Bank of America Corp DE Has $22.18 Million Stock Holdings in Acushnet $GOLF

Key Points

• Bank of America reduced its Acushnet stake by 5.6% in the first quarter, selling 14,054 shares and retaining 237,278 shares valued at approximately $22.18 million, or 0.41% of the company.
• Institutional ownership remains significant at 53.12%, with several funds—including Edgestream Partners, Amundi and California State Teachers Retirement System—adding to their positions. Two Acushnet insiders also sold shares.
• Acushnet exceeded quarterly expectations with adjusted EPS of $2.08 and revenue of $819.95 million, up 13.8% year over year. Analysts maintain a consensus “Hold” rating with a $99.17 price target, while the company declared a quarterly dividend of $0.255 per share.

Bank of America Corp DE decreased its position in Acushnet (NYSE:GOLF - Free Report) by 5.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 237,278 shares of the company's stock after selling 14,054 shares during the quarter. Bank of America Corp DE owned 0.41% of Acushnet worth $22,181,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in GOLF. Edgestream Partners L.P. grew its stake in Acushnet by 106.5% during the first quarter. Edgestream Partners L.P. now owns 73,742 shares of the company's stock worth $6,893,000 after buying an additional 38,030 shares during the last quarter. Amundi raised its stake in shares of Acushnet by 33.3% in the first quarter. Amundi now owns 6,173 shares of the company's stock valued at $577,000 after acquiring an additional 1,542 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Acushnet by 43.8% in the first quarter. EverSource Wealth Advisors LLC now owns 535 shares of the company's stock valued at $50,000 after acquiring an additional 163 shares during the last quarter. California State Teachers Retirement System boosted its holdings in shares of Acushnet by 26.9% in the 1st quarter. California State Teachers Retirement System now owns 35,971 shares of the company's stock worth $3,363,000 after acquiring an additional 7,631 shares in the last quarter. Finally, Empowered Funds LLC acquired a new position in shares of Acushnet in the 1st quarter worth approximately $279,000. Institutional investors and hedge funds own 53.12% of the company's stock.

Insider Activity

In other Acushnet news, 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 in the company, valued at approximately $272,460. This represents a 15.57% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steven Francis Pelisek sold 15,000 shares of the firm'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 directly owned 70,512 shares in the company, valued at $6,434,925.12. This trade represents a 17.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 53.30% of the company's stock.

Analysts Set New Price Targets

GOLF has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on Acushnet from $96.00 to $118.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Weiss Ratings raised Acushnet from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Roth Capital restated a "neutral" rating and set a $95.00 target price on shares of Acushnet in a report on Friday, August 7th. Truist Financial raised their target price on Acushnet from $95.00 to $97.00 and gave the company a "hold" rating in a research note on Tuesday, May 19th. Finally, Wall Street Zen raised Acushnet from a "hold" rating to a "buy" rating in a report on Saturday. One analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Acushnet presently has an average rating of "Hold" and a consensus price target of $99.17.

Acushnet Stock Down 1.2%

NYSE:GOLF opened at $89.61 on Wednesday. The company has a market cap of $5.23 billion, a price-to-earnings ratio of 24.42 and a beta of 0.81. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.48 and a current ratio of 2.55. The stock's fifty day moving average price is $105.17 and its two-hundred day moving average price is $98.44. Acushnet has a 52-week low of $73.09 and a 52-week high of $119.65.

Acushnet (NYSE:GOLF - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $2.08 EPS for the quarter, beating the consensus estimate of $1.63 by $0.45. Acushnet had a return on equity of 27.98% and a net margin of 8.12%.The company had revenue of $819.95 million during the quarter, compared to analysts' expectations of $788.24 million. During the same period last year, the firm earned $1.25 EPS. The business's revenue for the quarter was up 13.8% on a year-over-year basis. On average, analysts anticipate that Acushnet will post 3.99 EPS for the current year.

Acushnet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Friday, September 4th. Acushnet's payout ratio is currently 27.79%.

Acushnet Company 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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