Cannon Global Investment Management LLC Sells 2,101 Shares of Acushnet Holdings Corp. (NYSE:GOLF)

Cannon Global Investment Management LLC cut its stake in shares of Acushnet Holdings Corp. (NYSE:GOLF) by 22.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 7,399 shares of the company’s stock after selling 2,101 shares during the period. Cannon Global Investment Management LLC’s holdings in Acushnet were worth $526,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of GOLF. Raymond James Financial Inc. bought a new stake in shares of Acushnet during the 4th quarter worth $62,713,000. Jane Street Group LLC raised its position in Acushnet by 702.1% in the third quarter. Jane Street Group LLC now owns 508,705 shares of the company’s stock worth $32,430,000 after acquiring an additional 445,281 shares during the period. Point72 Asset Management L.P. raised its position in Acushnet by 258.9% in the third quarter. Point72 Asset Management L.P. now owns 266,200 shares of the company’s stock worth $16,970,000 after acquiring an additional 192,034 shares during the period. 12th Street Asset Management Company LLC raised its holdings in shares of Acushnet by 170.1% in the 4th quarter. 12th Street Asset Management Company LLC now owns 120,883 shares of the company’s stock worth $8,592,000 after purchasing an additional 76,126 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in shares of Acushnet by 6.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,013,857 shares of the company’s stock worth $64,632,000 after purchasing an additional 63,294 shares during the period. 53.12% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

GOLF has been the topic of several research reports. StockNews.com lowered Acushnet from a “buy” rating to a “hold” rating in a research note on Saturday, March 8th. Compass Point raised shares of Acushnet from a “neutral” rating to a “buy” rating and boosted their target price for the company from $77.00 to $80.00 in a report on Tuesday, March 4th. JPMorgan Chase & Co. cut shares of Acushnet from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $69.00 to $64.00 in a report on Thursday, January 23rd. Finally, KeyCorp decreased their price objective on Acushnet from $80.00 to $77.00 and set an “overweight” rating on the stock in a research note on Friday, February 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $72.80.

Acushnet Trading Down 1.1 %

Shares of GOLF stock opened at $65.53 on Monday. Acushnet Holdings Corp. has a 52-week low of $58.54 and a 52-week high of $76.65. The business’s fifty day moving average is $67.52 and its 200 day moving average is $67.59. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.14 and a current ratio of 2.10. The company has a market capitalization of $3.93 billion, a PE ratio of 22.29 and a beta of 0.79.

Acushnet (NYSE:GOLF) last issued its quarterly 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. Acushnet had a return on equity of 21.45% and a net margin of 7.78%. The firm had revenue of $445.17 billion during the quarter, compared to the consensus estimate of $454.83 million. On average, equities research analysts anticipate that Acushnet Holdings Corp. will post 3.06 EPS for the current fiscal year.

Acushnet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were issued a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.43%. This is a boost from Acushnet’s previous quarterly dividend of $0.22. The ex-dividend date was Friday, March 7th. Acushnet’s dividend payout ratio (DPR) is currently 28.23%.

Insiders Place Their Bets

In other 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 transaction, the insider now owns 96,006 shares in the company, valued at approximately $6,802,985.16. The trade was a 17.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 54.60% of the company’s stock.

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.