Landscape Capital Management L.L.C. Cuts Stock Position in Acushnet $GOLF

Key Points

• Landscape Capital Management L.L.C. reduced its stake in Acushnet by 24.1%, now holding 18,872 shares valued at approximately $1.30 million.
• Several hedge funds, including Public Employees Retirement System of Ohio and KBC Group NV, have recently made new investments in Acushnet, indicative of active interest among institutional investors.
• Acushnet announced a quarterly dividend of $0.235 per share, which translates to an annual yield of 1.2%, set to be paid on September 19th to shareholders on record as of September 5th.

Landscape Capital Management L.L.C. trimmed its holdings in shares of Acushnet (NYSE:GOLF - Free Report) by 24.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,872 shares of the company's stock after selling 6,005 shares during the quarter. Landscape Capital Management L.L.C.'s holdings in Acushnet were worth $1,296,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. OMERS ADMINISTRATION Corp purchased a new stake in Acushnet during the first quarter valued at approximately $1,263,000. Corebridge Financial Inc. increased its position in shares of Acushnet by 3.2% during the 1st quarter. Corebridge Financial Inc. now owns 14,521 shares of the company's stock valued at $997,000 after purchasing an additional 450 shares during the last quarter. Comerica Bank raised its holdings in Acushnet by 35.5% during the 1st quarter. Comerica Bank now owns 34,317 shares of the company's stock valued at $2,356,000 after buying an additional 8,994 shares during the period. Walleye Capital LLC bought a new stake in Acushnet in the first quarter worth $973,000. Finally, Smartleaf Asset Management LLC boosted its stake in Acushnet by 487.7% during the first quarter. Smartleaf Asset Management LLC now owns 1,193 shares of the company's stock worth $80,000 after buying an additional 990 shares during the period. Hedge funds and other institutional investors own 53.12% of the company's stock.

Insider Activity at Acushnet

In other news, insider Mary Louise Bohn sold 13,190 shares of the stock in a transaction that occurred 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 transaction, the insider directly 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Holdings Corp. Misto sold 953,406 shares of Acushnet stock in a transaction that occurred 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 directly owned 29,523,653 shares in the company, valued at approximately $1,935,570,690.68. The trade was a 3.13% 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.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Morgan Stanley increased 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. Zacks Research lowered shares of Acushnet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 21st. Truist Financial boosted their target price on Acushnet from $64.00 to $65.00 and gave the company a "hold" rating in a research report on Thursday, May 8th. Finally, KeyCorp upped their target price on Acushnet from $80.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, August 8th. One analyst has rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Acushnet currently has a consensus rating of "Hold" and a consensus price target of $73.33.

Acushnet Trading Down 0.5%

GOLF traded down $0.37 during trading on Wednesday, hitting $74.58. 215,505 shares of the stock were exchanged, compared to its average volume of 473,946. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.21 and a current ratio of 2.25. The firm has a 50 day simple moving average of $78.00 and a 200 day simple moving average of $70.65. The firm has a market cap of $4.38 billion, a price-to-earnings ratio of 19.94 and a beta of 0.90. Acushnet has a 1 year low of $55.31 and a 1 year high of $84.40.

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

Acushnet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders 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 dividend yield of 1.3%. Acushnet's payout ratio is currently 25.13%.

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.