Capital Fund Management S.A. lessened its stake in Callaway Golf Company (NYSE:ELY) by 45.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 27,600 shares of the company’s stock after selling 23,150 shares during the quarter. Capital Fund Management S.A.’s holdings in Callaway Golf were worth $353,000 as of its most recent filing with the SEC.
Other institutional investors also recently modified their holdings of the company. Koch Industries Inc. acquired a new stake in shares of Callaway Golf in the 1st quarter valued at about $162,000. Suntrust Banks Inc. raised its stake in shares of Callaway Golf by 2.5% in the 1st quarter. Suntrust Banks Inc. now owns 18,036 shares of the company’s stock valued at $199,000 after purchasing an additional 441 shares in the last quarter. State of Alaska Department of Revenue raised its stake in shares of Callaway Golf by 77.9% in the 2nd quarter. State of Alaska Department of Revenue now owns 18,572 shares of the company’s stock valued at $237,000 after purchasing an additional 8,132 shares in the last quarter. Atria Investments LLC raised its stake in shares of Callaway Golf by 1.5% in the 2nd quarter. Atria Investments LLC now owns 19,633 shares of the company’s stock valued at $251,000 after purchasing an additional 283 shares in the last quarter. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Callaway Golf in the 2nd quarter valued at about $268,000. Institutional investors and hedge funds own 87.46% of the company’s stock.
A number of equities research analysts have recently issued reports on ELY shares. Zacks Investment Research upgraded shares of Callaway Golf from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research note on Monday, August 7th. Jefferies Group LLC set a $17.00 target price on shares of Callaway Golf and gave the company a “buy” rating in a research note on Tuesday, June 6th. BidaskClub upgraded shares of Callaway Golf from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. Aegis assumed coverage on shares of Callaway Golf in a research note on Friday, August 25th. They issued a “buy” rating and a $16.00 target price on the stock. Finally, KeyCorp reiterated a “buy” rating and set a $16.00 price objective on shares of Callaway Golf in a research note on Thursday, August 31st. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Callaway Golf has an average rating of “Buy” and an average target price of $15.15.
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Shares of Callaway Golf Company (NYSE ELY) opened at 14.02 on Tuesday. Callaway Golf Company has a 52 week low of $9.77 and a 52 week high of $14.13. The firm 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 $13.34 and a 200 day moving average of $12.41.
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 net margin of 18.09% and a return on equity of 6.60%. The firm had revenue of $304.50 million during the quarter, compared to the consensus estimate of $295.70 million. During the same period last year, the firm posted $0.36 EPS. The firm’s quarterly revenue was up 24.0% on a year-over-year basis. Equities analysts predict that Callaway Golf Company will post $0.44 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Investors 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 currently 2.20%.
In related news, insider Oliver G. Brewer III sold 131,884 shares of Callaway Golf stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $13.31, for a total transaction of $1,755,376.04. Following the completion of the transaction, the insider now directly 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 Callaway Golf stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $13.30, for a total transaction of $759,935.40. Following the transaction, the senior vice president now directly owns 115,045 shares of the company’s stock, valued at $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 over the last three months. 2.59% of the stock is currently owned by insiders.
About Callaway Golf
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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