Principal Financial Group Inc. Boosts Stock Position in Acushnet Holdings Corp. (NYSE:GOLF)

Principal Financial Group Inc. increased its position in shares of Acushnet Holdings Corp. (NYSE:GOLF - Free Report) by 6.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,013,857 shares of the company's stock after buying an additional 63,294 shares during the period. Principal Financial Group Inc. owned 1.61% of Acushnet worth $64,632,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cannon Global Investment Management LLC raised its position in shares of Acushnet by 63.8% in the 3rd quarter. Cannon Global Investment Management LLC now owns 9,500 shares of the company's stock worth $606,000 after acquiring an additional 3,700 shares in the last quarter. Phillips Wealth Planners LLC acquired a new stake in Acushnet during the third quarter worth approximately $204,000. Farther Finance Advisors LLC increased its holdings in Acushnet by 9.7% in 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. US Bancorp DE increased its holdings in Acushnet by 8.2% in 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. Finally, Semanteon Capital Management LP acquired a new position in Acushnet in the third quarter valued at approximately $598,000. Institutional investors and hedge funds own 53.12% of the company's stock.

Acushnet Stock Up 2.1 %

Shares of Acushnet stock traded up $1.52 during trading hours on Friday, reaching $72.53. The company's stock had a trading volume of 472,807 shares, compared to its average volume of 293,039. The company has a market capitalization of $4.48 billion, a P/E ratio of 24.67 and a beta of 0.85. The stock's fifty day simple moving average is $63.73 and its two-hundred day simple moving average is $64.71. Acushnet Holdings Corp. has a one year low of $53.68 and a one year high of $76.38. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.27 and a current ratio of 2.28.

Acushnet (NYSE:GOLF - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.79 by $0.10. The business had revenue of $620.50 million for the quarter, compared to analysts' expectations of $620.40 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 up 4.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.85 EPS. On average, research analysts forecast that Acushnet Holdings Corp. will post 3.02 earnings per share for the current year.

Acushnet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be given a $0.215 dividend. This represents a $0.86 dividend on an annualized basis and a yield of 1.19%. The ex-dividend date is Friday, December 6th. Acushnet's payout ratio is currently 29.25%.

Wall Street Analysts Forecast Growth

GOLF has been the subject of several research analyst reports. Jefferies Financial Group lowered shares of Acushnet from a "buy" rating to a "hold" rating and lowered their price objective for the company from $86.00 to $75.00 in a research note on Tuesday, September 17th. Truist Financial lifted their price target on shares of Acushnet from $65.00 to $68.00 and gave the company a "hold" rating in a research note on Friday. Finally, Compass Point cut their price objective on shares of Acushnet from $78.00 to $76.00 and set a "buy" rating on the stock in a research report on Wednesday, August 7th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $71.40.

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.