Blueshift Asset Management LLC Makes New Investment in Acushnet Holdings Corp. (NYSE:GOLF)

Blueshift Asset Management LLC acquired a new stake in Acushnet Holdings Corp. (NYSE:GOLF) in the 3rd quarter, Holdings Channel reports. The firm acquired 6,394 shares of the company’s stock, valued at approximately $408,000.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Brown Lisle Cummings Inc. acquired a new position in Acushnet during the 3rd quarter valued at $40,000. Prospera Private Wealth LLC acquired a new position in shares of Acushnet during the third quarter valued at about $41,000. nVerses Capital LLC acquired a new position in shares of Acushnet during the third quarter valued at about $57,000. Whittier Trust Co. of Nevada Inc. lifted its stake in shares of Acushnet by 1,719.4% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 1,219 shares of the company’s stock valued at $78,000 after buying an additional 1,152 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new stake in Acushnet during the second quarter worth about $83,000. Institutional investors and hedge funds own 53.12% of the company’s stock.

Analyst Ratings Changes

GOLF has been the subject of several recent research reports. Jefferies Financial Group cut Acushnet from a “buy” rating to a “hold” rating and cut their price target for the company from $86.00 to $75.00 in a report on Tuesday, September 17th. Truist Financial raised 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. Finally, Compass Point decreased their price target on shares of Acushnet from $78.00 to $76.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Acushnet currently has an average rating of “Hold” and a consensus price target of $71.40.

Acushnet Price Performance

Acushnet stock opened at $72.92 on Friday. The business has a 50 day simple moving average of $65.37 and a 200 day simple moving average of $65.49. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.10 and a quick ratio of 1.14. The company has a market capitalization of $4.43 billion, a PE ratio of 24.80 and a beta of 0.85. Acushnet Holdings Corp. has a one year low of $55.74 and a one year high of $76.38.

Acushnet (NYSE:GOLF) last issued its quarterly earnings data on Thursday, November 7th. The company reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.10. Acushnet had a return on equity of 21.45% and a net margin of 7.78%. The company had revenue of $620.50 million during the quarter, compared to analysts’ expectations of $620.40 million. During the same period last year, the business earned $0.85 earnings per share. The business’s revenue was up 4.6% on a year-over-year basis. On average, sell-side analysts forecast that Acushnet Holdings Corp. will post 3.06 EPS for the current fiscal year.

Acushnet Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 6th will be issued a dividend of $0.215 per share. This represents a $0.86 annualized dividend and a dividend yield of 1.18%. The ex-dividend date is Friday, December 6th. Acushnet’s payout ratio is 29.25%.

Insider Activity

In other news, insider Christopher Aaron Lindner sold 5,000 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $73.91, for a total transaction of $369,550.00. Following the sale, the insider now owns 88,710 shares in the company, valued at approximately $6,556,556.10. This represents a 5.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 54.60% of the stock is currently owned by corporate insiders.

Acushnet 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.