NewEdge Wealth LLC Invests $4.65 Million in Acushnet $GOLF

NewEdge Wealth LLC purchased a new stake in shares of Acushnet (NYSE:GOLF) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 39,216 shares of the company’s stock, valued at approximately $4,648,000. NewEdge Wealth LLC owned about 0.07% of Acushnet at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of GOLF. BlackRock Inc. bought a new position in Acushnet in the 2nd quarter worth approximately $496,463,000. Bank of New York Mellon Corp bought a new position in Acushnet in the 2nd quarter valued at $31,800,000. Morgan Stanley increased its stake in shares of Acushnet by 22.3% in 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. M&T Bank Corp increased its stake in shares of Acushnet by 668.1% in the 4th quarter. M&T Bank Corp now owns 159,874 shares of the company’s stock valued at $12,761,000 after buying an additional 139,060 shares during the period. Finally, Neumeier Poma Investment Counsel LLC raised its position in shares of Acushnet by 51.7% during the fourth quarter. Neumeier Poma Investment Counsel LLC now owns 384,424 shares of the company’s stock worth $30,685,000 after acquiring an additional 130,990 shares during the last quarter. Institutional investors and hedge funds own 53.12% of the company’s stock.

Analysts Set New Price Targets

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

Acushnet Stock Performance

Shares of Acushnet stock opened at $89.62 on Thursday. The firm has a fifty day moving average of $105.07 and a two-hundred day moving average of $98.39. The stock has a market capitalization of $5.23 billion, a price-to-earnings ratio of 24.42 and a beta of 0.81. Acushnet has a 52 week low of $73.09 and a 52 week high of $119.65. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.48 and a current ratio of 2.55.

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. Acushnet had a return on equity of 27.98% and a net margin of 8.12%.The company had revenue of $819.95 million for the quarter, compared to the consensus estimate of $788.24 million. During the same quarter in the prior year, the business posted $1.25 EPS. The firm’s quarterly revenue was up 13.8% on a year-over-year basis. As a group, equities research analysts predict that Acushnet will post 4.02 EPS for the current 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 $0.255 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.02 annualized dividend and a yield of 1.1%. Acushnet’s dividend payout ratio is presently 27.79%.

Insider Transactions at Acushnet

In other Acushnet news, insider Nicholas N. Mohamed sold 529 shares of the firm’s stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $95.00, for a total transaction of $50,255.00. Following the transaction, the insider owned 2,868 shares in the company, valued at approximately $272,460. This trade represents a 15.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Francis Pelisek sold 15,000 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $91.26, for a total value of $1,368,900.00. Following the transaction, the insider owned 70,512 shares of the company’s stock, valued at $6,434,925.12. The trade was a 17.54% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 53.30% of the stock is currently owned by company insiders.

Acushnet Company 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.