Bank of New York Mellon Corp Invests $31.80 Million in Acushnet $GOLF

Key Points

• Bank of New York Mellon acquired 268,289 Acushnet shares worth approximately $31.8 million, representing a 0.46% stake. Institutional investors collectively own 53.12% of the company.
• Acushnet reported quarterly EPS of $2.08, beating estimates of $1.63, while revenue rose 13.8% year over year to $819.95 million. The company also announced a quarterly dividend of $0.255 per share, equal to a 1.2% annualized yield.
• Analysts maintain a consensus “Hold” rating with an average price target of $99.17; shares recently opened at $86.81, below their 50-day and 200-day moving averages.

Bank of New York Mellon Corp acquired a new position in Acushnet (NYSE:GOLF - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 268,289 shares of the company's stock, valued at approximately $31,800,000. Bank of New York Mellon Corp owned 0.46% of Acushnet at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GOLF. Fifth Third Bancorp lifted its holdings in shares of Acushnet by 36,310.7% during the 1st quarter. Fifth Third Bancorp now owns 27,308 shares of the company's stock valued at $2,553,000 after purchasing an additional 27,233 shares during the last quarter. Louisiana State Employees Retirement System purchased a new stake in Acushnet in the first quarter valued at approximately $1,140,000. Kennedy Capital Management LLC increased its stake in shares of Acushnet by 11.5% in the fourth quarter. Kennedy Capital Management LLC now owns 217,803 shares of the company's stock worth $17,385,000 after acquiring an additional 22,424 shares during the period. Capital Research Global Investors grew its position in Acushnet by 8.5% during the 4th quarter. Capital Research Global Investors now owns 1,465,000 shares of the company's stock worth $116,936,000 after purchasing an additional 115,000 shares during the period. Finally, Edgestream Partners L.P. raised its position in Acushnet by 106.5% during the first quarter. Edgestream Partners L.P. now owns 73,742 shares of the company's stock valued at $6,893,000 after acquiring an additional 38,030 shares in the last quarter. Institutional investors own 53.12% of the company's stock.

Insider Activity

In other Acushnet news, insider Nicholas N. Mohamed sold 529 shares of the firm's stock in a transaction on 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 approximately $272,460. This trade represents a 15.57% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 53.30% of the company's stock.

Acushnet Trading Up 2.2%

Shares of NYSE GOLF opened at $86.81 on Friday. The company has a current ratio of 2.55, a quick ratio of 1.48 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $5.07 billion, a PE ratio of 23.65 and a beta of 0.81. The stock has a fifty day simple moving average of $103.15 and a 200-day simple moving average of $97.81. Acushnet has a twelve month low of $73.09 and a twelve month high of $119.65.

Acushnet (NYSE:GOLF - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $2.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.45. The business had revenue of $819.95 million for the quarter, compared to analysts' expectations of $788.24 million. Acushnet had a return on equity of 27.98% and a net margin of 8.12%.The company's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period last year, the firm earned $1.25 earnings per share. On average, equities analysts forecast that Acushnet will post 4.02 earnings per share for the current year.

Acushnet Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a $0.255 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.02 dividend on an annualized basis and a dividend yield of 1.2%. Acushnet's dividend payout ratio is 27.79%.

Analysts Set New Price Targets

A number of research firms have weighed in on GOLF. Truist Financial lifted their price objective on shares of Acushnet from $95.00 to $97.00 and gave the company a "hold" rating in a report on Tuesday, May 19th. Weiss Ratings raised shares of Acushnet from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, August 11th. Roth Capital reissued a "neutral" rating and set a $95.00 price objective on shares of Acushnet in a research note on Friday, August 7th. Wall Street Zen upgraded Acushnet from a "hold" rating to a "buy" rating in a report on Saturday, August 15th. Finally, JPMorgan Chase & Co. raised their target price on Acushnet from $96.00 to $118.00 and gave the stock a "neutral" rating in a research note on Friday, June 26th. One investment analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $99.17.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source