Man Group plc Makes New $4.39 Million Investment in Acushnet $GOLF

Man Group plc acquired a new stake in Acushnet (NYSE:GOLF) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 37,055 shares of the company’s stock, valued at approximately $4,392,000.

A number of other institutional investors have also recently made changes to their positions in GOLF. BlackRock Inc. bought a new position in shares of Acushnet in the second quarter worth approximately $496,463,000. Capital Research Global Investors boosted its position in Acushnet by 8.5% during the 4th quarter. Capital Research Global Investors now owns 1,465,000 shares of the company’s stock valued at $116,936,000 after buying an additional 115,000 shares during the period. Morgan Stanley boosted its position in Acushnet by 22.3% during the 4th quarter. Morgan Stanley now owns 1,379,236 shares of the company’s stock valued at $110,091,000 after buying an additional 251,889 shares during the period. Raymond James Financial Inc. grew its holdings in Acushnet by 0.4% in the 2nd quarter. Raymond James Financial Inc. now owns 952,453 shares of the company’s stock worth $69,358,000 after acquiring an additional 4,243 shares during the last quarter. Finally, Bank of America Corp DE grew its holdings in Acushnet by 31.8% in the 2nd 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. Hedge funds and other institutional investors own 53.12% of the company’s stock.

Insider Activity

In related news, insider Nicholas N. Mohamed sold 529 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $95.00, for a total value of $50,255.00. Following the completion of the transaction, the insider directly owned 2,868 shares of the company’s stock, valued at $272,460. This represents a 15.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 53.30% of the stock is owned by corporate insiders.

Acushnet Stock Performance

NYSE:GOLF opened at $86.81 on Monday. The stock has a market cap of $5.07 billion, a P/E ratio of 23.65 and a beta of 0.81. The firm’s fifty day simple moving average is $103.15 and its 200 day simple moving average is $97.78. Acushnet has a twelve month low of $73.09 and a twelve month high of $119.65. The company has a quick ratio of 1.48, a current ratio of 2.55 and a debt-to-equity ratio of 1.01.

Acushnet (NYSE:GOLF) last issued its quarterly earnings data on Thursday, August 6th. The company reported $2.08 EPS for the quarter, topping the consensus estimate of $1.63 by $0.45. Acushnet had a net margin of 8.12% and a return on equity of 27.98%. The business had revenue of $819.95 million during the quarter, compared to analyst estimates of $788.24 million. During the same period in the prior year, the business earned $1.25 EPS. The company’s revenue for the quarter was up 13.8% on a year-over-year basis. As a group, research analysts predict that Acushnet will post 4.02 EPS for the current year.

Acushnet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a dividend of $0.255 per share. The ex-dividend date is Friday, September 4th. This represents a $1.02 annualized dividend and a dividend yield of 1.2%. Acushnet’s payout ratio is currently 27.79%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GOLF. Roth Capital reaffirmed a “neutral” rating and set a $95.00 price objective on shares of Acushnet in a research note on Friday, August 7th. Weiss Ratings raised Acushnet from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, August 11th. JPMorgan Chase & Co. boosted their price target on Acushnet from $96.00 to $118.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Truist Financial upped their price target on Acushnet from $95.00 to $97.00 and gave the company a “hold” rating in a research report on Tuesday, May 19th. Finally, Wall Street Zen upgraded Acushnet from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. One analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, Acushnet presently has a consensus rating of “Hold” and a consensus price target of $99.17.

About Acushnet

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.