Northern Trust Corp Purchases 11,800 Shares of Acushnet $GOLF

Key Points

• Northern Trust Corp increased its stake in Acushnet shares by 3.3% in Q1, holding approximately $25.1 million worth of stock after acquiring additional shares.
• Analysts have mixed ratings for Acushnet, with a consensus rating of "Hold" and a target price of $73.33, reflecting recent upgrades and downgrades from various firms.
• Acushnet announced a quarterly dividend of $0.235 per share, with an ex-dividend date on September 5th, representing a 1.2% dividend yield.

Northern Trust Corp boosted its holdings in Acushnet (NYSE:GOLF - Free Report) by 3.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 365,969 shares of the company's stock after acquiring an additional 11,800 shares during the quarter. Northern Trust Corp owned 0.61% of Acushnet worth $25,127,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in GOLF. Public Employees Retirement System of Ohio purchased a new stake in Acushnet in the 4th quarter valued at about $31,000. KBC Group NV purchased a new stake in Acushnet in the 1st quarter valued at about $44,000. GAMMA Investing LLC increased its stake in Acushnet by 96.1% in the 1st quarter. GAMMA Investing LLC now owns 651 shares of the company's stock valued at $45,000 after buying an additional 319 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in Acushnet in the 4th quarter valued at about $51,000. Finally, Point72 Asia Singapore Pte. Ltd. increased its stake in Acushnet by 39.6% in the 4th quarter. Point72 Asia Singapore Pte. Ltd. now owns 818 shares of the company's stock valued at $58,000 after buying an additional 232 shares during the last quarter. Institutional investors own 53.12% of the company's stock.

Acushnet Stock Performance

Acushnet stock traded down $1.80 during mid-day trading on Tuesday, reaching $74.85. The company's stock had a trading volume of 344,356 shares, compared to its average volume of 433,247. Acushnet has a 12-month low of $55.31 and a 12-month high of $84.40. The company has a market capitalization of $4.39 billion, a P/E ratio of 20.01 and a beta of 0.90. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.21 and a current ratio of 2.25. The firm's fifty day moving average price is $78.00 and its two-hundred day moving average price is $70.65.

Acushnet (NYSE:GOLF - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $1.25 earnings per share for the quarter, missing analysts' consensus estimates of $1.33 by ($0.08). Acushnet had a net margin of 9.24% and a return on equity of 28.05%. The business had revenue of $720.48 million during the quarter, compared to analysts' expectations of $713.70 million. During the same quarter in the prior year, the firm posted $1.11 earnings per share. The firm's quarterly revenue was up 5.4% on a year-over-year basis. Sell-side analysts predict that Acushnet will post 3.06 EPS for the current fiscal year.

Acushnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be paid a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Friday, September 5th. Acushnet's payout ratio is currently 25.13%.

Insider Buying and Selling

In other Acushnet news, insider Mary Louise Bohn sold 13,190 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $78.85, for a total value of $1,040,031.50. Following the completion of the transaction, the insider directly owned 191,786 shares of the company's stock, valued at $15,122,326.10. This trade represents a 6.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Holdings Corp. Misto sold 953,406 shares of the firm's stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $65.56, for a total transaction of $62,505,297.36. Following the completion of the transaction, the director directly owned 29,523,653 shares of the company's stock, valued at approximately $1,935,570,690.68. The trade was a 3.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. 53.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Truist Financial increased their price objective on shares of Acushnet from $64.00 to $65.00 and gave the company a "hold" rating in a research note on Thursday, May 8th. Compass Point lowered shares of Acushnet from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $80.00 to $71.00 in a research note on Monday, May 5th. Zacks Research lowered shares of Acushnet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. Morgan Stanley raised their price target on shares of Acushnet from $63.00 to $80.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. Finally, KeyCorp raised their price target on shares of Acushnet from $80.00 to $85.00 and gave the stock an "overweight" rating in a research note on Friday, August 8th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $73.33.

Acushnet Company Profile

Acushnet Holdings Corp. designs, develops, manufactures, and distributes golf products in the United States, Europe, the Middle East, Africa, Japan, Korea, and internationally. The company operates through four segments: Titleist Golf Balls, Titleist Golf Clubs, Titleist Golf Gear, and FootJoy Golf Wear.