Prudential Financial Inc. cut its position in Callaway Golf Company (NYSE:ELY) by 19.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 161,437 shares of the company’s stock after selling 40,007 shares during the period. Prudential Financial Inc. owned 0.17% of Callaway Golf worth $1,787,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of ELY. State of Alaska Department of Revenue increased its stake in shares of Callaway Golf by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 10,440 shares of the company’s stock worth $115,000 after buying an additional 260 shares during the period. Tudor Investment Corp Et Al acquired a new stake in shares of Callaway Golf during the fourth quarter worth about $149,000. First Citizens Bank & Trust Co. acquired a new stake in shares of Callaway Golf during the first quarter worth about $169,000. Suntrust Banks Inc. increased its stake in shares of Callaway Golf by 2.5% in the first quarter. Suntrust Banks Inc. now owns 18,036 shares of the company’s stock worth $199,000 after buying an additional 441 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Callaway Golf by 0.4% in the fourth quarter. AQR Capital Management LLC now owns 19,804 shares of the company’s stock worth $217,000 after buying an additional 77 shares during the last quarter. 86.26% of the stock is owned by institutional investors and hedge funds.

Callaway Golf Company (NYSE ELY) traded up 8.26% during midday trading on Friday, reaching $13.50. The company had a trading volume of 3,842,350 shares. Callaway Golf Company has a 12 month low of $9.77 and a 12 month high of $13.70. The firm has a market capitalization of $1.27 billion, a PE ratio of 7.30 and a beta of 1.20. The firm’s 50-day moving average price is $12.56 and its 200 day moving average price is $11.80.

Callaway Golf (NYSE:ELY) last released its earnings results on Thursday, August 3rd. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.05. Callaway Golf had a return on equity of 7.33% and a net margin of 19.56%. The company had revenue of $304.50 million for the quarter, compared to the consensus estimate of $295.70 million. During the same quarter last year, the business posted $0.36 EPS. Callaway Golf’s quarterly revenue was up 24.0% compared to the same quarter last year. Equities analysts anticipate that Callaway Golf Company will post $0.36 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Tuesday, August 22nd will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date is Friday, August 18th. Callaway Golf’s dividend payout ratio is presently 2.16%.

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A number of analysts recently issued reports on ELY shares. Morgan Stanley downgraded Callaway Golf from an “overweight” rating to an “equal weight” rating in a research report on Monday, April 17th. Zacks Investment Research raised Callaway Golf from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research report on Tuesday, April 18th. FBR & Co set a $14.00 price objective on Callaway Golf and gave the stock a “buy” rating in a research report on Saturday, May 6th. Imperial Capital raised their target price on Callaway Golf from $13.00 to $14.50 and gave the company an “outperform” rating in a report on Tuesday, May 23rd. Finally, Jefferies Group LLC set a $17.00 price objective on Callaway Golf and gave the company a “buy” rating in a research note on Tuesday, June 6th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Callaway Golf presently has a consensus rating of “Buy” and a consensus price target of $14.38.

In other news, Director Anthony S. Thornley sold 10,698 shares of the stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $12.75, for a total transaction of $136,399.50. Following the sale, the director now directly owns 49,790 shares in the company, valued at approximately $634,822.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Neil Howie sold 37,069 shares of the stock in a transaction that occurred on Thursday, May 11th. The stock was sold at an average price of $13.10, for a total value of $485,603.90. The disclosure for this sale can be found here. Insiders have sold a total of 77,971 shares of company stock worth $1,004,990 over the last quarter. Insiders own 2.59% of the company’s stock.

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.

Institutional Ownership by Quarter for Callaway Golf (NYSE:ELY)

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