Lord Abbett & CO. LLC Grows Stake in Acushnet $GOLF

Key Points

• Lord Abbett & CO. LLC increased its stake in Acushnet by 4.4%, owning a total of 420,766 shares valued at approximately $28.89 million after acquiring 17,832 shares.
• Insider Misto sold 953,406 shares of Acushnet for over $62 million, reducing their stake by 3.13%, while insiders collectively own 53.60% of the company.
• Acushnet reported a quarterly earnings miss with earnings per share of $1.25, below analysts' expectations of $1.33, despite a revenue increase to $720.48 million.

Lord Abbett & CO. LLC raised its stake in Acushnet (NYSE:GOLF - Free Report) by 4.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 420,766 shares of the company's stock after buying an additional 17,832 shares during the quarter. Lord Abbett & CO. LLC owned approximately 0.70% of Acushnet worth $28,890,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Russell Investments Group Ltd. grew its holdings in shares of Acushnet by 26.6% in the first quarter. Russell Investments Group Ltd. now owns 4,271 shares of the company's stock valued at $293,000 after purchasing an additional 898 shares during the period. Public Sector Pension Investment Board purchased a new stake in shares of Acushnet in the 1st quarter valued at approximately $5,958,000. Nuveen LLC acquired a new stake in shares of Acushnet during the 1st quarter worth approximately $9,376,000. Invesco Ltd. increased its holdings in shares of Acushnet by 17.8% during the 1st quarter. Invesco Ltd. now owns 501,898 shares of the company's stock worth $34,460,000 after buying an additional 75,892 shares during the last quarter. Finally, Cynosure Group LLC lifted its holdings in Acushnet by 32.9% in 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. Hedge funds and other institutional investors own 53.12% of the company's stock.

Insider Activity

In related news, insider Mary Louise Bohn sold 13,190 shares of the company's 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 sale, the insider directly owned 191,786 shares in the company, valued at approximately $15,122,326.10. This represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Holdings Corp. Misto sold 953,406 shares of Acushnet 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 transaction, the director owned 29,523,653 shares of the company's stock, valued at $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 owned by corporate insiders.

Wall Street Analyst Weigh In

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

Acushnet Stock Up 0.3%

Shares of NYSE GOLF traded up $0.26 during midday trading on Wednesday, hitting $78.62. The company's stock had a trading volume of 31,757 shares, compared to its average volume of 474,829. 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 market capitalization of $4.61 billion, a price-to-earnings ratio of 21.02 and a beta of 0.84. The business's fifty day simple moving average is $76.80 and its two-hundred day simple moving average is $69.84. Acushnet has a 1 year low of $55.31 and a 1 year high of $84.40.

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

Acushnet Dividend Announcement

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 paid a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Friday, September 5th. Acushnet's payout ratio is presently 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.