Kayne Anderson Rudnick Investment Management LLC Buys 11,371 Shares of Acushnet Holdings Corp. (NYSE:GOLF)

Kayne Anderson Rudnick Investment Management LLC boosted its stake in Acushnet Holdings Corp. (NYSE:GOLF) by 0.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,074,797 shares of the company’s stock after purchasing an additional 11,371 shares during the period. Acushnet comprises 1.1% of Kayne Anderson Rudnick Investment Management LLC’s investment portfolio, making the stock its 28th largest position. Kayne Anderson Rudnick Investment Management LLC owned 11.22% of Acushnet worth $449,108,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. New Covenant Trust Company N.A. purchased a new position in shares of Acushnet in the first quarter worth $27,000. Principal Securities Inc. purchased a new position in shares of Acushnet in the fourth quarter valued at about $37,000. Benjamin F. Edwards & Company Inc. raised its stake in shares of Acushnet by 101.9% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 1,159 shares of the company’s stock valued at $76,000 after acquiring an additional 585 shares during the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of Acushnet during the second quarter worth about $83,000. Finally, Crestwood Advisors Group LLC purchased a new position in Acushnet during the 2nd quarter valued at about $200,000. Institutional investors own 53.12% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on GOLF shares. Compass Point dropped their price objective on Acushnet from $78.00 to $76.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Jefferies Financial Group lowered Acushnet from a “buy” rating to a “hold” rating and dropped their price target for the stock from $86.00 to $75.00 in a research note on Tuesday. JPMorgan Chase & Co. boosted their price objective on shares of Acushnet from $62.00 to $63.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Finally, Truist Financial upped their price objective on shares of Acushnet from $63.00 to $65.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $67.43.

Acushnet Price Performance

Shares of GOLF stock opened at $63.37 on Friday. The business’s fifty day moving average is $67.03 and its 200 day moving average is $64.77. The company has a quick ratio of 1.27, a current ratio of 2.28 and a debt-to-equity ratio of 0.81. The stock has a market cap of $4.00 billion, a price-to-earnings ratio of 22.00 and a beta of 0.85. Acushnet Holdings Corp. has a twelve month low of $49.42 and a twelve month high of $74.77.

Acushnet (NYSE:GOLF) last released its earnings results on Tuesday, August 6th. The company reported $1.11 earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.09). Acushnet had a return on equity of 21.17% and a net margin of 7.91%. The business had revenue of $683.90 million during the quarter, compared to analysts’ expectations of $709.83 million. During the same period in the prior year, the company earned $1.09 earnings per share. The firm’s quarterly revenue was down .8% compared to the same quarter last year. Research analysts expect that Acushnet Holdings Corp. will post 3.02 EPS for the current fiscal year.

Acushnet Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were issued a dividend of $0.215 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.86 annualized dividend and a dividend yield of 1.36%. Acushnet’s payout ratio is 29.86%.

Insider Transactions at Acushnet

In related news, Director Holdings Corp. Fila sold 1,110,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $64.19, for a total transaction of $71,250,900.00. Following the completion of the transaction, the director now owns 31,412,966 shares of the company’s stock, valued at approximately $2,016,398,287.54. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 54.60% of the company’s stock.

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.