Northpointe Capital LLC Boosts Stake in Callaway Golf Co. (ELY)
Northpointe Capital LLC increased its position in Callaway Golf Co. (NYSE:ELY) by 52.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,344,771 shares of the company’s stock after buying an additional 463,215 shares during the period. Callaway Golf comprises 1.6% of Northpointe Capital LLC’s portfolio, making the stock its 6th largest position. Northpointe Capital LLC owned approximately 1.43% of Callaway Golf worth $13,730,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in the company. Jacobs Levy Equity Management Inc. increased its stake in Callaway Golf by 73.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 299,000 shares of the company’s stock worth $2,727,000 after buying an additional 126,232 shares during the period. TIAA CREF Investment Management LLC increased its stake in Callaway Golf by 69.6% in the first quarter. TIAA CREF Investment Management LLC now owns 578,828 shares of the company’s stock worth $5,279,000 after buying an additional 237,480 shares during the period. Prudential Financial Inc. increased its stake in Callaway Golf by 6.9% in the first quarter. Prudential Financial Inc. now owns 222,037 shares of the company’s stock worth $2,025,000 after buying an additional 14,400 shares during the period. JPMorgan Chase & Co. increased its stake in Callaway Golf by 190.4% in the first quarter. JPMorgan Chase & Co. now owns 497,309 shares of the company’s stock worth $4,536,000 after buying an additional 326,074 shares during the period. Finally, BlackRock Group LTD increased its stake in Callaway Golf by 16.6% in the first quarter. BlackRock Group LTD now owns 91,827 shares of the company’s stock worth $837,000 after buying an additional 13,046 shares during the period. Institutional investors own 84.34% of the company’s stock.
Shares of Callaway Golf Co. (NYSE:ELY) traded down 0.26% on Monday, reaching $11.58. 884,412 shares of the company were exchanged. The stock has a 50 day moving average price of $11.56 and a 200-day moving average price of $10.27. The stock has a market capitalization of $1.09 billion, a P/E ratio of 29.32 and a beta of 1.30. Callaway Golf Co. has a 12 month low of $8.00 and a 12 month high of $11.90.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.06. Callaway Golf had a net margin of 4.53% and a return on equity of 8.69%. The firm had revenue of $245.60 million for the quarter, compared to analyst estimates of $242.49 million. During the same quarter in the prior year, the firm earned $0.15 EPS. The company’s revenue was up 6.6% on a year-over-year basis. On average, equities analysts expect that Callaway Golf Co. will post $0.44 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, August 25th were issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date of this dividend was Tuesday, August 23rd. Callaway Golf’s dividend payout ratio is currently 10.26%.
ELY has been the topic of a number of recent analyst reports. Forward View set a $14.50 price target on shares of Callaway Golf and gave the stock a “buy” rating in a research report on Wednesday, August 31st. KeyCorp restated a “buy” rating and set a $16.00 price target on shares of Callaway Golf in a research report on Friday, September 23rd. Jefferies Group restated a “buy” rating and set a $14.00 price target on shares of Callaway Golf in a research report on Tuesday, August 30th. Sterne Agee CRT reiterated a “buy” rating on shares of Callaway Golf in a report on Monday, June 6th. Finally, DA Davidson set a $14.00 target price on shares of Callaway Golf and gave the stock a “buy” rating in a report on Monday, August 29th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $13.07.
Callaway Golf Company 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 the Company’s trademarks and service marks and sales of pre-owned golf clubs.
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