Crestwood Advisors Group LLC Makes New Investment in Acushnet Holdings Corp. (NYSE:GOLF)

Crestwood Advisors Group LLC bought a new position in shares of Acushnet Holdings Corp. (NYSE:GOLF) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 3,153 shares of the company’s stock, valued at approximately $200,000.

Other hedge funds have also recently modified their holdings of the company. New Covenant Trust Company N.A. bought a new stake in shares of Acushnet in the 1st quarter worth approximately $27,000. Federated Hermes Inc. bought a new stake in shares of Acushnet in the 4th quarter worth approximately $32,000. Gladius Capital Management LP bought a new stake in shares of Acushnet in the 4th quarter worth approximately $37,000. Principal Securities Inc. bought a new stake in shares of Acushnet in the 4th quarter worth approximately $37,000. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in shares of Acushnet by 101.9% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 1,159 shares of the company’s stock worth $76,000 after purchasing an additional 585 shares during the period. Institutional investors own 53.12% of the company’s stock.

Insider Activity

In other news, Director Holdings Corp. Fila sold 1,110,000 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $64.19, for a total transaction of $71,250,900.00. Following the completion of the transaction, the director now directly owns 31,412,966 shares in the company, valued at approximately $2,016,398,287.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 54.60% of the company’s stock.

Acushnet Stock Down 1.1 %

Acushnet stock opened at $66.26 on Wednesday. The firm has a 50 day simple moving average of $66.41 and a 200 day simple moving average of $64.99. The firm has a market capitalization of $4.10 billion, a price-to-earnings ratio of 23.01 and a beta of 0.85. The company has a current ratio of 2.28, a quick ratio of 1.27 and a debt-to-equity ratio of 0.81. Acushnet Holdings Corp. has a 1-year low of $49.42 and a 1-year high of $74.77.

Acushnet (NYSE:GOLF) last released its quarterly earnings results on Tuesday, August 6th. The company reported $1.11 EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.09). The firm had revenue of $683.90 million for the quarter, compared to analysts’ expectations of $709.83 million. Acushnet had a net margin of 7.91% and a return on equity of 21.17%. The firm’s revenue for the quarter was down .8% on a year-over-year basis. During the same quarter last year, the firm earned $1.09 earnings per share. On average, analysts predict that Acushnet Holdings Corp. will post 3.02 earnings per share for the current year.

Acushnet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be given a dividend of $0.215 per share. The ex-dividend date is Friday, September 6th. This represents a $0.86 dividend on an annualized basis and a dividend yield of 1.30%. Acushnet’s dividend payout ratio (DPR) is currently 29.86%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Compass Point lowered their price target on shares of Acushnet from $78.00 to $76.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Truist Financial lifted their price objective on shares of Acushnet from $63.00 to $65.00 and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Acushnet from $62.00 to $63.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Acushnet presently has a consensus rating of “Hold” and an average target price of $66.43.

About Acushnet

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.