Heartland Advisors Inc. Buys Shares of 32,448 Acushnet $GOLF

Key Points

• Heartland Advisors purchased 32,448 Acushnet shares during the second quarter, valued at approximately $3.85 million, giving it a 0.06% stake in the golf-equipment maker.
• Acushnet reported strong quarterly results, with earnings per share of $2.08 versus the $1.63 consensus estimate and revenue of $819.95 million, up 13.8% year over year.
• Analysts maintain a generally cautious outlook, with one Buy rating and seven Holds; the average price target is $99.17. Acushnet also declared a quarterly dividend of $0.255 per share, equivalent to a 1.1% annualized yield.

Heartland Advisors Inc. purchased a new position in shares of Acushnet (NYSE:GOLF - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 32,448 shares of the company's stock, valued at approximately $3,846,000. Heartland Advisors Inc. owned about 0.06% of Acushnet at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Fifth Third Bancorp increased its position in Acushnet by 36,310.7% in the 1st quarter. Fifth Third Bancorp now owns 27,308 shares of the company's stock valued at $2,553,000 after acquiring an additional 27,233 shares during the period. Louisiana State Employees Retirement System acquired a new position in shares of Acushnet during the first quarter worth $1,140,000. Kennedy Capital Management LLC grew 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 purchasing an additional 22,424 shares during the last quarter. Capital Research Global Investors increased its holdings in Acushnet by 8.5% in the fourth quarter. Capital Research Global Investors now owns 1,465,000 shares of the company's stock valued at $116,936,000 after purchasing an additional 115,000 shares during the period. Finally, State of Wyoming acquired a new stake in Acushnet in the second quarter valued at $1,747,000. Institutional investors and hedge funds own 53.12% of the company's stock.

Insider Buying and Selling

In other Acushnet news, insider Steven Francis Pelisek sold 15,000 shares of the business's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $91.26, for a total value of $1,368,900.00. Following the transaction, the insider directly owned 70,512 shares of the company's stock, valued at approximately $6,434,925.12. The trade was a 17.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $50,255.00. Following the transaction, the insider owned 2,868 shares in the company, valued at $272,460. The trade was a 15.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 53.30% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Weiss Ratings raised Acushnet from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, August 11th. JPMorgan Chase & Co. increased their price target on Acushnet from $96.00 to $118.00 and gave the company a "neutral" rating in a research note on Friday, June 26th. Roth Capital restated a "neutral" rating and set a $95.00 price objective on shares of Acushnet in a research report on Friday, August 7th. Wall Street Zen raised Acushnet from a "hold" rating to a "buy" rating in a research note 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 report on Tuesday, May 19th. One research analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $99.17.

Acushnet Price Performance

GOLF stock opened at $89.03 on Friday. 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 cap of $5.20 billion, a price-to-earnings ratio of 24.26 and a beta of 0.81. The company's fifty day simple moving average is $104.68 and its 200 day simple moving average is $98.27. Acushnet has a 12-month low of $73.09 and a 12-month high of $119.65.

Acushnet (NYSE:GOLF - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported $2.08 earnings per share for the quarter, topping analysts' consensus estimates 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 last year, the business posted $1.25 EPS. The business's revenue was up 13.8% compared to the same quarter last year. On average, analysts expect that Acushnet will post 4.02 earnings per share for the current year.

Acushnet Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Friday, September 4th. Acushnet's payout ratio is presently 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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