Oak Ridge Investments LLC Takes Position in Acushnet $GOLF

Key Points

• Oak Ridge Investments LLC acquired 38,442 shares of Acushnet, investing approximately $2.64 million and owning about 0.06% of the company.
• Acushnet recently declared a quarterly dividend of $0.235 per share, resulting in an annualized dividend yield of 1.2%.
• The stock price of Acushnet increased by 4.9%, opening at $80.05, following reports of earnings that missed estimates by $0.08 per share.

Oak Ridge Investments LLC acquired a new stake in Acushnet (NYSE:GOLF - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 38,442 shares of the company's stock, valued at approximately $2,639,000. Oak Ridge Investments LLC owned 0.06% of Acushnet as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio acquired a new stake in Acushnet in the fourth quarter valued at approximately $31,000. KBC Group NV bought a new position in shares of Acushnet in the first quarter valued at approximately $44,000. GAMMA Investing LLC lifted its holdings in shares of Acushnet by 96.1% in the first quarter. GAMMA Investing LLC now owns 651 shares of the company's stock valued at $45,000 after purchasing an additional 319 shares in the last quarter. Lazard Asset Management LLC bought a new position in shares of Acushnet in the fourth quarter valued at approximately $51,000. Finally, Point72 Asia Singapore Pte. Ltd. lifted its holdings in shares of Acushnet by 39.6% in the fourth quarter. Point72 Asia Singapore Pte. Ltd. now owns 818 shares of the company's stock valued at $58,000 after purchasing an additional 232 shares in the last quarter. Institutional investors and hedge funds own 53.12% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on GOLF shares. Morgan Stanley raised 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. Truist Financial raised 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. KeyCorp raised 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, Compass Point lowered Acushnet from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $80.00 to $71.00 in a report on Monday, May 5th. One equities research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Acushnet has a consensus rating of "Hold" and an average price target of $73.33.

Insider Activity

In related news, 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 transaction of $62,505,297.36. Following the completion of 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mary Louise Bohn sold 13,190 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $78.85, for a total value of $1,040,031.50. Following the sale, the insider owned 191,786 shares of the company's stock, valued at $15,122,326.10. This represents a 6.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 53.60% of the company's stock.

Acushnet Stock Performance

NYSE:GOLF traded up $0.05 during trading hours on Tuesday, reaching $77.98. The stock had a trading volume of 58,814 shares, compared to its average volume of 476,651. 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 stock has a 50 day simple moving average of $76.70 and a 200 day simple moving average of $69.78. Acushnet has a 12-month low of $55.31 and a 12-month high of $84.40. The stock has a market cap of $4.57 billion, a P/E ratio of 20.85 and a beta of 0.84.

Acushnet (NYSE:GOLF - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $1.25 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.33 by ($0.08). The firm had revenue of $720.48 million during 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 business's quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the prior year, the business earned $1.11 earnings per share. On average, research analysts forecast that Acushnet will post 3.06 EPS for the current fiscal year.

Acushnet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be paid 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.