Acushnet $GOLF Shares Sold by Tributary Capital Management LLC

Key Points

• Tributary Capital Management LLC reduced its holdings in Acushnet (NYSE:GOLF) by 7.0%, now owning about 237,595 shares worth approximately $17 million.
• Acushnet recently announced a quarterly dividend of $0.235 per share, representing a 1.2% dividend yield and a payout ratio of 25.13%.
• Acushnet shares have a market cap of $4.66 billion and experienced a 0.4% decline in stock price, with a recent trading price around $79.52.

Tributary Capital Management LLC cut its holdings in Acushnet (NYSE:GOLF - Free Report) by 7.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 237,595 shares of the company's stock after selling 17,929 shares during the period. Acushnet accounts for about 1.5% of Tributary Capital Management LLC's portfolio, making the stock its 29th largest holding. Tributary Capital Management LLC owned approximately 0.40% of Acushnet worth $17,302,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in GOLF. GAMMA Investing LLC lifted its stake in Acushnet by 96.1% during the first quarter. GAMMA Investing LLC now owns 651 shares of the company's stock worth $45,000 after purchasing an additional 319 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in Acushnet during the first quarter worth $1,040,000. Cambridge Investment Research Advisors Inc. lifted its stake in Acushnet by 6.2% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,499 shares of the company's stock worth $240,000 after purchasing an additional 203 shares in the last quarter. Illinois Municipal Retirement Fund acquired a new position in Acushnet during the first quarter worth $907,000. Finally, KBC Group NV acquired a new position in Acushnet during the first quarter worth $44,000. 53.12% of the stock is currently owned by institutional investors and hedge funds.

Acushnet Stock Down 0.4%

Acushnet stock opened at $79.52 on Thursday. Acushnet has a 1-year low of $55.31 and a 1-year high of $84.40. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.25 and a quick ratio of 1.21. The stock has a market cap of $4.66 billion, a PE ratio of 21.26 and a beta of 0.89. The stock's fifty day moving average is $77.70 and its two-hundred day moving average is $73.42.

Acushnet (NYSE:GOLF - Get Free Report) last posted its quarterly earnings results 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 analyst estimates of $713.70 million. During the same quarter in the prior year, the business earned $1.11 earnings per share. The firm's quarterly revenue was up 5.4% on a year-over-year basis. On average, sell-side analysts expect that Acushnet will post 3.06 EPS for the current fiscal year.

Acushnet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were issued a dividend of $0.235 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $0.94 annualized dividend and a dividend yield of 1.2%. Acushnet's dividend payout ratio (DPR) is presently 25.13%.

Insider Activity

In other Acushnet news, insider Mary Louise Bohn sold 13,190 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $78.85, for a total transaction of $1,040,031.50. Following the transaction, the insider owned 191,786 shares of the company's stock, valued at approximately $15,122,326.10. This trade represents a 6.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 53.60% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on GOLF. Morgan Stanley upped their price target on Acushnet from $63.00 to $80.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. Zacks Research cut Acushnet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. KeyCorp increased their price objective on Acushnet from $80.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Acushnet in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $73.00.

Acushnet 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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