12th Street Asset Management Company LLC Grows Stock Position in Acushnet Holdings Corp. (NYSE:GOLF)

by · The Cerbat Gem

12th Street Asset Management Company LLC boosted its stake in shares of Acushnet Holdings Corp. (NYSE:GOLF – Free Report) by 170.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 120,883 shares of the company’s stock after buying an additional 76,126 shares during the period. Acushnet makes up approximately 1.4% of 12th Street Asset Management Company LLC’s holdings, making the stock its 25th largest holding. 12th Street Asset Management Company LLC’s holdings in Acushnet were worth $8,592,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of 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 valued at $25,000 after buying an additional 176 shares during the period. Prospera Private Wealth LLC purchased a new stake in Acushnet during the 3rd quarter valued at $41,000. Quarry LP raised its holdings in Acushnet by 745.6% during the 3rd 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 period. Berry Wealth Group LP purchased a new stake in Acushnet during the 4th quarter valued at $202,000. Finally, Heritage Family Offices LLP bought a new position in Acushnet in the 4th quarter valued at $205,000. Hedge funds and other institutional investors own 53.12% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. JPMorgan Chase & Co. downgraded Acushnet from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $69.00 to $64.00 in a research report on Thursday, January 23rd. Compass Point raised Acushnet from a “neutral” rating to a “buy” rating and upped their price objective for the company from $77.00 to $80.00 in a research report on Tuesday, March 4th. KeyCorp cut their price objective on Acushnet from $80.00 to $77.00 and set an “overweight” rating on the stock in a research report on Friday, February 28th. Finally, StockNews.com downgraded Acushnet from a “buy” rating to a “hold” rating in a research report on Saturday, March 8th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Acushnet has an average rating of “Hold” and a consensus target price of $72.80.

Read Our Latest Stock Analysis on GOLF

Acushnet Stock Down 3.1 %

Shares of GOLF opened at $64.34 on Friday. 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 stock’s 50-day moving average price is $68.22 and its 200-day moving average price is $67.62. Acushnet Holdings Corp. has a 52 week low of $58.54 and a 52 week high of $76.65. The company has a market capitalization of $3.86 billion, a price-to-earnings ratio of 21.88 and a beta of 0.79.

Acushnet (NYSE:GOLF – Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.31. The company had revenue of $445.17 billion during the quarter, compared to analysts’ expectations of $454.83 million. Acushnet had a net margin of 7.78% and a return on equity of 21.45%. On average, sell-side 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 will be paid on Friday, March 21st. Shareholders of record on Friday, March 7th will be paid a $0.235 dividend. The ex-dividend date of this dividend is Friday, March 7th. This is an increase from Acushnet’s previous quarterly dividend of $0.22. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.46%. Acushnet’s dividend payout ratio (DPR) is 28.23%.

Insiders Place Their Bets

In other news, insider Steven Francis Pelisek sold 20,000 shares of Acushnet stock in a transaction on Monday, March 10th. The stock was sold at an average price of $70.86, for a total value of $1,417,200.00. Following the completion of the sale, the insider now directly owns 96,006 shares of the company’s stock, valued at approximately $6,802,985.16. The trade was a 17.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 54.60% of the company’s stock.

Acushnet Company Profile

(Free Report)

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.

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