NewEdge Wealth LLC Sells 9,103 Shares of Acushnet Holdings Corp. (NYSE:GOLF)

NewEdge Wealth LLC reduced its position in Acushnet Holdings Corp. (NYSE:GOLF) by 14.9% during the fourth quarter, HoldingsChannel reports. The fund owned 52,101 shares of the company’s stock after selling 9,103 shares during the quarter. NewEdge Wealth LLC’s holdings in Acushnet were worth $3,703,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GOLF. Creative Planning grew its holdings in Acushnet by 10.6% during the 3rd quarter. Creative Planning now owns 7,956 shares of the company’s stock valued at $507,000 after buying an additional 762 shares in the last quarter. International Assets Investment Management LLC purchased a new position in shares of Acushnet during the third quarter worth about $7,986,000. US Bancorp DE grew its holdings in shares of Acushnet by 8.2% during the third quarter. US Bancorp DE now owns 9,897 shares of the company’s stock worth $631,000 after purchasing an additional 753 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Acushnet by 9.7% during the third quarter. Farther Finance Advisors LLC now owns 6,078 shares of the company’s stock worth $387,000 after purchasing an additional 535 shares in the last quarter. Finally, Phillips Wealth Planners LLC purchased a new position in shares of Acushnet during the third quarter worth about $204,000. 53.12% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. JPMorgan Chase & Co. lowered Acushnet from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $69.00 to $64.00 in a report on Thursday, January 23rd. StockNews.com raised Acushnet from a “hold” rating to a “buy” rating in a report on Friday. Truist Financial boosted 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, KeyCorp reduced their price target on shares of Acushnet from $80.00 to $77.00 and set an “overweight” rating on the stock in a research report on Friday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Acushnet currently has an average rating of “Hold” and an average price target of $72.00.

Acushnet Stock Down 0.9 %

Shares of NYSE GOLF opened at $64.29 on Friday. Acushnet Holdings Corp. has a one year low of $58.54 and a one year high of $76.65. 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 firm’s 50 day simple moving average is $69.06 and its two-hundred day simple moving average is $67.60. The stock has a market capitalization of $3.91 billion, a P/E ratio of 21.87 and a beta of 0.86.

Acushnet (NYSE:GOLF) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.31. The firm had revenue of $445.17 billion during the quarter, compared to analyst estimates of $454.83 million. Acushnet had a return on equity of 21.45% and a net margin of 7.78%. As a group, analysts expect that Acushnet Holdings Corp. will post 3.06 EPS for the current fiscal year.

Acushnet Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 21st. Stockholders of record on Friday, March 7th will be paid a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date is Friday, March 7th. This is a positive change from Acushnet’s previous quarterly dividend of $0.22. Acushnet’s dividend payout ratio is 25.83%.

Acushnet Company 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.