Envestnet Asset Management Inc. Lowers Holdings in Acushnet Holdings Corp. (NYSE:GOLF)

Envestnet Asset Management Inc. decreased its holdings in Acushnet Holdings Corp. (NYSE:GOLFGet Rating) by 19.3% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 44,390 shares of the company’s stock after selling 10,588 shares during the period. Envestnet Asset Management Inc.’s holdings in Acushnet were worth $1,850,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC grew its holdings in shares of Acushnet by 10.5% during the 1st quarter. Steward Partners Investment Advisory LLC now owns 2,649 shares of the company’s stock worth $107,000 after purchasing an additional 251 shares during the period. Teacher Retirement System of Texas grew its holdings in shares of Acushnet by 4.7% during the 1st quarter. Teacher Retirement System of Texas now owns 7,577 shares of the company’s stock worth $305,000 after purchasing an additional 341 shares during the period. Captrust Financial Advisors grew its holdings in shares of Acushnet by 6.1% during the 1st quarter. Captrust Financial Advisors now owns 6,928 shares of the company’s stock worth $279,000 after purchasing an additional 401 shares during the period. Nisa Investment Advisors LLC grew its holdings in shares of Acushnet by 153.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 710 shares of the company’s stock worth $30,000 after purchasing an additional 430 shares during the period. Finally, Castle Wealth Management LLC purchased a new position in Acushnet in the 2nd quarter worth approximately $38,000. Hedge funds and other institutional investors own 49.33% of the company’s stock.

Insider Transactions at Acushnet

In other news, insider Steven Francis Pelisek sold 700 shares of the stock in a transaction on Tuesday, November 8th. The stock was sold at an average price of $44.00, for a total value of $30,800.00. Following the completion of the transaction, the insider now owns 132,408 shares of the company’s stock, valued at $5,825,952. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 53.00% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Morgan Stanley decreased their price target on Acushnet from $52.00 to $50.00 and set an “equal weight” rating for the company in a report on Monday, November 7th. JPMorgan Chase & Co. cut their target price on Acushnet from $50.00 to $47.00 in a research report on Wednesday, October 26th. Truist Financial cut their target price on Acushnet from $50.00 to $48.00 and set a “hold” rating on the stock in a research report on Wednesday, October 5th. Tigress Financial began coverage on Acushnet in a research report on Friday, September 16th. They issued a “neutral” rating and a $50.00 target price on the stock. Finally, StockNews.com lowered Acushnet from a “buy” rating to a “hold” rating in a research report on Tuesday, October 11th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, Acushnet currently has a consensus rating of “Hold” and a consensus target price of $50.14.

Acushnet Price Performance

Shares of NYSE GOLF opened at $45.35 on Friday. Acushnet Holdings Corp. has a 1-year low of $37.46 and a 1-year high of $57.66. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.17 and a quick ratio of 1.10. The business’s fifty day moving average price is $45.70 and its two-hundred day moving average price is $45.20. The firm has a market capitalization of $3.18 billion, a PE ratio of 19.14 and a beta of 0.77.

Acushnet (NYSE:GOLFGet Rating) last issued its earnings results on Thursday, November 3rd. The company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.13. Acushnet had a return on equity of 16.12% and a net margin of 7.80%. The firm had revenue of $558.20 million for the quarter, compared to analyst estimates of $517.42 million. During the same period last year, the company earned $0.52 earnings per share. The firm’s revenue for the quarter was up 7.0% on a year-over-year basis. On average, research analysts expect that Acushnet Holdings Corp. will post 2.72 EPS for the current year.

Acushnet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Friday, December 2nd will be paid a $0.18 dividend. The ex-dividend date of this dividend is Thursday, December 1st. This represents a $0.72 annualized dividend and a dividend yield of 1.59%. Acushnet’s payout ratio is 30.38%.

Acushnet Company Profile

(Get Rating)

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.

See Also

Want to see what other hedge funds are holding GOLF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Acushnet Holdings Corp. (NYSE:GOLFGet Rating).

Institutional Ownership by Quarter for Acushnet (NYSE:GOLF)

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