California State Teachers Retirement System Reduces Position in Acushnet $GOLF

Key Points

• California State Teachers Retirement System cut its Acushnet stake by 2.4%, selling 865 shares and retaining 35,106 shares valued at approximately $4.16 million. Institutional investors collectively own 53.12% of the company.
• Analysts remain cautious, with one Buy rating and seven Holds; Acushnet’s consensus rating is Hold with a $99.17 price target, despite JPMorgan raising its target to $118.
• Acushnet reported strong quarterly results, earning $2.08 per share versus the $1.63 estimate and generating $819.95 million in revenue, up 13.8% year over year. The company also declared a quarterly dividend of $0.255 per share, representing a 1.2% annualized yield.

California State Teachers Retirement System lowered its stake in Acushnet (NYSE:GOLF - Free Report) by 2.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 35,106 shares of the company's stock after selling 865 shares during the period. California State Teachers Retirement System owned 0.06% of Acushnet worth $4,161,114 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of Acushnet in the 2nd quarter valued at approximately $496,463,000. EFG International AG purchased a new stake in shares of Acushnet during the 2nd quarter worth $4,994,000. Fifth Third Bancorp increased its stake in Acushnet by 36,310.7% in the first quarter. Fifth Third Bancorp now owns 27,308 shares of the company's stock valued at $2,553,000 after purchasing an additional 27,233 shares during the last quarter. Deutsche Bank AG acquired a new stake in Acushnet in the second quarter valued at approximately $3,932,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Acushnet during the second quarter worth $1,723,000. 53.12% of the stock is owned by institutional investors.

Analysts Set New Price Targets

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

Acushnet Stock Down 0.8%

Shares of NYSE GOLF traded down $0.70 during trading on Tuesday, reaching $83.89. 108,954 shares of the stock were exchanged, compared to its average volume of 357,181. The company has a quick ratio of 1.48, a current ratio of 2.55 and a debt-to-equity ratio of 1.01. The business's 50-day moving average price is $96.83 and its 200 day moving average price is $96.67. Acushnet has a twelve month low of $73.09 and a twelve month high of $119.65. The company has a market capitalization of $4.90 billion, a price-to-earnings ratio of 22.86 and a beta of 0.80.

Acushnet (NYSE:GOLF - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported $2.08 earnings per share for the quarter, beating the consensus estimate of $1.63 by $0.45. The firm had revenue of $819.95 million for the quarter, compared to analyst estimates of $788.24 million. Acushnet had a net margin of 8.12% and a return on equity of 27.98%. The company's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.25 EPS. As a group, equities analysts forecast that Acushnet will post 4.02 EPS for the current fiscal year.

Acushnet Announces Dividend

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

About Acushnet

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.