166,469 Shares in Acushnet $GOLF Bought by Bank of America Corp DE

Key Points

• Bank of America bought 166,469 Acushnet shares worth approximately $19.7 million in the second quarter, acquiring about a 0.29% stake. Institutional investors collectively own 53.12% of the company.
• Analysts maintain a cautious outlook: Acushnet has a consensus “Hold” rating from MarketBeat, with an average price target of $97.57.
• Acushnet exceeded quarterly expectations, reporting $2.08 in EPS and $819.95 million in revenue, with revenue up 13.8% year over year. The company also pays a quarterly dividend of $0.255 per share, or $1.02 annually.

Bank of America Corp DE bought a new position in Acushnet (NYSE:GOLF - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 166,469 shares of the company's stock, valued at approximately $19,732,000. Bank of America Corp DE owned approximately 0.29% of Acushnet as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Acushnet in the 2nd quarter worth about $496,463,000. Capital Research Global Investors increased 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 in the last quarter. Neumeier Poma Investment Counsel LLC raised its stake in Acushnet by 51.7% during the fourth quarter. Neumeier Poma Investment Counsel LLC now owns 384,424 shares of the company's stock valued at $30,685,000 after buying an additional 130,990 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Acushnet during the second quarter valued at $31,800,000. Finally, Kennedy Capital Management LLC raised its stake in Acushnet by 11.5% during the fourth quarter. Kennedy Capital Management LLC now owns 217,803 shares of the company's stock valued at $17,385,000 after buying an additional 22,424 shares during the last quarter. Hedge funds and other institutional investors own 53.12% of the company's stock.

Analyst Upgrades and Downgrades

GOLF has been the subject of several analyst reports. Wall Street Zen downgraded Acushnet from a "buy" rating to a "hold" rating in a report on Saturday, September 19th. JPMorgan Chase & Co. upped their price target on shares of Acushnet from $96.00 to $118.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. Stephens started coverage on shares of Acushnet in a research report on Tuesday, September 15th. They set an "equal weight" rating and a $88.00 price objective on the stock. Roth Capital restated a "neutral" rating and set a $95.00 price objective on shares of Acushnet in a research note on Friday, August 7th. Finally, Weiss Ratings upgraded 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 eight have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $97.57.

Acushnet Price Performance

NYSE GOLF opened at $82.30 on Friday. Acushnet has a one year low of $73.09 and a one year high of $119.65. The stock has a 50-day moving average of $91.95 and a 200 day moving average of $95.69. The company has a market capitalization of $4.81 billion, a price-to-earnings ratio of 22.43 and a beta of 0.80. 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 - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $2.08 earnings per share for the quarter, topping 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 business had revenue of $819.95 million during the quarter, compared to analyst estimates of $788.24 million. During the same quarter in the previous year, the firm earned $1.25 EPS. Acushnet's revenue was up 13.8% on a year-over-year basis. On average, sell-side analysts forecast that Acushnet will post 4.02 EPS for the current year.

Acushnet Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were given a $0.2550 dividend. This represents a $1.02 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Friday, September 4th. Acushnet's payout ratio is 27.79%.

Acushnet Company Profile

Acushnet Holdings Corp. develops, manufactures and distributes golf equipment, apparel and accessories. The company's portfolio includes golf balls, clubs, wedges, putters, golf gloves, footwear, clothing, bags and other products serving recreational and professional golfers.

Acushnet's principal brands include Titleist, known for golf balls and equipment; FootJoy, which offers golf footwear, gloves and apparel; and Scotty Cameron, which designs premium putters. The company also markets products under brands including Vokey Design, KJUS and Linksoul.

Founded in 1910, Acushnet is headquartered in Fairhaven, Massachusetts, and serves customers through a global network of retailers, golf courses, distributors and direct-to-consumer channels.

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