Wells Fargo & Company MN Cuts Stock Position in Acushnet Holdings Corp. (NYSE:GOLF)

Wells Fargo & Company MN trimmed its stake in Acushnet Holdings Corp. (NYSE:GOLF - Free Report) by 4.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 945,490 shares of the company's stock after selling 45,005 shares during the period. Wells Fargo & Company MN owned 1.56% of Acushnet worth $67,205,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its holdings in Acushnet by 5.3% in the fourth quarter. JPMorgan Chase & Co. now owns 1,078,416 shares of the company's stock worth $76,654,000 after purchasing an additional 54,314 shares in the last quarter. Principal Financial Group Inc. lifted its position in Acushnet by 1.0% during the fourth quarter. Principal Financial Group Inc. now owns 1,024,023 shares of the company's stock valued at $72,783,000 after acquiring an additional 10,166 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Acushnet in the fourth quarter valued at approximately $62,713,000. FMR LLC grew its holdings in Acushnet by 2.5% in the third quarter. FMR LLC now owns 441,069 shares of the company's stock worth $28,118,000 after purchasing an additional 10,762 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Acushnet by 0.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 361,744 shares of the company's stock worth $25,713,000 after purchasing an additional 2,793 shares in the last quarter. 53.12% of the stock is currently owned by hedge funds and other institutional investors.

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Acushnet Stock Performance

GOLF traded up $0.29 during trading on Monday, reaching $62.03. 93,085 shares of the company's stock were exchanged, compared to its average volume of 366,051. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.10 and a quick ratio of 1.14. Acushnet Holdings Corp. has a 1 year low of $55.31 and a 1 year high of $76.65. The company's fifty day simple moving average is $65.41 and its 200-day simple moving average is $67.48. The stock has a market capitalization of $3.72 billion, a P/E ratio of 21.10 and a beta of 0.84.

Acushnet (NYSE:GOLF - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.33) by $0.31. The company had revenue of $445.17 billion during the quarter, compared to the consensus estimate of $454.83 million. Acushnet had a net margin of 7.78% and a return on equity of 21.45%. As a group, research analysts predict that Acushnet Holdings Corp. will post 3.06 earnings per share for the current fiscal year.

Acushnet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were given a dividend of $0.235 per share. This is a boost from Acushnet's previous quarterly dividend of $0.22. This represents a $0.94 annualized dividend and a yield of 1.52%. The ex-dividend date of this dividend was Friday, March 7th. Acushnet's dividend payout ratio (DPR) is currently 28.23%.

Insider Buying and Selling at Acushnet

In related news, insider Steven Francis Pelisek sold 20,000 shares of Acushnet stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $70.86, for a total value of $1,417,200.00. Following the completion of the transaction, the insider now owns 96,006 shares in the company, valued at $6,802,985.16. The trade was a 17.24 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 54.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on GOLF. JPMorgan Chase & Co. downgraded Acushnet from a "neutral" rating to an "underweight" rating and dropped their target price for the stock from $69.00 to $64.00 in a research note on Thursday, January 23rd. StockNews.com downgraded shares of Acushnet from a "buy" rating to a "hold" rating in a report on Saturday, March 8th. Compass Point upgraded shares of Acushnet from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $77.00 to $80.00 in a research note on Tuesday, March 4th. KeyCorp cut their price target on shares of Acushnet from $80.00 to $77.00 and set an "overweight" rating on the stock in a research note on Friday, February 28th. Finally, Truist Financial lowered their price objective on shares of Acushnet from $68.00 to $64.00 and set a "hold" rating for the company in a research note on Monday. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $72.00.

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.