Allianz Asset Management GmbH Invests $564,000 in Acushnet (NYSE:GOLF)

Allianz Asset Management GmbH acquired a new stake in shares of Acushnet (NYSE:GOLF - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 8,219 shares of the company's stock, valued at approximately $564,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Teachers Retirement System of The State of Kentucky acquired a new position in Acushnet during the 1st quarter worth $629,000. Edgestream Partners L.P. acquired a new stake in Acushnet during the 1st quarter worth about $6,020,000. Louisiana State Employees Retirement System acquired a new stake in shares of Acushnet during the first quarter valued at approximately $886,000. Mutual of America Capital Management LLC acquired a new stake in Acushnet during the 1st quarter valued at $274,000. Finally, Bank of New York Mellon Corp raised its position in Acushnet by 26.5% during the first quarter. Bank of New York Mellon Corp now owns 343,978 shares of the company's stock valued at $23,617,000 after buying an additional 71,983 shares during the period. 53.12% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on GOLF shares. Truist Financial increased their target price on shares of Acushnet from $64.00 to $65.00 and gave the stock a "hold" rating in a research report on Thursday, May 8th. Compass Point downgraded Acushnet from a "buy" rating to a "neutral" rating and lowered their price target for the company from $80.00 to $71.00 in a report on Monday, May 5th. KeyCorp reiterated an "overweight" rating and issued a $80.00 price objective (up from $75.00) on shares of Acushnet in a research note on Friday, June 27th. Finally, Morgan Stanley upped their target price 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. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $72.50.

Acushnet Stock Performance

NYSE:GOLF opened at $77.36 on Friday. Acushnet has a 12-month low of $55.31 and a 12-month high of $84.40. The firm has a market capitalization of $4.55 billion, a PE ratio of 21.49 and a beta of 0.83. The firm has a 50-day moving average price of $74.88 and a 200 day moving average price of $69.20. 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 announced its earnings results on Wednesday, May 7th. The company reported $1.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.32 by $0.30. Acushnet had a net margin of 9.21% and a return on equity of 26.81%. The business had revenue of $703.37 million during the quarter, compared to analysts' expectations of $697.82 million. During the same quarter last year, the company posted $1.35 EPS. The firm's revenue for the quarter was down .6% on a year-over-year basis. Research analysts anticipate that Acushnet will post 3.06 earnings per share for the current fiscal year.

Acushnet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were paid 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 of this dividend was Friday, June 6th. Acushnet's dividend payout ratio is 26.11%.

Insider Activity at Acushnet

In other news, Director Holdings Corp. Misto sold 953,406 shares of Acushnet stock in a transaction 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 sale, the director directly owned 29,523,653 shares of the company's stock, valued at approximately $1,935,570,690.68. This trade represents a 3.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 53.60% of the stock is owned by company insiders.

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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