Geode Capital Management LLC Decreases Holdings in Acushnet Holdings Corp. (NYSE:GOLF)

Geode Capital Management LLC lowered its holdings in Acushnet Holdings Corp. (NYSE:GOLF) by 1.1% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 649,700 shares of the company’s stock after selling 7,074 shares during the quarter. Geode Capital Management LLC owned about 1.07% of Acushnet worth $41,426,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the business. Brown Lisle Cummings Inc. acquired a new stake in Acushnet during the 3rd quarter worth $40,000. Prospera Private Wealth LLC purchased a new position in Acushnet during the 3rd quarter worth approximately $41,000. nVerses Capital LLC acquired a new position in Acushnet during the third quarter worth approximately $57,000. Quarry LP lifted its stake in Acushnet by 745.6% in the third quarter. Quarry LP now owns 1,057 shares of the company’s stock valued at $67,000 after buying an additional 932 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Acushnet by 1,719.4% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,219 shares of the company’s stock valued at $78,000 after acquiring an additional 1,152 shares during the period. Hedge funds and other institutional investors own 53.12% of the company’s stock.

Insider Buying and Selling

In other Acushnet news, insider Christopher Aaron Lindner sold 5,000 shares of Acushnet stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $73.91, for a total transaction of $369,550.00. Following the completion of the transaction, the insider now owns 88,710 shares in the company, valued at approximately $6,556,556.10. The trade was a 5.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 54.60% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on GOLF shares. Truist Financial increased their price target on shares of Acushnet from $65.00 to $68.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Jefferies Financial Group cut Acushnet from a “buy” rating to a “hold” rating and dropped their price target for the company from $86.00 to $75.00 in a research report on Tuesday, September 17th. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $71.40.

Acushnet Stock Up 0.4 %

Shares of NYSE:GOLF opened at $70.74 on Wednesday. The company has a quick ratio of 1.14, a current ratio of 2.10 and a debt-to-equity ratio of 0.79. The firm’s 50-day simple moving average is $68.70 and its 200-day simple moving average is $66.57. Acushnet Holdings Corp. has a fifty-two week low of $58.54 and a fifty-two week high of $76.59. The company has a market cap of $4.30 billion, a price-to-earnings ratio of 24.06 and a beta of 0.88.

Acushnet (NYSE:GOLF) last posted its quarterly earnings results on Thursday, November 7th. The company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.10. Acushnet had a net margin of 7.78% and a return on equity of 21.45%. The business had revenue of $620.50 million for the quarter, compared to analysts’ expectations of $620.40 million. During the same period in the prior year, the company posted $0.85 EPS. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. As a group, equities research analysts predict that Acushnet Holdings Corp. will post 3.06 earnings per share for the current year.

Acushnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were paid a $0.215 dividend. This represents a $0.86 annualized dividend and a yield of 1.22%. The ex-dividend date was Friday, December 6th. Acushnet’s payout ratio is currently 29.25%.

Acushnet Company Profile

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.