Comerica Bank decreased its position in Callaway Golf Company (NYSE:ELY) by 5.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 100,028 shares of the company’s stock after selling 5,999 shares during the quarter. Comerica Bank owned approximately 0.11% of Callaway Golf worth $1,264,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in ELY. BlackRock Inc. raised its position in shares of Callaway Golf by 56,247.6% in the first quarter. BlackRock Inc. now owns 11,700,569 shares of the company’s stock valued at $129,526,000 after purchasing an additional 11,679,804 shares during the period. Naya Capital Management UK Ltd. raised its position in shares of Callaway Golf by 42.8% in the first quarter. Naya Capital Management UK Ltd. now owns 3,089,460 shares of the company’s stock valued at $34,200,000 after purchasing an additional 926,385 shares during the period. Platinum Investment Management Ltd. raised its position in shares of Callaway Golf by 41.6% in the first quarter. Platinum Investment Management Ltd. now owns 2,327,400 shares of the company’s stock valued at $25,764,000 after purchasing an additional 683,900 shares during the period. Kennedy Capital Management Inc. raised its position in shares of Callaway Golf by 161.1% in the first quarter. Kennedy Capital Management Inc. now owns 973,299 shares of the company’s stock valued at $10,774,000 after purchasing an additional 600,557 shares during the period. Finally, Hodges Capital Management Inc. bought a new position in shares of Callaway Golf in the second quarter valued at approximately $5,934,000. 87.63% of the stock is currently owned by institutional investors.
In other Callaway Golf news, insider Oliver G. Brewer III sold 131,884 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $13.31, for a total transaction of $1,755,376.04. Following the completion of the sale, the insider now owns 291,399 shares of the company’s stock, valued at approximately $3,878,520.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Alan Hocknell sold 57,138 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $13.30, for a total value of $759,935.40. Following the sale, the senior vice president now directly owns 115,045 shares of the company’s stock, valued at approximately $1,530,098.50. The disclosure for this sale can be found here. Insiders have sold a total of 281,113 shares of company stock valued at $3,792,388 in the last ninety days. Insiders own 2.59% of the company’s stock.
Shares of Callaway Golf Company (NYSE:ELY) opened at 14.02 on Friday. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 7.75 and a beta of 1.18. The firm has a 50-day moving average of $13.30 and a 200 day moving average of $12.35. Callaway Golf Company has a one year low of $9.77 and a one year high of $14.13.
Callaway Golf (NYSE:ELY) last announced its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.05. Callaway Golf had a return on equity of 6.60% and a net margin of 18.09%. The business had revenue of $304.50 million during the quarter, compared to the consensus estimate of $295.70 million. During the same quarter last year, the firm posted $0.36 EPS. The company’s quarterly revenue was up 24.0% on a year-over-year basis. Equities research analysts anticipate that Callaway Golf Company will post $0.44 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Tuesday, August 22nd were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.29%. The ex-dividend date of this dividend was Friday, August 18th. Callaway Golf’s dividend payout ratio is 2.20%.
A number of research firms have recently commented on ELY. Imperial Capital reissued an “outperform” rating and issued a $16.00 price target (up previously from $14.50) on shares of Callaway Golf in a research report on Wednesday, August 9th. Cowen and Company began coverage on shares of Callaway Golf in a research report on Wednesday, June 14th. They issued a “market perform” rating and a $14.00 price target on the stock. Aegis reaffirmed a “buy” rating on shares of Callaway Golf in a research report on Monday, September 4th. Compass Point lowered shares of Callaway Golf from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $13.60 to $13.75 in a research report on Monday, August 7th. Finally, Forward View lowered shares of Callaway Golf to a “hold” rating and set a $14.00 target price on the stock. in a research report on Saturday, August 5th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Callaway Golf currently has an average rating of “Buy” and an average price target of $14.98.
Callaway Golf Profile
Callaway Golf Company designs, manufactures and sells golf clubs, golf balls, golf bags and other golf-related accessories. The Company has two segments: the golf clubs segment and golf balls segment. The golf clubs segment consists of its woods, hybrids, irons and wedges, and Odyssey putters. This segment also includes other golf-related accessories, royalties from licensing of its trademarks and service marks and sales of pre-owned golf clubs.
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