Principal Financial Group Inc. Raises Stock Position in Acushnet (NYSE:GOLF)

Principal Financial Group Inc. lifted its stake in Acushnet (NYSE:GOLF - Free Report) by 7.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,104,699 shares of the company's stock after purchasing an additional 80,676 shares during the quarter. Principal Financial Group Inc. owned 1.84% of Acushnet worth $75,849,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Bank of New York Mellon Corp increased its holdings in shares of Acushnet by 7.1% in the fourth quarter. Bank of New York Mellon Corp now owns 271,995 shares of the company's stock worth $19,333,000 after acquiring an additional 18,036 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Acushnet by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 361,744 shares of the company's stock valued at $25,713,000 after acquiring an additional 2,793 shares during the last quarter. Atria Investments Inc boosted its holdings in shares of Acushnet by 35.0% in the fourth quarter. Atria Investments Inc now owns 31,890 shares of the company's stock worth $2,267,000 after acquiring an additional 8,268 shares during the period. M&T Bank Corp lifted its stake in Acushnet by 5.0% during the fourth quarter. M&T Bank Corp now owns 28,858 shares of the company's stock worth $2,051,000 after purchasing an additional 1,370 shares during the last quarter. Finally, Dana Investment Advisors Inc. purchased a new position in Acushnet during the 4th quarter valued at about $863,000. 53.12% of the stock is owned by hedge funds and other institutional investors.

Acushnet Trading Up 2.3%

NYSE:GOLF traded up $1.75 during trading hours on Wednesday, hitting $77.51. The stock had a trading volume of 134,625 shares, compared to its average volume of 495,122. Acushnet has a one year low of $55.31 and a one year high of $77.39. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.21 and a current ratio of 2.21. The business's 50 day moving average is $70.82 and its 200-day moving average is $68.10. The company has a market cap of $4.56 billion, a price-to-earnings ratio of 21.53 and a beta of 0.84.

Acushnet (NYSE:GOLF - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.30. The company had revenue of $703.37 million for the quarter, compared to analyst estimates of $697.82 million. Acushnet had a net margin of 9.21% and a return on equity of 26.81%. The firm's revenue was down .6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.35 EPS. Sell-side analysts anticipate that Acushnet will post 3.06 EPS for the current fiscal year.

Acushnet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a $0.235 dividend. The ex-dividend date was Friday, June 6th. This represents a $0.94 annualized dividend and a yield of 1.21%. Acushnet's dividend payout ratio (DPR) is presently 26.11%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Truist Financial raised their price objective on Acushnet from $64.00 to $65.00 and gave the company a "hold" rating in a research report on Thursday, May 8th. KeyCorp reaffirmed an "overweight" rating and issued a $80.00 price target (up from $75.00) on shares of Acushnet in a report on Friday, June 27th. Finally, Compass Point downgraded shares of Acushnet from a "buy" rating to a "neutral" rating and decreased their target price for the company from $80.00 to $71.00 in a research report on Monday, May 5th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $71.00.

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.