Principal Financial Group Inc. Sells 94,428 Shares of Acushnet Holdings Corp. (NYSE:GOLF)

Principal Financial Group Inc. lessened its stake in shares of Acushnet Holdings Corp. (NYSE:GOLF - Free Report) by 8.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,012,087 shares of the company's stock after selling 94,428 shares during the period. Principal Financial Group Inc. owned approximately 1.55% of Acushnet worth $63,934,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the stock. Tributary Capital Management LLC grew its holdings in shares of Acushnet by 6.7% during the fourth quarter. Tributary Capital Management LLC now owns 265,334 shares of the company's stock valued at $16,761,000 after buying an additional 16,610 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Acushnet in the 4th quarter worth $9,318,000. Strs Ohio bought a new stake in shares of Acushnet in the 4th quarter worth $890,000. Invesco Ltd. raised its stake in shares of Acushnet by 1.6% in the third quarter. Invesco Ltd. now owns 545,158 shares of the company's stock worth $28,915,000 after purchasing an additional 8,687 shares during the last quarter. Finally, Graham Capital Management L.P. lifted its holdings in shares of Acushnet by 91.5% during the third quarter. Graham Capital Management L.P. now owns 43,121 shares of the company's stock valued at $2,287,000 after purchasing an additional 20,609 shares in the last quarter. 53.12% of the stock is owned by institutional investors.

Acushnet Stock Performance

Shares of GOLF stock traded up $0.10 on Wednesday, reaching $64.82. The stock had a trading volume of 244,620 shares, compared to its average volume of 351,568. The company has a debt-to-equity ratio of 0.91, a quick ratio of 1.46 and a current ratio of 2.69. Acushnet Holdings Corp. has a 1 year low of $43.62 and a 1 year high of $70.10. The stock has a market cap of $4.09 billion, a P/E ratio of 22.48 and a beta of 0.88. The company has a 50 day simple moving average of $63.28 and a 200 day simple moving average of $62.25.

Acushnet (NYSE:GOLF - Get Free Report) last posted its earnings results on Thursday, February 29th. The company reported ($0.41) earnings per share for the quarter, missing analysts' consensus estimates of ($0.38) by ($0.03). Acushnet had a net margin of 8.03% and a return on equity of 20.65%. The firm had revenue of $413.00 million during the quarter, compared to the consensus estimate of $429.16 million. Acushnet's revenue for the quarter was down 7.7% compared to the same quarter last year. Equities research analysts expect that Acushnet Holdings Corp. will post 3.11 EPS for the current year.

Acushnet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Friday, June 7th will be issued a dividend of $0.215 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $0.86 dividend on an annualized basis and a yield of 1.33%. Acushnet's dividend payout ratio is currently 29.86%.

Insiders Place Their Bets

In other news, insider John Francis Duke, Jr. sold 17,000 shares of the business's stock in a transaction on Friday, March 8th. The shares were sold at an average price of $64.32, for a total transaction of $1,093,440.00. Following the completion of the sale, the insider now owns 130,472 shares of the company's stock, valued at approximately $8,391,959.04. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Acushnet news, insider Brendan J. Reidy sold 9,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $64.49, for a total transaction of $580,410.00. Following the sale, the insider now owns 58,588 shares in the company, valued at approximately $3,778,340.12. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Francis Duke, Jr. sold 17,000 shares of the company's stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $64.32, for a total transaction of $1,093,440.00. Following the completion of the transaction, the insider now owns 130,472 shares of the company's stock, valued at $8,391,959.04. The disclosure for this sale can be found here. Insiders own 54.60% of the company's stock.

Analysts Set New Price Targets

Separately, Truist Financial lifted their price objective on Acushnet from $62.00 to $63.00 and gave the stock a "hold" rating in a report on Wednesday, May 8th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Acushnet presently has a consensus rating of "Moderate Buy" and a consensus price target of $66.86.

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.