Kayne Anderson Rudnick Investment Management LLC Sells 102,525 Shares of Acushnet $GOLF

Key Points

• Kayne Anderson Rudnick Investment Management LLC reduced its stake in Acushnet by 1.5%, owning 6,857,497 shares valued at approximately $470.8 million, which now constitutes 1.2% of its portfolio.
• Acushnet reported a net income miss of $1.25 EPS compared to analyst expectations of $1.33, despite a 5.4% year-over-year revenue increase to $720.48 million.
• Acushnet declared a quarterly dividend of $0.235 per share, with an annual yield of 1.2%, scheduled to be paid on September 19th to investors of record as of September 5th.

Kayne Anderson Rudnick Investment Management LLC decreased its stake in shares of Acushnet (NYSE:GOLF - Free Report) by 1.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,857,497 shares of the company's stock after selling 102,525 shares during the period. Acushnet accounts for approximately 1.2% of Kayne Anderson Rudnick Investment Management LLC's holdings, making the stock its 29th biggest holding. Kayne Anderson Rudnick Investment Management LLC owned about 11.67% of Acushnet worth $470,836,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Walleye Capital LLC acquired a new position in Acushnet during the 1st quarter worth about $973,000. Smartleaf Asset Management LLC lifted its position in Acushnet by 487.7% during the 1st quarter. Smartleaf Asset Management LLC now owns 1,193 shares of the company's stock worth $80,000 after buying an additional 990 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Acushnet during the 1st quarter worth about $112,000. Quantbot Technologies LP lifted its position in Acushnet by 160.0% during the 1st quarter. Quantbot Technologies LP now owns 25,885 shares of the company's stock worth $1,777,000 after buying an additional 15,928 shares in the last quarter. Finally, Wellington Management Group LLP lifted its position in Acushnet by 6.7% during the 1st quarter. Wellington Management Group LLP now owns 1,310,965 shares of the company's stock worth $90,011,000 after buying an additional 82,247 shares in the last quarter. Institutional investors and hedge funds own 53.12% of the company's stock.

Insider Buying and Selling

In related news, Director Holdings Corp. Misto sold 953,406 shares of the stock in a transaction that occurred on Thursday, July 10th. The stock was sold at an average price of $65.56, for a total transaction of $62,505,297.36. Following the completion of the sale, the director directly owned 29,523,653 shares of the company's stock, valued at approximately $1,935,570,690.68. This represents a 3.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mary Louise Bohn sold 13,190 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $78.85, for a total value of $1,040,031.50. Following the sale, the insider directly owned 191,786 shares of the company's stock, valued at approximately $15,122,326.10. The trade was a 6.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. 53.60% of the stock is currently owned by corporate insiders.

Acushnet Trading Down 2.8%

Shares of NYSE:GOLF traded down $2.22 during mid-day trading on Wednesday, reaching $78.06. The stock had a trading volume of 356,257 shares, compared to its average volume of 405,260. The firm has a market cap of $4.58 billion, a PE ratio of 20.87 and a beta of 0.84. The firm has a 50 day simple moving average of $77.67 and a two-hundred day simple moving average of $70.37. The company has a current ratio of 2.25, a quick ratio of 1.21 and a debt-to-equity ratio of 1.13. Acushnet has a twelve month low of $55.31 and a twelve month high of $84.40.

Acushnet (NYSE:GOLF - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $1.25 earnings per share for the quarter, missing analysts' consensus estimates of $1.33 by ($0.08). The firm had revenue of $720.48 million during the quarter, compared to analyst estimates of $713.70 million. Acushnet had a net margin of 9.24% and a return on equity of 28.05%. The business's revenue was up 5.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.11 earnings per share. On average, research analysts predict that Acushnet will post 3.06 EPS for the current fiscal 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 $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Friday, September 5th. Acushnet's dividend payout ratio (DPR) is currently 25.13%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GOLF. Zacks Research downgraded shares of Acushnet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 21st. Truist Financial upped their price target on shares of Acushnet from $64.00 to $65.00 and gave the stock a "hold" rating in a research report on Thursday, May 8th. Compass Point downgraded shares of Acushnet from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $80.00 to $71.00 in a research report on Monday, May 5th. KeyCorp upped their price target on shares of Acushnet from $80.00 to $85.00 and gave the stock an "overweight" rating in a research report on Friday, August 8th. Finally, Morgan Stanley raised their target price on shares of Acushnet from $63.00 to $80.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $73.33.

Acushnet 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.