Truist Financial Corp Sells 369 Shares of Acushnet Holdings Corp. (NYSE:GOLF)

Truist Financial Corp reduced its position in shares of Acushnet Holdings Corp. (NYSE:GOLF) by 5.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,031 shares of the company’s stock after selling 369 shares during the quarter. Truist Financial Corp’s holdings in Acushnet were worth $429,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in Acushnet by 100.6% during the 4th quarter. Blue Trust Inc. now owns 351 shares of the company’s stock worth $25,000 after purchasing an additional 176 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in Acushnet during the 3rd quarter worth about $41,000. Quarry LP grew its position in shares of Acushnet by 745.6% during the 3rd quarter. Quarry LP now owns 1,057 shares of the company’s stock worth $67,000 after buying an additional 932 shares during the period. Berry Wealth Group LP acquired a new position in shares of Acushnet during the 4th quarter worth about $202,000. Finally, Heritage Family Offices LLP acquired a new position in shares of Acushnet during the 4th quarter worth about $205,000. 53.12% of the stock is owned by institutional investors.

Acushnet Price Performance

Shares of GOLF opened at $64.82 on Wednesday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.14 and a current ratio of 2.10. The stock has a 50 day simple moving average of $68.82 and a 200 day simple moving average of $67.59. Acushnet Holdings Corp. has a 52-week low of $58.54 and a 52-week high of $76.65. The firm has a market capitalization of $3.94 billion, a PE ratio of 22.05 and a beta of 0.86.

Acushnet (NYSE:GOLF) last issued its quarterly earnings data 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 return on equity of 21.45% and a net margin of 7.78%. The business had revenue of $445.17 billion during the quarter, compared to analyst estimates of $454.83 million. Sell-side analysts predict that Acushnet Holdings Corp. will post 3.06 EPS for the current fiscal year.

Acushnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be given a $0.235 dividend. The ex-dividend date of this dividend is Friday, March 7th. This is a positive change from Acushnet’s previous quarterly dividend of $0.22. This represents a $0.94 annualized dividend and a dividend yield of 1.45%. Acushnet’s payout ratio is currently 25.83%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Truist Financial boosted their target price on Acushnet from $65.00 to $68.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Compass Point upgraded Acushnet from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $77.00 to $80.00 in a research report on Tuesday. KeyCorp decreased their target price on Acushnet from $80.00 to $77.00 and set an “overweight” rating for the company in a research report on Friday, February 28th. StockNews.com upgraded Acushnet from a “hold” rating to a “buy” rating in a research report on Friday, February 28th. Finally, JPMorgan Chase & Co. lowered Acushnet from a “neutral” rating to an “underweight” rating and decreased their target price for the stock from $69.00 to $64.00 in a research report on Thursday, January 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, Acushnet has an average rating of “Hold” and a consensus target price of $72.80.

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.