Corient Private Wealth LP Acquires 35,337 Shares of Acushnet $GOLF

Key Points

• Corient Private Wealth LP increased its Acushnet holdings by 598.9% in the second quarter, purchasing 35,337 additional shares for a total of 41,237 shares valued at approximately $4.9 million. Institutional investors collectively own 53.12% of the company.
• Acushnet reported strong quarterly results, with earnings of $2.08 per share and revenue of $819.95 million, exceeding analyst estimates; revenue rose 13.8% year over year.
• The company pays a quarterly dividend of $0.255, equivalent to a $1.02 annualized payout and a 1.3% yield. Analysts maintain a consensus “Hold” rating, with an average price target of $97.57.

Corient Private Wealth LP lifted its holdings in shares of Acushnet (NYSE:GOLF - Free Report) by 598.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,237 shares of the company's stock after buying an additional 35,337 shares during the quarter. Corient Private Wealth LP owned about 0.07% of Acushnet worth $4,888,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Millstone Evans Group LLC boosted its position in shares of Acushnet by 170.2% during 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 in the last quarter. Global Retirement Partners LLC acquired a new stake in Acushnet in the second quarter valued at $36,000. Kelleher Financial Advisors bought a new stake in Acushnet in the 2nd quarter valued at $42,000. Public Employees Retirement System of Ohio acquired a new position in shares of Acushnet in the second quarter valued at approximately $52,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Acushnet by 43.8% during the 1st quarter. EverSource Wealth Advisors LLC now owns 535 shares of the company's stock worth $50,000 after purchasing an additional 163 shares in the last quarter. 53.12% of the stock is owned by institutional investors.

Acushnet Price Performance

GOLF stock opened at $80.61 on Friday. The company has a market capitalization of $4.71 billion, a P/E ratio of 21.97 and a beta of 0.80. The company has a debt-to-equity ratio of 1.01, a quick ratio of 1.48 and a current ratio of 2.55. Acushnet has a 52-week low of $73.09 and a 52-week high of $119.65. The business has a 50-day simple moving average of $94.39 and a two-hundred day simple moving average of $96.15.

Acushnet (NYSE:GOLF - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported $2.08 EPS for the quarter, topping 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 firm had revenue of $819.95 million during the quarter, compared to the consensus estimate of $788.24 million. During the same period in the prior year, the business posted $1.25 earnings per share. The company's quarterly revenue was up 13.8% compared to the same quarter last year. Research analysts expect that Acushnet will post 4.02 EPS for the current fiscal year.

Acushnet Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were paid a $0.255 dividend. The ex-dividend date was Friday, September 4th. This represents a $1.02 annualized dividend and a yield of 1.3%. Acushnet's dividend payout ratio is presently 27.79%.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Roth Capital reaffirmed a "neutral" rating and set a $95.00 price target on shares of Acushnet in a report on Friday, August 7th. Weiss Ratings raised shares of Acushnet from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, August 11th. Stephens started coverage on shares of Acushnet in a research note on Tuesday. They set an "equal weight" rating and a $88.00 price target for the company. Wall Street Zen downgraded Acushnet from a "buy" rating to a "hold" rating in a report on Saturday. 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 report on Friday, June 26th. One investment analyst has rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, Acushnet presently has a consensus rating of "Hold" and a consensus target price of $97.57.

Acushnet Profile

Acushnet Holdings Corp. develops, manufactures and distributes golf equipment, apparel and accessories. The company's portfolio includes golf balls, clubs, wedges, putters, golf gloves, footwear, clothing, bags and other products serving recreational and professional golfers.

Acushnet's principal brands include Titleist, known for golf balls and equipment; FootJoy, which offers golf footwear, gloves and apparel; and Scotty Cameron, which designs premium putters. The company also markets products under brands including Vokey Design, KJUS and Linksoul.

Founded in 1910, Acushnet is headquartered in Fairhaven, Massachusetts, and serves customers through a global network of retailers, golf courses, distributors and direct-to-consumer channels.

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