Corient Private Wealth LP Purchases Shares of 41,448 Acushnet $GOLF

Key Points

• Corient Private Wealth LP acquired 41,448 Acushnet shares worth approximately $4.9 million, while other institutions—including Goldman Sachs—also increased their holdings. Institutional investors and hedge funds own 53.12% of the company.
• Acushnet reported strong quarterly results, with EPS of $2.08 beating estimates of $1.63 and revenue rising 13.8% year over year to $819.95 million.
• The company declared a quarterly dividend of $0.255, equivalent to a $1.02 annualized payout and a 1.2% yield. Analysts maintain a consensus “Hold” rating with an average price target of $99.17.

Corient Private Wealth LP purchased a new position in shares of Acushnet (NYSE:GOLF - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 41,448 shares of the company's stock, valued at approximately $4,913,000. Corient Private Wealth LP owned about 0.07% of Acushnet at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Royal Bank of Canada raised its position in shares of Acushnet by 6.6% during the 1st quarter. Royal Bank of Canada now owns 88,703 shares of the company's stock worth $6,090,000 after acquiring an additional 5,510 shares in the last quarter. AQR Capital Management LLC increased its stake in Acushnet by 2.5% in the first quarter. AQR Capital Management LLC now owns 19,498 shares of the company's stock valued at $1,339,000 after purchasing an additional 475 shares during the last quarter. Integrated Wealth Concepts LLC raised its holdings in Acushnet by 13.5% during the first quarter. Integrated Wealth Concepts LLC now owns 4,603 shares of the company's stock worth $316,000 after purchasing an additional 548 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Acushnet by 2.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,560 shares of the company's stock worth $1,137,000 after buying an additional 460 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Acushnet by 39.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 249,807 shares of the company's stock valued at $17,152,000 after buying an additional 70,095 shares in the last quarter. 53.12% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Acushnet news, insider Nicholas N. Mohamed sold 529 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $95.00, for a total transaction of $50,255.00. Following the completion of the sale, 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 53.30% of the stock is currently owned by corporate insiders.

Acushnet Stock Down 0.9%

GOLF stock opened at $86.17 on Tuesday. The company has a fifty day moving average price of $102.74 and a 200 day moving average price of $97.66. Acushnet has a 12 month low of $73.09 and a 12 month high of $119.65. The company has a market cap of $5.03 billion, a price-to-earnings ratio of 23.48 and a beta of 0.81. The company has a debt-to-equity ratio of 1.01, a current ratio of 2.55 and a quick ratio of 1.48.

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

Acushnet Dividend Announcement

The business also recently declared 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. This represents a $1.02 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, September 4th. Acushnet's payout ratio is 27.79%.

Analyst Upgrades and Downgrades

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

About Acushnet

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.

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