly earnings results on Thursday, August 6th. The company reported $2.08 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $0.45. The company had revenue of $819.95 million for the quarter, compared to the consensus estimate of $788.24 million. Acushnet had a net margin of 8.12% and a return on equity of 27.98%. The firm’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same period last year, the company posted $1.25 EPS. As a group, analysts forecast that Acushnet will post 3.84 earnings per share for the current fiscal year.

Acushnet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.255 per share. This represents a $1.02 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, September 4th. Acushnet’s payout ratio is presently 27.79%.

Insiders Place Their Bets

In related news, insider Steven Francis Pelisek sold 15,000 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $91.26, for a total transaction of $1,368,900.00. Following the sale, the insider owned 70,512 shares of the company’s stock, valued at $6,434,925.12. This trade represents a 17.54% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Nicholas N. Mohamed sold 529 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $95.00, for a total value of $50,255.00. Following the sale, the insider owned 2,868 shares in the company, valued at $272,460. This represents a 15.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 53.30% of the company’s stock.

Acushnet 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.