M&T Bank Corp Purchases 139,060 Shares of Acushnet $GOLF

Key Points

• M&T Bank Corp boosted its stake in Acushnet by 668.1% in Q4, purchasing 139,060 shares to hold 159,874 shares valued at about $12.76 million (roughly 0.27% of the company).
• Acushnet missed Q results on EPS (−$0.58 vs. −$0.27 estimate) but beat on revenue ($477.2M, +7.2% YoY) and raised its quarterly dividend to $0.255 ($1.02 annualized); analysts on average rate the stock a "Hold" with a $89.57 target.

M&T Bank Corp increased its holdings in shares of Acushnet (NYSE:GOLF - Free Report) by 668.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 159,874 shares of the company's stock after purchasing an additional 139,060 shares during the period. M&T Bank Corp owned approximately 0.27% of Acushnet worth $12,761,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. PNC Financial Services Group Inc. lifted its holdings in shares of Acushnet by 2.0% during the 3rd quarter. PNC Financial Services Group Inc. now owns 7,046 shares of the company's stock valued at $553,000 after purchasing an additional 140 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Acushnet by 8.4% during the 4th quarter. GAMMA Investing LLC now owns 1,862 shares of the company's stock valued at $149,000 after purchasing an additional 144 shares in the last quarter. Vestmark Advisory Solutions Inc. lifted its holdings in shares of Acushnet by 0.3% during the 3rd quarter. Vestmark Advisory Solutions Inc. now owns 46,246 shares of the company's stock valued at $3,630,000 after purchasing an additional 148 shares in the last quarter. State of Alaska Department of Revenue lifted its holdings in shares of Acushnet by 1.2% during the 4th quarter. State of Alaska Department of Revenue now owns 14,038 shares of the company's stock valued at $1,120,000 after purchasing an additional 167 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in shares of Acushnet by 57.3% during the 3rd quarter. Allworth Financial LP now owns 505 shares of the company's stock valued at $40,000 after purchasing an additional 184 shares in the last quarter. Institutional investors own 53.12% of the company's stock.

Acushnet Trading Down 0.2%

NYSE GOLF opened at $98.81 on Friday. The stock has a market capitalization of $5.79 billion, a price-to-earnings ratio of 31.87 and a beta of 0.92. The stock's 50 day moving average price is $96.64 and its two-hundred day moving average price is $89.19. The company has a debt-to-equity ratio of 1.18, a quick ratio of 0.97 and a current ratio of 2.38. Acushnet has a 52 week low of $60.93 and a 52 week high of $104.81.

Acushnet (NYSE:GOLF - Get Free Report) last released its earnings results on Thursday, February 26th. The company reported ($0.58) EPS for the quarter, missing the consensus estimate of ($0.27) by ($0.31). Acushnet had a net margin of 7.37% and a return on equity of 25.49%. The firm had revenue of $477.22 million during the quarter, compared to the consensus estimate of $453.59 million. During the same quarter in the previous year, the firm posted ($0.02) EPS. The company's revenue was up 7.2% on a year-over-year basis. As a group, analysts anticipate that Acushnet will post 3.75 earnings per share for the current fiscal year.

Acushnet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were given a dividend of $0.255 per share. This is a boost from Acushnet's previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Friday, March 6th. This represents a $1.02 annualized dividend and a yield of 1.0%. Acushnet's payout ratio is presently 32.90%.

Insider Buying and Selling

In other Acushnet news, Director Gregory A. Hewett sold 4,206 shares of the business's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $100.00, for a total transaction of $420,600.00. Following the sale, the director directly owned 37,017 shares of the company's stock, valued at $3,701,700. The trade was a 10.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 53.60% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

GOLF has been the topic of several research reports. UBS Group set a $100.00 price objective on shares of Acushnet in a research report on Thursday, February 26th. JPMorgan Chase & Co. raised shares of Acushnet from an "underweight" rating to a "neutral" rating and boosted their price objective for the company from $74.00 to $96.00 in a research report on Friday, January 23rd. Weiss Ratings cut shares of Acushnet from a "buy (b)" rating to a "hold (c+)" rating in a research report on Thursday, March 5th. Jefferies Financial Group reaffirmed a "hold" rating on shares of Acushnet in a research report on Thursday, February 26th. Finally, Truist Financial boosted their price objective on shares of Acushnet from $74.00 to $95.00 and gave the company a "hold" rating in a research report on Monday, February 9th. Nine analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $89.57.

Acushnet Company Profile

Acushnet Holdings Corp., traded on the NYSE under the symbol GOLF, is a leading designer, manufacturer and marketer of golf equipment, footwear, apparel and accessories. The company's portfolio encompasses a range of golf lifestyle products, with a focus on innovation, performance and quality for players of all skill levels.

At the core of Acushnet's product lineup is the Titleist brand, globally recognized for its Tour-level golf balls and precision-engineered clubs. FootJoy offers golf shoes, gloves and apparel that blend comfort, style and technical performance, while Scotty Cameron putters and Vokey design wedges cater to players seeking exacting standards in feel and accuracy.

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