BlackRock Inc. Acquires New Shares in Acushnet $GOLF

Key Points

• BlackRock acquired 4.19 million Acushnet shares valued at approximately $496.5 million, giving it a 7.15% stake. Institutional investors collectively own 53.12% of GOLF.
• Acushnet exceeded quarterly expectations, reporting EPS of $2.08 versus the $1.63 consensus and revenue of $819.95 million, up 13.8% year over year.
• Analysts maintain a largely cautious view, with one Buy and seven Hold ratings and a consensus price target of $99.17. The company also declared a quarterly dividend of $0.255 per share, equivalent to a 1.1% yield.

BlackRock Inc. bought a new stake in shares of Acushnet (NYSE:GOLF - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 4,188,504 shares of the company's stock, valued at approximately $496,463,000. BlackRock Inc. owned about 7.15% of Acushnet at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of GOLF. Millstone Evans Group LLC raised its stake in shares of Acushnet by 170.2% in the first quarter. Millstone Evans Group LLC now owns 281 shares of the company's stock worth $26,000 after purchasing an additional 177 shares during the last quarter. Brown Brothers Harriman & Co. boosted its holdings in shares of Acushnet by 389.6% during the 3rd quarter. Brown Brothers Harriman & Co. now owns 328 shares of the company's stock valued at $26,000 after acquiring an additional 261 shares during the last quarter. Kelleher Financial Advisors bought a new stake in shares of Acushnet in the third quarter worth approximately $28,000. Global Retirement Partners LLC bought a new stake in shares of Acushnet in the second quarter worth approximately $36,000. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Acushnet by 149.7% during the second quarter. EverSource Wealth Advisors LLC now owns 492 shares of the company's stock valued at $36,000 after purchasing an additional 295 shares during the last quarter. Institutional investors own 53.12% of the company's stock.

Insider Buying and Selling at Acushnet

In other Acushnet news, insider Nicholas N. Mohamed sold 529 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $95.00, for a total value of $50,255.00. Following the completion of the sale, the insider owned 2,868 shares in the company, valued at approximately $272,460. This represents a 15.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Steven Francis Pelisek sold 15,000 shares of Acushnet stock in a transaction that occurred on 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 sale, the insider owned 70,512 shares in the company, valued at approximately $6,434,925.12. The trade was a 17.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 53.30% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on GOLF. Weiss Ratings upgraded shares of Acushnet from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. Wall Street Zen raised shares of Acushnet from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Roth Capital reiterated a "neutral" rating and set a $95.00 target price on shares of Acushnet in a research note on Friday, August 7th. JPMorgan Chase & Co. increased 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. Finally, Truist Financial increased their price target on Acushnet from $95.00 to $97.00 and gave the company a "hold" rating in a report on Tuesday, May 19th. One equities research analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat, Acushnet has an average rating of "Hold" and a consensus target price of $99.17.

Acushnet Price Performance

NYSE GOLF opened at $89.60 on Tuesday. The company has a 50-day moving average price of $104.53 and a 200-day moving average price of $98.21. Acushnet has a 52 week low of $73.09 and a 52 week high of $119.65. The company has a quick ratio of 1.48, a current ratio of 2.55 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $5.23 billion, a P/E ratio of 24.41 and a beta of 0.81.

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

Acushnet Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, September 4th. Acushnet's dividend payout ratio (DPR) 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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