Acushnet $GOLF Shares Sold by SummitTX Capital L.P.

Key Points

• SummitTX Capital cut its Acushnet stake by 84.2% in the first quarter, selling 12,146 shares and retaining 2,272 shares valued at approximately $212,000. Institutional investors and hedge funds collectively own 53.12% of GOLF.
• Acushnet reported quarterly revenue of $752.98 million, up 7.1% year over year and above estimates, but earnings per share of $1.36 narrowly missed expectations. The company paid a quarterly dividend of $0.255, equivalent to a 1.0% annual yield.
• Insiders also sold shares, including a 15,000-share sale by Steven Pelisek and a 529-share sale by Nicholas Mohamed. Analysts maintain a predominantly “Hold” view, with an average price target of $97.83 versus the stock’s reported $101.18 opening price.

SummitTX Capital L.P. reduced its holdings in Acushnet (NYSE:GOLF - Free Report) by 84.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 2,272 shares of the company's stock after selling 12,146 shares during the quarter. SummitTX Capital L.P.'s holdings in Acushnet were worth $212,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Millstone Evans Group LLC grew its position in shares of Acushnet by 170.2% during the 1st quarter. Millstone Evans Group LLC now owns 281 shares of the company's stock valued at $26,000 after buying an additional 177 shares during the last quarter. Brown Brothers Harriman & Co. raised its stake in Acushnet by 389.6% during the third quarter. Brown Brothers Harriman & Co. now owns 328 shares of the company's stock worth $26,000 after acquiring an additional 261 shares during the period. Kelleher Financial Advisors bought a new position in Acushnet in the third quarter worth about $28,000. EverSource Wealth Advisors LLC lifted its holdings in Acushnet by 149.7% in the second quarter. EverSource Wealth Advisors LLC now owns 492 shares of the company's stock worth $36,000 after acquiring an additional 295 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Acushnet by 416.3% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 635 shares of the company's stock valued at $50,000 after acquiring an additional 512 shares during the period. 53.12% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Steven Francis Pelisek sold 15,000 shares of the firm's stock in a transaction that occurred on 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 sale, the insider directly owned 70,512 shares in the company, valued at $6,434,925.12. This trade represents a 17.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicholas N. Mohamed sold 529 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $95.00, for a total value of $50,255.00. Following the completion of the sale, the insider owned 2,868 shares in the company, valued at approximately $272,460. This represents a 15.57% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 53.30% of the company's stock.

Acushnet Trading Up 0.8%

Acushnet stock opened at $101.18 on Friday. The company has a quick ratio of 1.59, a current ratio of 2.87 and a debt-to-equity ratio of 1.36. The firm has a 50-day moving average price of $104.15 and a two-hundred day moving average price of $98.25. The firm has a market capitalization of $5.92 billion, a price-to-earnings ratio of 35.63 and a beta of 0.80. Acushnet has a 52-week low of $73.09 and a 52-week high of $119.65.

Acushnet (NYSE:GOLF - Get Free Report) last posted its earnings results on Wednesday, May 6th. The company reported $1.36 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.02). Acushnet had a return on equity of 22.95% and a net margin of 6.54%.The firm had revenue of $752.98 million during the quarter, compared to the consensus estimate of $722.48 million. During the same quarter last year, the company posted $1.62 EPS. Acushnet's revenue for the quarter was up 7.1% on a year-over-year basis. Sell-side analysts expect that Acushnet will post 3.75 earnings per share for the current year.

Acushnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were issued a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Friday, June 5th. Acushnet's dividend payout ratio is 35.92%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Weiss Ratings raised Acushnet from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 24th. Roth Capital set a $87.00 price target on Acushnet in a report on Thursday, May 7th. 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. Finally, Truist Financial upped their price objective on Acushnet from $95.00 to $97.00 and gave the stock a "hold" rating in a research note on Tuesday, May 19th. One equities research analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $97.83.

About Acushnet

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.

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