Moran Wealth Management LLC Reduces Position in Acushnet Holdings Corp. (NYSE:GOLF)

Moran Wealth Management LLC decreased its position in Acushnet Holdings Corp. (NYSE:GOLF) by 1.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,215 shares of the company’s stock after selling 219 shares during the period. Moran Wealth Management LLC’s holdings in Acushnet were worth $842,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of Acushnet by 0.5% in the first quarter. Vanguard Group Inc. now owns 3,010,318 shares of the company’s stock worth $198,530,000 after acquiring an additional 15,088 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Acushnet by 8.2% in the 3rd quarter. Victory Capital Management Inc. now owns 1,072,692 shares of the company’s stock valued at $68,384,000 after buying an additional 81,065 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Acushnet by 6.7% in the third quarter. Principal Financial Group Inc. now owns 1,013,857 shares of the company’s stock worth $64,632,000 after buying an additional 63,294 shares during the last quarter. Raymond James & Associates grew its holdings in Acushnet by 0.9% during the third quarter. Raymond James & Associates now owns 466,099 shares of the company’s stock worth $29,714,000 after acquiring an additional 4,300 shares during the period. Finally, Tributary Capital Management LLC raised its position in Acushnet by 0.3% during the second quarter. Tributary Capital Management LLC now owns 266,374 shares of the company’s stock valued at $16,909,000 after acquiring an additional 791 shares in the last quarter. Institutional investors and hedge funds own 53.12% of the company’s stock.

Acushnet Trading Up 3.5 %

Shares of GOLF opened at $71.51 on Friday. Acushnet Holdings Corp. has a 52-week low of $55.74 and a 52-week high of $76.38. The stock has a market cap of $4.35 billion, a PE ratio of 24.32 and a beta of 0.85. The firm’s fifty day moving average is $64.36 and its two-hundred day moving average is $65.12. The company has a quick ratio of 1.14, a current ratio of 2.10 and a debt-to-equity ratio of 0.79.

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 firm had revenue of $620.50 million for the quarter, compared to analyst estimates of $620.40 million. During the same period in the previous year, the business posted $0.85 earnings per share. Acushnet’s quarterly revenue was up 4.6% on a year-over-year basis. Research analysts forecast that Acushnet Holdings Corp. will post 3.06 earnings per share for the current fiscal year.

Acushnet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be given a dividend of $0.215 per share. The ex-dividend date is Friday, December 6th. This represents a $0.86 dividend on an annualized basis and a yield of 1.20%. Acushnet’s payout ratio is 29.25%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GOLF. Truist Financial raised their price objective 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 shares of Acushnet from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $86.00 to $75.00 in a research report on Tuesday, September 17th. Finally, Compass Point dropped their target price on shares of Acushnet from $78.00 to $76.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Acushnet has a consensus rating of “Hold” and a consensus target price of $71.40.

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.