Principal Financial Group Inc. Sells 123,147 Shares of Acushnet $GOLF

Key Points

• Principal Financial Group cut its Acushnet stake by 14.8% in the first quarter, selling 123,147 shares and leaving it with 709,695 shares valued at about $66.3 million.
• Acushnet reported quarterly EPS of $1.36, missing estimates by $0.02, but revenue came in above expectations at $752.98 million and rose 7.1% year over year.
• Several analysts remain cautious on GOLF: the stock has a consensus rating of Hold with an average price target of $97.83, though JPMorgan recently raised its target to $118.

Principal Financial Group Inc. reduced its stake in Acushnet (NYSE:GOLF - Free Report) by 14.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 709,695 shares of the company's stock after selling 123,147 shares during the quarter. Principal Financial Group Inc. owned about 1.21% of Acushnet worth $66,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of GOLF. Fifth Third Bancorp increased its holdings in shares of Acushnet by 36,310.7% in the 1st quarter. Fifth Third Bancorp now owns 27,308 shares of the company's stock worth $2,553,000 after buying an additional 27,233 shares during the last quarter. Hsbc Holdings PLC bought a new stake in shares of Acushnet during the 1st quarter worth $202,000. Millstone Evans Group LLC lifted its holdings in shares of Acushnet by 170.2% during the 1st quarter. Millstone Evans Group LLC now owns 281 shares of the company's stock worth $26,000 after acquiring an additional 177 shares during the last quarter. Impact Investors Inc purchased a new position in Acushnet in the first quarter worth $334,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in Acushnet in the first quarter worth $371,000. 53.12% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Acushnet news, insider Nicholas N. Mohamed sold 529 shares of Acushnet stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $95.00, for a total value of $50,255.00. Following the transaction, the insider directly owned 2,868 shares of the company's stock, valued at $272,460. The trade was a 15.57% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Francis Pelisek sold 15,000 shares of the business's stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $91.26, for a total value of $1,368,900.00. Following the completion of the sale, the insider owned 70,512 shares of the company's stock, valued at $6,434,925.12. The trade was a 17.54% decrease in their position. The SEC filing for this sale provides additional information. 53.30% of the stock is owned by insiders.

Acushnet Stock Performance

NYSE GOLF opened at $116.39 on Friday. The company has a 50-day simple moving average of $100.07 and a two-hundred day simple moving average of $96.64. Acushnet has a 12-month low of $73.09 and a 12-month high of $119.65. The firm has a market cap of $6.81 billion, a price-to-earnings ratio of 40.98 and a beta of 0.80. The company has a quick ratio of 1.59, a current ratio of 2.87 and a debt-to-equity ratio of 1.36.

Acushnet (NYSE:GOLF - Get Free Report) last released its quarterly earnings data on Wednesday, May 6th. The company reported $1.36 EPS for the quarter, missing the consensus estimate of $1.38 by ($0.02). Acushnet had a return on equity of 22.95% and a net margin of 6.54%.The company had revenue of $752.98 million during the quarter, compared to analysts' expectations of $722.48 million. During the same quarter in the prior year, the firm posted $1.62 EPS. The firm's quarterly revenue was up 7.1% on a year-over-year basis. On average, equities analysts forecast that Acushnet will post 3.82 EPS for the current year.

Acushnet Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were given a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a yield of 0.9%. The ex-dividend date was Friday, June 5th. Acushnet's dividend payout ratio (DPR) is presently 35.92%.

Wall Street Analyst Weigh In

GOLF has been the topic of a number of research reports. Roth Capital set a $87.00 price target on Acushnet in a research report on Thursday, May 7th. JPMorgan Chase & Co. upped their price objective on Acushnet from $96.00 to $118.00 and gave the stock a "neutral" rating in a report on Friday, June 26th. Weiss Ratings lowered Acushnet from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Thursday, July 9th. Finally, Truist Financial raised their price objective on Acushnet from $95.00 to $97.00 and gave the company a "hold" rating in a report on Tuesday, May 19th. Eight equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $97.83.

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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