Invesco Ltd. Raises Position in Acushnet $GOLF

Key Points

• Invesco Ltd. increased its stake in Acushnet by 17.8%, acquiring an additional 75,892 shares, bringing its total to 501,898 shares valued at approximately $34.5 million.
• A recent earnings report revealed that Acushnet posted $1.25 earnings per share, missing estimates, but revenue rose 5.4% year-over-year to $720.48 million.
• The company announced a quarterly dividend of $0.235 per share, with an annualized yield of 1.2%, set to be paid on September 19th.

Invesco Ltd. raised its holdings in shares of Acushnet (NYSE:GOLF - Free Report) by 17.8% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 501,898 shares of the company's stock after purchasing an additional 75,892 shares during the period. Invesco Ltd. owned 0.84% of Acushnet worth $34,460,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Cynosure Group LLC increased its stake in shares of Acushnet by 32.9% during the first quarter. Cynosure Group LLC now owns 5,224 shares of the company's stock valued at $359,000 after purchasing an additional 1,293 shares in the last quarter. Maryland State Retirement & Pension System bought a new position in shares of Acushnet during the first quarter valued at approximately $548,000. Mutual of America Capital Management LLC bought a new position in shares of Acushnet during the first quarter valued at approximately $274,000. Charles Schwab Investment Management Inc. increased its position in shares of Acushnet by 7.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 387,315 shares of the company's stock valued at $26,593,000 after acquiring an additional 25,571 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Acushnet by 9.6% during the first quarter. Vanguard Group Inc. now owns 3,090,666 shares of the company's stock valued at $212,205,000 after acquiring an additional 269,742 shares in the last quarter. Institutional investors own 53.12% of the company's stock.

Wall Street Analyst Weigh In

GOLF has been the subject of several analyst reports. Morgan Stanley raised their price target on shares of Acushnet from $63.00 to $80.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Truist Financial raised their price target on shares of Acushnet from $64.00 to $65.00 and gave the company a "hold" rating in a research report on Thursday, May 8th. Zacks Research downgraded shares of Acushnet from a "strong-buy" rating to a "hold" rating in a research report on Thursday. KeyCorp raised their price target on shares of Acushnet from $80.00 to $85.00 and gave the company an "overweight" rating in a research report on Friday, August 8th. Finally, Compass Point downgraded shares of Acushnet from a "buy" rating to a "neutral" rating and reduced their price target for the company from $80.00 to $71.00 in a research report on Monday, May 5th. One equities research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Acushnet currently has an average rating of "Hold" and an average price target of $73.33.

Insider Activity at Acushnet

In other news, Director Holdings Corp. Misto sold 953,406 shares of Acushnet stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $65.56, for a total transaction of $62,505,297.36. Following the transaction, the director owned 29,523,653 shares in the company, valued at $1,935,570,690.68. This trade represents a 3.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mary Louise Bohn sold 13,190 shares of Acushnet stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $78.85, for a total transaction of $1,040,031.50. Following the transaction, the insider owned 191,786 shares in the company, valued at $15,122,326.10. This represents a 6.43% decrease in their position. The disclosure for this sale can be found here. Company insiders own 53.60% of the company's stock.

Acushnet Stock Performance

GOLF stock traded up $2.4520 on Friday, hitting $79.5520. The company had a trading volume of 387,306 shares, compared to its average volume of 410,902. Acushnet has a 12-month low of $55.31 and a 12-month high of $84.40. The company has a current ratio of 2.25, a quick ratio of 1.21 and a debt-to-equity ratio of 1.13. The stock's 50-day simple moving average is $77.21 and its 200 day simple moving average is $70.12. The stock has a market cap of $4.67 billion, a price-to-earnings ratio of 21.27 and a beta of 0.84.

Acushnet (NYSE:GOLF - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $1.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.33 by ($0.08). Acushnet had a return on equity of 28.05% and a net margin of 9.24%.The company had revenue of $720.48 million during the quarter, compared to analysts' expectations of $713.70 million. During the same quarter in the prior year, the business posted $1.11 EPS. The company's revenue for the quarter was up 5.4% compared to the same quarter last year. As a group, equities research analysts expect that Acushnet will post 3.06 earnings per share for the current fiscal year.

Acushnet Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be issued a $0.235 dividend. The ex-dividend date is Friday, September 5th. This represents a $0.94 annualized dividend and a yield of 1.2%. Acushnet's dividend payout ratio (DPR) is currently 25.13%.

Acushnet Company Profile

Acushnet Holdings Corp. designs, develops, manufactures, and distributes golf products in the United States, Europe, the Middle East, Africa, Japan, Korea, and internationally. The company operates through four segments: Titleist Golf Balls, Titleist Golf Clubs, Titleist Golf Gear, and FootJoy Golf Wear.