Raymond James Financial Inc. Buys 65,922 Shares of Acushnet $GOLF

Key Points

• Raymond James Financial Inc. increased its stake in Acushnet by 7.5%, acquiring an additional 65,922 shares, bringing its total ownership to approximately 1.58%, valued at $65.1 million.
• Analysts have adjusted price targets for Acushnet, with Morgan Stanley raising it from $63 to $80 while Compass Point lowered theirs from $80 to $71, indicating mixed sentiment on the stock's future performance.
• Acushnet recently announced a quarterly dividend of $0.235, scheduled for payment on September 19, representing a 1.2% dividend yield with a payout ratio of 25.13%.

Raymond James Financial Inc. raised its stake in shares of Acushnet (NYSE:GOLF - Free Report) by 7.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 948,210 shares of the company's stock after acquiring an additional 65,922 shares during the quarter. Raymond James Financial Inc. owned approximately 1.58% of Acushnet worth $65,104,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Public Employees Retirement System of Ohio bought a new position in shares of Acushnet during the fourth quarter valued at $31,000. KBC Group NV bought a new position in shares of Acushnet in the first quarter valued at about $44,000. GAMMA Investing LLC raised 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 buying an additional 319 shares during the last quarter. Lazard Asset Management LLC bought a new position in shares of Acushnet in the fourth quarter valued at about $51,000. Finally, Point72 Asia Singapore Pte. Ltd. raised 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 buying an additional 232 shares during the last quarter. 53.12% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on GOLF. Compass Point cut Acushnet from a "buy" rating to a "neutral" rating and cut their price target for the company from $80.00 to $71.00 in a report on Monday, May 5th. Truist Financial lifted their price target 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 price objective on Acushnet from $63.00 to $80.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. Finally, KeyCorp boosted their price objective on Acushnet from $80.00 to $85.00 and gave the stock an "overweight" rating in a report on Friday, August 8th. One investment 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. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $73.33.

Acushnet Price Performance

Acushnet stock opened at $78.1980 on Thursday. The firm has a market capitalization of $4.59 billion, a P/E ratio of 20.91 and a beta of 0.84. Acushnet has a 1 year low of $55.31 and a 1 year high of $84.40. The business has a 50-day moving average of $76.91 and a 200-day moving average of $69.90. The company has a current ratio of 2.25, a quick ratio of 1.21 and a debt-to-equity ratio of 1.13.

Acushnet (NYSE:GOLF - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $1.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.33 by ($0.08). The company had revenue of $720.48 million for the quarter, compared to analyst estimates of $713.70 million. Acushnet had a return on equity of 28.05% and a net margin of 9.24%.Acushnet's quarterly revenue 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. On average, equities analysts anticipate that Acushnet will post 3.06 EPS for the current year.

Acushnet Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be given a $0.235 dividend. The ex-dividend date is Friday, September 5th. This represents a $0.94 annualized dividend and a dividend yield of 1.2%. Acushnet's payout ratio is currently 25.13%.

Insider Activity at Acushnet

In related news, Director Holdings Corp. Misto sold 953,406 shares of the business's stock in a transaction that occurred 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 in the company, valued at approximately $1,935,570,690.68. The trade was a 3.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mary Louise Bohn sold 13,190 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, 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. 53.60% of the stock is currently owned by insiders.

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.

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