Fifth Third Bancorp Has $2.55 Million Holdings in Acushnet $GOLF

Key Points

• Fifth Third Bancorp dramatically increased its stake in Acushnet during the first quarter, reporting 27,308 shares worth about $2.55 million after a massive purchase.
• Institutional ownership in Acushnet remains high, with several other funds also adding or trimming positions and 53.12% of the stock now held by institutions and hedge funds.
• Analysts are largely cautious on GOLF: the consensus rating is Hold with a consensus price target of $97.83, even though some firms recently raised their targets.

Fifth Third Bancorp lifted its position in Acushnet (NYSE:GOLF - Free Report) by 36,310.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,308 shares of the company's stock after buying an additional 27,233 shares during the quarter. Fifth Third Bancorp's holdings in Acushnet were worth $2,553,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in GOLF. Kennedy Capital Management LLC grew its position in shares of Acushnet by 11.5% during the 4th quarter. Kennedy Capital Management LLC now owns 217,803 shares of the company's stock worth $17,385,000 after purchasing an additional 22,424 shares in the last quarter. Louisiana State Employees Retirement System bought a new stake in shares of Acushnet in the first quarter valued at approximately $1,140,000. M&T Bank Corp boosted its stake in shares of Acushnet by 668.1% in the fourth quarter. M&T Bank Corp now owns 159,874 shares of the company's stock valued at $12,761,000 after buying an additional 139,060 shares during the period. Tudor Investment Corp ET AL acquired a new stake in Acushnet during the third quarter worth approximately $5,382,000. Finally, Capital Research Global Investors grew its position in Acushnet by 8.5% during the fourth quarter. Capital Research Global Investors now owns 1,465,000 shares of the company's stock worth $116,936,000 after buying an additional 115,000 shares in the last quarter. 53.12% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have weighed in on GOLF shares. Roth Capital set a $87.00 price objective on Acushnet in a report on Thursday, May 7th. Truist Financial increased their target price on Acushnet from $95.00 to $97.00 and gave the stock a "hold" rating in a report on Tuesday, May 19th. JPMorgan Chase & Co. raised their price target on Acushnet from $96.00 to $118.00 and gave the stock a "neutral" rating in a research report on Friday, June 26th. Finally, Weiss Ratings downgraded Acushnet from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, July 9th. Eight analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $97.83.

Insider Activity

In other Acushnet news, insider Nicholas N. Mohamed sold 529 shares of the business's stock in a transaction dated 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 transaction, the insider owned 2,868 shares of the company's stock, valued at approximately $272,460. The trade was a 15.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Francis Pelisek sold 15,000 shares of the stock in a transaction dated Wednesday, May 27th. The stock was 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 of the company's stock, valued at $6,434,925.12. This trade represents a 17.54% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 53.30% of the company's stock.

Acushnet Stock Performance

NYSE GOLF opened at $111.42 on Tuesday. The firm's 50 day simple moving average is $101.01 and its 200 day simple moving average is $97.07. The firm has a market capitalization of $6.52 billion, a price-to-earnings ratio of 39.23 and a beta of 0.80. The company has a current ratio of 2.87, a quick ratio of 1.59 and a debt-to-equity ratio of 1.36. Acushnet has a 1 year low of $73.09 and a 1 year high of $119.65.

Acushnet (NYSE:GOLF - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $1.36 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.02). Acushnet had a net margin of 6.54% and a return on equity of 22.95%. The firm had revenue of $752.98 million for the quarter, compared to analyst estimates of $722.48 million. During the same quarter in the prior year, the firm earned $1.62 earnings per share. The firm's revenue for the quarter was up 7.1% on a year-over-year basis. As a group, research analysts expect that Acushnet will post 3.82 earnings per share for the current fiscal year.

Acushnet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were given a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Friday, June 5th. Acushnet's dividend payout ratio is currently 35.92%.

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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