Maryland State Retirement & Pension System Takes $548,000 Position in Acushnet (NYSE: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 bought a new stake in Acushnet (NYSE:GOLF - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 7,983 shares of the company's stock, valued at approximately $548,000.

A number of other institutional investors have also modified their holdings of the stock. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Acushnet by 6.2% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 3,499 shares of the company's stock valued at $240,000 after purchasing an additional 203 shares during the period. Heritage Family Offices LLP increased its holdings in shares of Acushnet by 7.4% in the first quarter. Heritage Family Offices LLP now owns 3,090 shares of the company's stock valued at $212,000 after purchasing an additional 212 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Acushnet by 1.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 16,100 shares of the company's stock valued at $1,144,000 after purchasing an additional 213 shares during the period. CANADA LIFE ASSURANCE Co increased its holdings in shares of Acushnet by 1.6% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 13,404 shares of the company's stock valued at $953,000 after purchasing an additional 217 shares during the period. Finally, Berry Wealth Group LP increased its holdings in shares of Acushnet by 8.0% in the first quarter. Berry Wealth Group LP now owns 3,075 shares of the company's stock valued at $211,000 after purchasing an additional 229 shares during the period. Institutional investors and hedge funds own 53.12% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on GOLF. Truist Financial lifted their price target on Acushnet from $64.00 to $65.00 and gave the company a "hold" rating in a research note on Thursday, May 8th. Morgan Stanley lifted their price target on Acushnet from $63.00 to $80.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. Compass Point downgraded Acushnet from a "buy" rating to a "neutral" rating and decreased their price target for the company from $80.00 to $71.00 in a research note on Monday, May 5th. Finally, KeyCorp lifted their price target on Acushnet from $80.00 to $85.00 and gave the company an "overweight" rating in a research note on Friday, August 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's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $73.33.

Insider Activity

In other news, Director Holdings Corp. Misto sold 953,406 shares of the company's stock in a transaction on 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 directly owned 29,523,653 shares in the company, valued at $1,935,570,690.68. This represents a 3.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 53.60% of the stock is owned by corporate insiders.

Acushnet Stock Down 1.2%

GOLF opened at $79.00 on Friday. The business's fifty day moving average is $76.46 and its two-hundred day moving average is $69.57. 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 company has a market cap of $4.63 billion, a price-to-earnings ratio of 21.12 and a beta of 0.84. Acushnet has a one year low of $55.31 and a one year high of $84.40.

Acushnet (NYSE:GOLF - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $1.25 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 analysts' expectations of $713.70 million. Acushnet had a return on equity of 28.05% and a net margin of 9.24%. The firm's revenue for the quarter was up 5.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.11 earnings per share. Analysts anticipate that Acushnet will post 3.06 EPS for the current fiscal year.

Acushnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be given a $0.235 dividend. This represents a $0.94 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Friday, September 5th. Acushnet's dividend payout ratio is currently 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.

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