Quarry LP Cuts Stake in Acushnet Holdings Corp. (NYSE:GOLF)

Quarry LP decreased its holdings in Acushnet Holdings Corp. (NYSE:GOLF) by 53.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 491 shares of the company’s stock after selling 566 shares during the period. Quarry LP’s holdings in Acushnet were worth $35,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Blue Trust Inc. raised its position in Acushnet by 100.6% in the 4th quarter. Blue Trust Inc. now owns 351 shares of the company’s stock valued at $25,000 after purchasing an additional 176 shares in the last quarter. Berry Wealth Group LP acquired a new stake in Acushnet in the fourth quarter valued at approximately $202,000. Heritage Family Offices LLP acquired a new position in Acushnet during the 4th quarter worth approximately $205,000. Leavell Investment Management Inc. acquired a new position in Acushnet during the 4th quarter worth approximately $210,000. Finally, Corient Private Wealth LLC purchased a new stake in shares of Acushnet in the 4th quarter valued at approximately $210,000. Hedge funds and other institutional investors own 53.12% of the company’s stock.

Acushnet Stock Performance

Shares of GOLF opened at $66.53 on Friday. The company’s 50 day simple moving average is $64.24 and its 200-day simple moving average is $67.37. Acushnet Holdings Corp. has a 12-month low of $55.31 and a 12-month high of $76.65. The firm has a market cap of $3.99 billion, a PE ratio of 22.63 and a beta of 0.90. The company has a current ratio of 2.10, a quick ratio of 1.14 and a debt-to-equity ratio of 0.79.

Acushnet (NYSE:GOLF) last announced its earnings results on Thursday, February 27th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.31. Acushnet had a net margin of 7.78% and a return on equity of 21.45%. The business had revenue of $445.17 billion during the quarter, compared to analysts’ expectations of $454.83 million. As a group, equities analysts predict that Acushnet Holdings Corp. will post 3.06 EPS for the current year.

Acushnet Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were issued a $0.235 dividend. The ex-dividend date was Friday, March 7th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.41%. This is a positive change from Acushnet’s previous quarterly dividend of $0.22. Acushnet’s payout ratio is presently 28.23%.

Analyst Upgrades and Downgrades

Several research firms recently commented on GOLF. JPMorgan Chase & Co. lowered Acushnet from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $69.00 to $64.00 in a report on Thursday, January 23rd. Compass Point upgraded Acushnet from a “neutral” rating to a “buy” rating and increased their price objective for the company from $77.00 to $80.00 in a report on Tuesday, March 4th. Truist Financial decreased their target price on Acushnet from $68.00 to $64.00 and set a “hold” rating for the company in a research note on Monday, April 14th. KeyCorp dropped their price target on shares of Acushnet from $77.00 to $70.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Finally, StockNews.com downgraded shares of Acushnet from a “buy” rating to a “hold” rating in a research report on Saturday, March 8th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Acushnet currently has an average rating of “Hold” and a consensus target price of $70.60.

Insider Transactions at Acushnet

In related news, insider Steven Francis Pelisek sold 20,000 shares of the stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $70.86, for a total transaction of $1,417,200.00. Following the completion of the transaction, the insider now directly owns 96,006 shares of the company’s stock, valued at $6,802,985.16. This represents a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 54.60% of the company’s stock.

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.