David Eugene Maher, the President and CEO of Acushnet Holdings Corp . (NYSE:GOLF), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Maher sold 13,936 shares of common stock on November 13 at a weighted average price of $69.3529 per share. The following day, November 14, he sold an additional 13,313 shares at a weighted average price of $69.0186 per share. The transactions, conducted at prices ranging from $68.745 to $69.69, amounted to a total value of approximately $1.89 million. Following these sales, Maher retains ownership of 804,028 shares in the company.
In other recent news, Acushnet Company reported a rise in Q3 net sales and adjusted EBITDA in their third quarter 2024 earnings call. The company's net sales increased by 5% to $621 million, and adjusted EBITDA rose by 9% to $107 million, compared to the same period last year. This growth was mainly driven by a 19% increase in Titleist Golf Club sales, offsetting a slight drop in Titleist Golf Ball (NYSE:BALL) sales.
Acushnet also announced a revised adjusted EBITDA outlook for the year, a restructuring of its reporting segments, and a substantial share repurchase authorization. The company is transitioning FootJoy footwear production to a new facility in Vietnam.
Despite experiencing a decline in international sales in EMEA and only minor growth in Japan, U.S. market sales grew by 6%. The company also expects year-over-year sales growth in all segments except Golf Balls in Q4. These are some of the recent developments regarding Acushnet Company.
InvestingPro Insights
While David Eugene Maher's recent stock sales might raise eyebrows, a deeper look at Acushnet Holdings Corp. (NYSE:GOLF) reveals a company with solid financial footing and a history of shareholder-friendly policies. According to InvestingPro data, Acushnet boasts a market capitalization of $4.21 billion and a price-to-earnings ratio of 23.56, suggesting investors are willing to pay a premium for the company's earnings.
InvestingPro Tips highlight that Acushnet has raised its dividend for 8 consecutive years and maintained dividend payments for the same period. This commitment to shareholder returns is further underscored by management's aggressive share buyback program. These actions align with the company's strong financial position, as liquid assets exceed short-term obligations, and Acushnet operates with a moderate level of debt.
The company's financial health is reflected in its profitability metrics. With a gross profit margin of 53.48% and an operating income margin of 11.9% for the last twelve months as of Q3 2023, Acushnet demonstrates efficient operations and pricing power in the competitive golf equipment market.
Investors seeking a more comprehensive analysis can access additional insights through InvestingPro, which offers 10 more tips for Acushnet Holdings Corp., providing a fuller picture of the company's prospects and potential risks.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.