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

Principal Financial Group Inc. grew its position in Acushnet (NYSE:GOLF - Free Report) by 7.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,104,699 shares of the company's stock after purchasing an additional 80,676 shares during the period. Principal Financial Group Inc. owned approximately 1.84% of Acushnet worth $75,849,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of GOLF. 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 valued at $19,333,000 after purchasing an additional 18,036 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Acushnet by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 361,744 shares of the company's stock worth $25,713,000 after acquiring an additional 2,793 shares during the period. Atria Investments Inc grew its holdings in Acushnet by 35.0% during 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 grew its holdings 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 acquiring an additional 1,370 shares during the period. Finally, Dana Investment Advisors Inc. acquired a new stake in Acushnet during the fourth quarter worth about $863,000. 53.12% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on GOLF. Truist Financial raised their target price on Acushnet from $64.00 to $65.00 and gave the stock a "hold" rating in a report on Thursday, May 8th. Compass Point lowered Acushnet from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $80.00 to $71.00 in a report on Monday, May 5th. Finally, KeyCorp reaffirmed an "overweight" rating and set a $80.00 target price (up from $75.00) on shares of Acushnet in a report on Friday, June 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, Acushnet presently has an average rating of "Hold" and an average price target of $71.00.

Acushnet Price Performance

GOLF stock traded up $0.44 during mid-day trading on Tuesday, reaching $76.19. 168,353 shares of the company's stock were exchanged, compared to its average volume of 395,887. The company has a market cap of $4.48 billion, a price-to-earnings ratio of 21.16 and a beta of 0.84. The stock's 50 day moving average is $70.61 and its 200 day moving average is $68.05. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.21 and a quick ratio of 1.21. Acushnet has a 12-month low of $55.31 and a 12-month high of $76.73.

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

Acushnet Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a dividend of $0.235 per share. The ex-dividend date was Friday, June 6th. This represents a $0.94 dividend on an annualized basis and a yield of 1.23%. Acushnet's dividend payout ratio is currently 26.11%.

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.