Maryland State Retirement & Pension System Invests $548,000 in Acushnet $GOLF

Key Points

• The Maryland State Retirement & Pension System has acquired a new stake in Acushnet, purchasing 7,983 shares valued at approximately $548,000.
• Multiple analysts have updated their price targets for Acushnet, with Morgan Stanley raising it to $80.00 and KeyCorp raising it to $85.00, while the average price target now stands at $73.33.
• Acushnet recently announced a quarterly dividend of $0.235 per share, with stockholders of record to receive it on September 19th, yielding an annualized dividend of 1.2%.

Maryland State Retirement & Pension System purchased a new position in shares of Acushnet (NYSE:GOLF - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,983 shares of the company's stock, valued at approximately $548,000.

Several other institutional investors also recently modified their holdings of GOLF. Legal & General Group Plc increased its holdings in shares of Acushnet by 1.7% during the fourth quarter. Legal & General Group Plc now owns 38,124 shares of the company's stock worth $2,710,000 after buying an additional 621 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Acushnet by 93.1% during the fourth quarter. Renaissance Technologies LLC now owns 19,693 shares of the company's stock worth $1,400,000 after buying an additional 9,493 shares in the last quarter. Barclays PLC increased its holdings in shares of Acushnet by 34.4% during the fourth quarter. Barclays PLC now owns 65,252 shares of the company's stock worth $4,638,000 after buying an additional 16,689 shares in the last quarter. Mariner LLC increased its holdings in shares of Acushnet by 40.7% during the fourth quarter. Mariner LLC now owns 13,726 shares of the company's stock worth $975,000 after buying an additional 3,972 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Acushnet during the fourth quarter worth $419,000. 53.12% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GOLF has been the subject of several research analyst reports. 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 report on Thursday, May 8th. KeyCorp increased their price objective on Acushnet from $80.00 to $85.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Morgan Stanley increased their price objective on Acushnet from $63.00 to $80.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Finally, Compass Point downgraded Acushnet from a "buy" rating to a "neutral" rating and decreased their price objective for the company from $80.00 to $71.00 in a report on Monday, May 5th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Acushnet currently has a consensus rating of "Hold" and a consensus target price of $73.33.

Acushnet Trading Up 0.3%

NYSE GOLF traded up $0.23 on Tuesday, reaching $78.16. The company had a trading volume of 28,700 shares, compared to its average volume of 476,426. 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 business has a 50 day moving average of $76.70 and a two-hundred day moving average of $69.78. Acushnet has a fifty-two week low of $55.31 and a fifty-two week high of $84.40. The firm has a market cap of $4.58 billion, a price-to-earnings ratio of 20.90 and a beta of 0.84.

Acushnet (NYSE:GOLF - Get Free Report) last issued 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). 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 analyst estimates of $713.70 million. During the same quarter in the previous year, the business posted $1.11 earnings per share. The business's revenue was up 5.4% on a year-over-year basis. Analysts forecast 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. Shareholders of record on Friday, September 5th will be issued a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, September 5th. Acushnet's dividend payout ratio (DPR) is presently 25.13%.

Insider Transactions at Acushnet

In other Acushnet news, insider Mary Louise Bohn sold 13,190 shares of the stock in a transaction dated 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 completion of the sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Holdings Corp. Misto sold 953,406 shares of the stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $65.56, for a total value of $62,505,297.36. Following the sale, the director owned 29,523,653 shares of the company's stock, 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. Company insiders own 53.60% of the company's stock.

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.