Allianz Asset Management GmbH Makes New Investment in Acushnet (NYSE:GOLF)

Key Points

• Allianz Asset Management GmbH acquired 8,219 shares of Acushnet during the first quarter, totaling approximately $564,000, as stated in their recent SEC filing.
• Director Holdings Corp. Misto sold 953,406 shares at an average price of $65.56, resulting in a total of $62.5 million from the transaction, which decreased their ownership position by 3.13%.
• Acushnet shares fell 2.8% to $77.36, while the company's current debt-to-equity ratio stands at 1.19, reflecting its financial metrics.

Allianz Asset Management GmbH purchased a new position 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 fund purchased 8,219 shares of the company's stock, valued at approximately $564,000.

Several other large investors have also added to or reduced their stakes in GOLF. American Century Companies Inc. grew its position in Acushnet by 3.9% during the fourth quarter. American Century Companies Inc. now owns 18,882 shares of the company's stock valued at $1,342,000 after buying an additional 711 shares during the period. LPL Financial LLC lifted its holdings in Acushnet by 23.3% in the 4th quarter. LPL Financial LLC now owns 25,411 shares of the company's stock valued at $1,806,000 after purchasing an additional 4,810 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Acushnet by 5.3% in the fourth quarter. JPMorgan Chase & Co. now owns 1,078,416 shares of the company's stock worth $76,654,000 after buying an additional 54,314 shares in the last quarter. Norges Bank purchased a new stake in shares of Acushnet in the fourth quarter valued at approximately $14,825,000. Finally, Pictet Asset Management Holding SA grew its holdings in Acushnet by 31.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 4,229 shares of the company's stock valued at $301,000 after buying an additional 1,023 shares in the last quarter. Hedge funds and other institutional investors own 53.12% of the company's stock.

Insider Activity at Acushnet

In other news, Director Holdings Corp. Misto sold 953,406 shares of the firm's stock in a transaction on Thursday, July 10th. The shares were 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 owned 29,523,653 shares in the company, valued at approximately $1,935,570,690.68. This trade represents a 3.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 53.60% of the stock is owned by company insiders.

Analyst Ratings Changes

GOLF has been the topic of several recent analyst reports. Truist Financial boosted their target price on shares of Acushnet from $64.00 to $65.00 and gave the company a "hold" rating in a report on Thursday, May 8th. Compass Point lowered shares of Acushnet from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $80.00 to $71.00 in a research note on Monday, May 5th. Morgan Stanley lifted their target price on shares of Acushnet from $63.00 to $80.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Finally, KeyCorp reiterated an "overweight" rating and issued a $80.00 price objective (up previously from $75.00) on shares of Acushnet in a report on Friday, June 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Acushnet presently has an average rating of "Hold" and an average price target of $72.50.

Acushnet Stock Performance

Shares of GOLF traded up $0.61 during midday trading on Tuesday, reaching $80.64. 117,816 shares of the stock were exchanged, compared to its average volume of 476,584. Acushnet has a twelve month low of $55.31 and a twelve month high of $84.40. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.21 and a quick ratio of 1.21. The company has a market capitalization of $4.74 billion, a price-to-earnings ratio of 22.40 and a beta of 0.84. The business's 50-day moving average price is $75.12 and its 200 day moving average price is $69.18.

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

Acushnet Announces Dividend

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 was Friday, June 6th. Acushnet's dividend payout ratio is 26.11%.

Acushnet Company 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.