Acushnet $GOLF Shares Sold by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS reduced its stake in Acushnet by 33.3%, owning 7,000 shares worth $510,000 post-sale in the second quarter.
• Several analysts have recently revised their price targets for Acushnet, with Morgan Stanley increasing their target from $63 to $80 and KeyCorp raising it to $85.
• The company declared a quarterly dividend of $0.235 per share, representing a 1.2% yield and an annualized payout of $0.94.

KLP Kapitalforvaltning AS decreased its stake in shares of Acushnet (NYSE:GOLF - Free Report) by 33.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,000 shares of the company's stock after selling 3,500 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Acushnet were worth $510,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of GOLF. KBC Group NV acquired a new stake in shares of Acushnet in the first quarter worth $44,000. GAMMA Investing LLC grew its position in shares of Acushnet by 96.1% in the first quarter. GAMMA Investing LLC now owns 651 shares of the company's stock valued at $45,000 after purchasing an additional 319 shares during the period. Smartleaf Asset Management LLC lifted its stake in shares of Acushnet by 487.7% in the first quarter. Smartleaf Asset Management LLC now owns 1,193 shares of the company's stock worth $80,000 after buying an additional 990 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Acushnet in the first quarter worth about $112,000. Finally, Avantax Advisory Services Inc. purchased a new position in shares of Acushnet in the first quarter worth about $207,000. Institutional investors and hedge funds own 53.12% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on GOLF shares. Weiss Ratings restated a "buy (b)" rating on shares of Acushnet in a research report on Wednesday, October 8th. Morgan Stanley lifted their price target on shares of Acushnet from $63.00 to $80.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. KeyCorp lifted their price target on shares of Acushnet from $80.00 to $85.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Finally, Zacks Research lowered shares of Acushnet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $73.00.

Insider Buying and Selling at Acushnet

In other news, insider Mary Louise Bohn sold 13,190 shares of Acushnet 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 transaction, the insider directly owned 191,786 shares of the company's stock, valued at $15,122,326.10. The trade was a 6.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 53.60% of the company's stock.

Acushnet Stock Up 0.1%

Shares of Acushnet stock opened at $80.37 on Friday. Acushnet has a 52-week low of $55.31 and a 52-week high of $84.40. The company has a 50 day moving average of $77.55 and a 200 day moving average of $73.11. The company has a quick ratio of 1.21, a current ratio of 2.25 and a debt-to-equity ratio of 1.13. The company has a market capitalization of $4.71 billion, a P/E ratio of 21.49 and a beta of 0.89.

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

Acushnet Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were given a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Friday, September 5th. Acushnet's payout ratio is currently 25.13%.

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.

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