Acushnet $GOLF Stake Lowered by London Co. of Virginia

Key Points

• London Co. of Virginia trimmed its Acushnet stake by 3.9% in the fourth quarter, selling 17,200 shares and leaving it with 422,887 shares valued at about $33.8 million.
• Recent analyst sentiment is mostly cautious: Acushnet has an average “Hold” rating, with one Buy and seven Hold ratings, and an average target price of $94.17.
• The company reported mixed quarterly results, beating revenue expectations at $752.98 million but missing EPS estimates by $0.02; it also announced a quarterly dividend of $0.255 per share, payable June 22.

London Co. of Virginia reduced its stake in shares of Acushnet (NYSE:GOLF - Free Report) by 3.9% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 422,887 shares of the company's stock after selling 17,200 shares during the period. London Co. of Virginia owned 0.72% of Acushnet worth $33,755,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of GOLF. Brown Brothers Harriman & Co. grew its holdings in shares of Acushnet by 389.6% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 328 shares of the company's stock valued at $26,000 after acquiring an additional 261 shares in the last quarter. Kelleher Financial Advisors bought a new stake in Acushnet in the third quarter worth $28,000. EverSource Wealth Advisors LLC boosted 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 purchasing an additional 295 shares in the last quarter. Allworth Financial LP boosted its holdings in Acushnet by 57.3% in the third quarter. Allworth Financial LP now owns 505 shares of the company's stock worth $40,000 after purchasing an additional 184 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in Acushnet by 416.3% in the third quarter. Northwestern Mutual Wealth Management Co. now owns 635 shares of the company's stock worth $50,000 after purchasing an additional 512 shares in the last quarter. 53.12% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently issued reports on GOLF. Roth Mkm set a $87.00 price objective on shares of Acushnet in a report on Thursday, May 7th. Jefferies Financial Group reiterated a "hold" rating on shares of Acushnet in a report on Thursday, February 26th. UBS Group set a $100.00 price objective on shares of Acushnet in a report on Thursday, February 26th. Weiss Ratings cut shares of Acushnet from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, May 27th. Finally, Zacks Research lowered shares of Acushnet from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, February 17th. One research analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, Acushnet has an average rating of "Hold" and an average target price of $94.17.

Acushnet Stock Up 0.5%

Acushnet stock opened at $97.71 on Wednesday. The firm has a market cap of $5.72 billion, a price-to-earnings ratio of 34.40 and a beta of 0.85. The company has a debt-to-equity ratio of 1.36, a current ratio of 2.87 and a quick ratio of 1.59. Acushnet has a fifty-two week low of $70.28 and a fifty-two week high of $104.81. The firm has a fifty day moving average price of $92.89 and a two-hundred day moving average price of $92.12.

Acushnet (NYSE:GOLF - Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $1.36 earnings per share for the quarter, missing analysts' consensus estimates of $1.38 by ($0.02). The firm had revenue of $752.98 million for the quarter, compared to analyst estimates of $722.48 million. Acushnet had a return on equity of 22.95% and a net margin of 6.54%.The firm's revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.62 EPS. As a group, analysts forecast that Acushnet will post 3.82 earnings per share for the current year.

Acushnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Friday, June 5th will be given a dividend of $0.255 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 1.0%. Acushnet's dividend payout ratio is currently 35.92%.

Insider Transactions at Acushnet

In other news, insider Steven Francis Pelisek sold 15,000 shares of the company's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $91.26, for a total transaction of $1,368,900.00. Following the completion of the transaction, the insider owned 70,512 shares of the company's stock, valued at approximately $6,434,925.12. This represents a 17.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nicholas N. Mohamed sold 529 shares of the company's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $95.00, for a total transaction of $50,255.00. Following the transaction, the insider directly owned 2,868 shares of the company's stock, valued at $272,460. This represents a 15.57% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 53.30% of the stock is currently owned by corporate insiders.

Acushnet Profile

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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