Invesco Ltd. Boosts Holdings 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. boosted its position 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 Securities & Exchange Commission. The fund owned 501,898 shares of the company's stock after acquiring an additional 75,892 shares during the period. Invesco Ltd. owned 0.84% of Acushnet worth $34,460,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Cynosure Group LLC lifted its position in 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 acquiring an additional 1,293 shares during the last quarter. Maryland State Retirement & Pension System purchased a new position in shares of Acushnet in the first quarter worth $548,000. Mutual of America Capital Management LLC purchased a new position in shares of Acushnet in the first quarter worth $274,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Acushnet by 7.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 387,315 shares of the company's stock worth $26,593,000 after buying an additional 25,571 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Acushnet by 9.6% in the first quarter. Vanguard Group Inc. now owns 3,090,666 shares of the company's stock worth $212,205,000 after buying an additional 269,742 shares during the last quarter. Hedge funds and other institutional investors own 53.12% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Compass Point cut shares of Acushnet from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $80.00 to $71.00 in a report on Monday, May 5th. Morgan Stanley raised their price target on shares of Acushnet from $63.00 to $80.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. KeyCorp raised their price target on shares of Acushnet from $80.00 to $85.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. Finally, Truist Financial raised their price target on shares of Acushnet from $64.00 to $65.00 and gave the stock a "hold" rating in a report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $73.33.

Acushnet Trading Down 0.5%

Shares of Acushnet stock opened at $77.81 on Tuesday. The company has a debt-to-equity ratio of 1.13, a current ratio of 2.25 and a quick ratio of 1.21. The firm has a fifty day moving average price of $76.70 and a 200 day moving average price of $69.78. Acushnet has a 1 year low of $55.31 and a 1 year high of $84.40. The stock has a market cap of $4.56 billion, a PE ratio of 20.80 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 business had revenue of $720.48 million for the quarter, compared to analysts' expectations of $713.70 million. During the same period last year, the business earned $1.11 EPS. The company's revenue for the quarter was up 5.4% on a year-over-year basis. Equities research analysts predict that Acushnet will post 3.06 earnings per share for the current year.

Acushnet Dividend Announcement

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

Insider Buying and Selling at Acushnet

In related news, insider Mary Louise Bohn sold 13,190 shares of the firm's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $78.85, for a total transaction of $1,040,031.50. Following the sale, the insider owned 191,786 shares in the company, valued at approximately $15,122,326.10. This trade represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Holdings Corp. Misto sold 953,406 shares of the firm's 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 sale, the director owned 29,523,653 shares in the company, valued at approximately $1,935,570,690.68. This represents a 3.13% decrease in their position. The disclosure for this sale can be found here. 53.60% of the stock is currently owned by company insiders.

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.

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