Nuveen LLC Buys New Shares in Acushnet $GOLF

Key Points

• Nuveen LLC has initiated a new position in Acushnet Holdings Corp. (NYSE:GOLF) by acquiring approximately 136,561 shares valued at $9.38 million.
• Acushnet reported earnings of $1.25 EPS for the last quarter, missing expectations by $0.08, but achieving a net margin of 9.24% and a 5.4% revenue increase year-over-year.
• The company has announced a quarterly dividend of $0.235 per share, representing an annualized yield of 1.2% for investors of record.

Nuveen LLC purchased a new position in shares of Acushnet (NYSE:GOLF - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 136,561 shares of the company's stock, valued at approximately $9,376,000. Nuveen LLC owned 0.23% of Acushnet as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in GOLF. Lord Abbett & CO. LLC acquired a new position in Acushnet during the fourth quarter worth approximately $28,641,000. Vanguard Group Inc. increased its holdings in shares of Acushnet by 9.6% in the first quarter. Vanguard Group Inc. now owns 3,090,666 shares of the company's stock valued at $212,205,000 after purchasing an additional 269,742 shares during the period. Edgestream Partners L.P. acquired a new position in shares of Acushnet in the first quarter valued at approximately $6,020,000. Principal Financial Group Inc. increased its holdings in shares of Acushnet by 7.9% in the first quarter. Principal Financial Group Inc. now owns 1,104,699 shares of the company's stock valued at $75,849,000 after purchasing an additional 80,676 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Acushnet by 17.8% in the first quarter. Invesco Ltd. now owns 501,898 shares of the company's stock valued at $34,460,000 after purchasing an additional 75,892 shares during the period. Institutional investors and hedge funds own 53.12% of the company's stock.

Analyst Upgrades and Downgrades

GOLF has been the topic of a number of recent research reports. Truist Financial boosted their target price on Acushnet from $64.00 to $65.00 and gave the company a "hold" rating in a report on Thursday, May 8th. Morgan Stanley boosted their target price on Acushnet from $63.00 to $80.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Compass Point lowered Acushnet from a "buy" rating to a "neutral" rating and dropped their target price for the company from $80.00 to $71.00 in a report on Monday, May 5th. KeyCorp boosted their target price on Acushnet from $80.00 to $85.00 and gave the company an "overweight" rating in a report on Friday, August 8th. Finally, Zacks Research downgraded Acushnet from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 21st. One equities research analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $73.33.

Insiders Place Their Bets

In other news, insider Mary Louise Bohn sold 13,190 shares of the business's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $78.85, for a total value of $1,040,031.50. Following the completion of the transaction, the insider directly owned 191,786 shares of the company's stock, valued at $15,122,326.10. The trade was a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Holdings Corp. Misto sold 953,406 shares of the business'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 completion of the transaction, the director directly owned 29,523,653 shares of the company's stock, valued at approximately $1,935,570,690.68. This trade represents a 3.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 53.60% of the company's stock.

Acushnet Price Performance

Shares of Acushnet stock traded down $0.96 during trading on Thursday, reaching $77.06. The company's stock had a trading volume of 174,325 shares, compared to its average volume of 471,087. The company has a quick ratio of 1.21, a current ratio of 2.25 and a debt-to-equity ratio of 1.13. Acushnet has a 12-month low of $55.31 and a 12-month high of $84.40. The company has a market capitalization of $4.52 billion, a P/E ratio of 20.60 and a beta of 0.84. The business has a 50 day moving average price of $77.67 and a 200-day moving average price of $70.37.

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. As a group, sell-side analysts anticipate that Acushnet will post 3.06 EPS for the current year.

Acushnet Announces Dividend

The business 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. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Friday, September 5th. Acushnet's payout ratio is 25.13%.

About Acushnet

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.