Geode Capital Management LLC Sells 7,074 Shares of Acushnet Holdings Corp. (NYSE:GOLF)

Geode Capital Management LLC trimmed its holdings in Acushnet Holdings Corp. (NYSE:GOLF - Free Report) by 1.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 649,700 shares of the company's stock after selling 7,074 shares during the period. Geode Capital Management LLC owned about 1.07% of Acushnet worth $41,426,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Victory Capital Management Inc. raised its position in Acushnet by 871.1% in the 2nd quarter. Victory Capital Management Inc. now owns 991,627 shares of the company's stock valued at $62,948,000 after buying an additional 889,515 shares during the last quarter. Jane Street Group LLC raised its holdings in shares of Acushnet by 702.1% in the third quarter. Jane Street Group LLC now owns 508,705 shares of the company's stock valued at $32,430,000 after purchasing an additional 445,281 shares during the last quarter. Point72 Asset Management L.P. lifted its position in shares of Acushnet by 258.9% during the third quarter. Point72 Asset Management L.P. now owns 266,200 shares of the company's stock valued at $16,970,000 after purchasing an additional 192,034 shares in the last quarter. Eagle Asset Management Inc. lifted its position in shares of Acushnet by 133.0% during the third quarter. Eagle Asset Management Inc. now owns 298,958 shares of the company's stock valued at $19,059,000 after purchasing an additional 170,668 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new position in Acushnet during the third quarter worth about $7,986,000. 53.12% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Jefferies Financial Group cut shares of Acushnet from a "buy" rating to a "hold" rating and dropped their target price for the stock from $86.00 to $75.00 in a research report on Tuesday, September 17th. Truist Financial lifted their price target on Acushnet from $65.00 to $68.00 and gave the stock a "hold" rating in a report on Friday, November 8th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $71.40.

Insider Activity at Acushnet

In related news, insider Christopher Aaron Lindner sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $73.91, for a total value of $369,550.00. Following the completion of the transaction, the insider now directly owns 88,710 shares of the company's stock, valued at approximately $6,556,556.10. This trade represents a 5.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 54.60% of the stock is currently owned by company insiders.

Acushnet Stock Performance

GOLF traded up $0.29 during midday trading on Wednesday, reaching $70.74. The company had a trading volume of 114,799 shares, compared to its average volume of 308,631. Acushnet Holdings Corp. has a 12-month low of $58.54 and a 12-month high of $76.59. The business has a 50-day moving average price of $68.85 and a two-hundred day moving average price of $66.60. The stock has a market cap of $4.30 billion, a PE ratio of 24.06 and a beta of 0.88. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.14 and a current ratio of 2.10.

Acushnet (NYSE:GOLF - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.89 EPS for the quarter, beating 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 business had revenue of $620.50 million for the quarter, compared to the consensus estimate of $620.40 million. During the same quarter in the prior year, the business earned $0.85 earnings per share. Acushnet's revenue for the quarter was up 4.6% on a year-over-year basis. On average, sell-side analysts expect that Acushnet Holdings Corp. will post 3.06 earnings per share for the current fiscal year.

Acushnet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 6th were issued a $0.215 dividend. This represents a $0.86 annualized dividend and a yield of 1.22%. The ex-dividend date was Friday, December 6th. Acushnet's dividend payout ratio (DPR) is currently 29.25%.

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.