Wesbanco Bank Inc. Lowers Stock Position in Acushnet Holdings Corp. (NYSE:GOLF)

Wesbanco Bank Inc. cut its stake in shares of Acushnet Holdings Corp. (NYSE:GOLF) by 7.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,159 shares of the company’s stock after selling 779 shares during the quarter. Wesbanco Bank Inc.’s holdings in Acushnet were worth $651,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Brown Lisle Cummings Inc. bought a new stake in shares of Acushnet during the 3rd quarter worth $40,000. Prospera Private Wealth LLC bought a new stake in Acushnet during the third quarter worth about $41,000. nVerses Capital LLC purchased a new position in shares of Acushnet in the 3rd quarter worth about $57,000. Quarry LP increased its position in shares of 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 purchasing an additional 932 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Acushnet by 1,719.4% during the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 53.12% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. JPMorgan Chase & Co. lowered Acushnet from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $69.00 to $64.00 in a research note on Thursday. Truist Financial upped their price objective on shares of Acushnet from $65.00 to $68.00 and gave the company a “hold” rating in a research note on Friday, November 8th.

Acushnet Trading Down 8.8 %

NYSE:GOLF opened at $68.07 on Friday. The company has a fifty day moving average of $72.27 and a 200 day moving average of $67.81. Acushnet Holdings Corp. has a 52 week low of $58.54 and a 52 week high of $76.65. The firm has a market capitalization of $4.14 billion, a P/E ratio of 23.15 and a beta of 0.88. 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 earnings results on Thursday, November 7th. The company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $620.40 million. During the same period last year, the firm earned $0.85 earnings per share. Acushnet’s quarterly revenue was up 4.6% on a year-over-year basis. On average, research analysts predict that Acushnet Holdings Corp. will post 3.06 earnings per share for the current year.

Acushnet Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were paid a $0.215 dividend. This represents a $0.86 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date was Friday, December 6th. Acushnet’s payout ratio is 29.25%.

Insider Activity at Acushnet

In other Acushnet news, insider Christopher Aaron Lindner sold 5,000 shares of Acushnet stock in a transaction that occurred 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 directly owns 88,710 shares of the company’s stock, valued at approximately $6,556,556.10. The trade was a 5.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 54.60% of the stock is currently owned by company 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.