Geode Capital Management LLC Sells 13,346 Shares of Acushnet Holdings Corp. (NYSE:GOLF)

Geode Capital Management LLC cut its holdings in shares of Acushnet Holdings Corp. (NYSE:GOLF - Free Report) by 2.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 636,354 shares of the company's stock after selling 13,346 shares during the period. Geode Capital Management LLC owned 1.05% of Acushnet worth $45,242,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Blue Trust Inc. grew its holdings in shares of Acushnet by 100.6% during the 4th quarter. Blue Trust Inc. now owns 351 shares of the company's stock worth $25,000 after acquiring an additional 176 shares during the period. Berry Wealth Group LP bought a new stake in shares of Acushnet during the fourth quarter valued at approximately $202,000. Heritage Family Offices LLP purchased a new stake in Acushnet in the fourth quarter worth $205,000. Leavell Investment Management Inc. bought a new position in Acushnet in the fourth quarter worth $210,000. Finally, Corient Private Wealth LLC purchased a new position in Acushnet during the fourth quarter valued at $210,000. Institutional investors own 53.12% of the company's stock.

Wall Street Analysts Forecast Growth

GOLF has been the subject of a number of recent research reports. JPMorgan Chase & Co. cut shares of Acushnet from a "neutral" rating to an "underweight" rating and lowered their price target for the company from $69.00 to $64.00 in a research report on Thursday, January 23rd. KeyCorp dropped their price target on Acushnet from $77.00 to $70.00 and set an "overweight" rating on the stock in a research report on Thursday. Truist Financial reduced their price objective on Acushnet from $68.00 to $64.00 and set a "hold" rating for the company in a research report on Monday, April 14th. StockNews.com downgraded Acushnet from a "buy" rating to a "hold" rating in a report on Saturday, March 8th. Finally, Compass Point upgraded Acushnet from a "neutral" rating to a "buy" rating and raised their price target for the company from $77.00 to $80.00 in a report on Tuesday, March 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Acushnet currently has an average rating of "Hold" and an average target price of $70.60.

Insiders Place Their Bets

In other news, insider Steven Francis Pelisek sold 20,000 shares of the business's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $70.86, for a total value of $1,417,200.00. Following the transaction, the insider now directly owns 96,006 shares in the company, valued at $6,802,985.16. The trade was a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 54.60% of the company's stock.

Acushnet Stock Up 0.6 %

Shares of GOLF stock traded up $0.34 during mid-day trading on Friday, hitting $59.63. The company's stock had a trading volume of 388,479 shares, compared to its average volume of 369,839. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.14 and a current ratio of 2.10. Acushnet Holdings Corp. has a 52-week low of $55.31 and a 52-week high of $76.65. The stock has a market cap of $3.57 billion, a price-to-earnings ratio of 20.28 and a beta of 0.84. The business has a 50-day moving average price of $64.86 and a 200 day moving average price of $67.35.

Acushnet (NYSE:GOLF - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.33) by $0.31. Acushnet had a net margin of 7.78% and a return on equity of 21.45%. The business had revenue of $445.17 billion for the quarter, compared to analysts' expectations of $454.83 million. Research analysts predict that Acushnet Holdings Corp. will post 3.06 EPS for the current fiscal year.

Acushnet Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a dividend of $0.235 per share. The ex-dividend date was Friday, March 7th. This represents a $0.94 annualized dividend and a yield of 1.58%. This is an increase from Acushnet's previous quarterly dividend of $0.22. Acushnet's payout ratio is currently 28.23%.

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.