Acushnet (NYSE:GOLF) Shares Sold by Neumeier Poma Investment Counsel LLC

Key Points

• Neumeier Poma Investment Counsel LLC has reduced its stake in Acushnet by 2.8%, selling 7,165 shares to hold a total of 245,948 shares worth approximately $16.89 million.
• Several institutional investors have increased their interest in Acushnet, with GAMMA Investing LLC raising its stake by 96.1% in the first quarter of 2023.
• Acushnet recently reported earnings of $1.62 per share, exceeding analysts' expectations, although its revenue was down 0.6% from the previous year.

Neumeier Poma Investment Counsel LLC decreased its position in Acushnet (NYSE:GOLF - Free Report) by 2.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 245,948 shares of the company's stock after selling 7,165 shares during the quarter. Acushnet comprises about 1.8% of Neumeier Poma Investment Counsel LLC's holdings, making the stock its 26th largest position. Neumeier Poma Investment Counsel LLC owned 0.41% of Acushnet worth $16,887,000 at the end of the most recent reporting period.

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

Analyst Ratings Changes

A number of research analysts have recently commented on GOLF shares. Compass Point downgraded shares of Acushnet from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $80.00 to $71.00 in a research note on Monday, May 5th. Morgan Stanley upped their price objective on shares of Acushnet from $63.00 to $80.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. KeyCorp reaffirmed an "overweight" rating and set a $80.00 price objective (up previously from $75.00) on shares of Acushnet in a research note on Friday, June 27th. Finally, Truist Financial upped 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. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $72.50.

Insiders Place Their Bets

In other Acushnet news, Director Holdings Corp. Misto sold 953,406 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $65.56, for a total value of $62,505,297.36. Following the completion of the transaction, the director owned 29,523,653 shares in the company, valued at $1,935,570,690.68. This represents a 3.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 53.60% of the stock is currently owned by corporate insiders.

Acushnet Stock Down 1.0%

NYSE GOLF opened at $79.58 on Thursday. The stock has a market cap of $4.68 billion, a PE ratio of 22.11 and a beta of 0.84. Acushnet has a fifty-two week low of $55.31 and a fifty-two week high of $84.40. The business has a 50 day moving average price of $75.54 and a two-hundred day moving average price of $69.33. The company has a quick ratio of 1.21, a current ratio of 2.21 and a debt-to-equity ratio of 1.19.

Acushnet (NYSE:GOLF - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.62 earnings per share for the quarter, topping analysts' consensus estimates of $1.32 by $0.30. The firm had revenue of $703.37 million during the quarter, compared to analysts' expectations of $697.82 million. Acushnet had a return on equity of 26.81% and a net margin of 9.21%. Acushnet's quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.35 EPS. As a group, sell-side analysts predict that Acushnet will post 3.06 EPS for the current fiscal year.

About Acushnet

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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