EU and US could reach trade deal this weekend - Reuters
Misto Holdings Corp., a significant stakeholder in Acushnet Holdings Corp . (NYSE:GOLF), has sold a substantial portion of its shares in the company. According to a recent SEC filing, Misto Holdings sold 935,907 shares of Acushnet at a price of $66.7803 per share, amounting to a total transaction value of approximately $62.5 million. The transaction comes as Acushnet, currently valued at $3.64 billion, maintains a GOOD financial health score according to InvestingPro analysis.
Following this transaction, Misto Holdings, through its subsidiary Magnus Holdings Co., Ltd., retains ownership of 30,477,059 shares of Acushnet. This transaction was conducted under a Stock Repurchase Agreement with Acushnet Holdings Corp., dated June 14, 2024. InvestingPro data reveals management has been aggressively buying back shares, while maintaining a consistent dividend payment track record for 9 consecutive years.
Magnus Holdings Co., Ltd. is directly linked to Misto Holdings, as Misto is the sole shareholder of Magnus. Despite this connection, both entities have disclaimed any beneficial ownership of the securities, except for their pecuniary interest.
The sale reflects Misto Holdings' ongoing management of its investment in Acushnet, a leading manufacturer in the golf industry.
In other recent news, Acushnet Holdings Corp reported its fourth-quarter 2024 financial results, surpassing expectations with an earnings per share of -$0.02, compared to the anticipated -$0.33. The company's revenue also exceeded forecasts, reaching $455.2 million against the expected $448.76 million. KeyBanc Capital Markets adjusted its financial outlook on Acushnet, reducing the price target from $80.00 to $77.00, while maintaining its Overweight rating. Despite the price target cut, KeyBanc highlighted Acushnet's strong adjusted EBITDA performance, which exceeded expectations by $3.3 million.
The firm also noted that Acushnet's FY25 adjusted EBITDA guidance aligns closely with consensus estimates at approximately $413 million. Meanwhile, JPMorgan reiterated its Underweight rating on Acushnet with a price target of $64.00, citing a significant decline in golf rounds played, attributed to unfavorable weather conditions. This decline was observed in both public and private access rounds, with the first quarter showing a 7.9% year-over-year decrease. Analysts from both KeyBanc and JPMorgan emphasized the importance of weather and market dynamics, with KeyBanc noting the enduring popularity of golf as a positive factor for Acushnet.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.