Algert Global LLC Takes Position in Callaway Golf Company (ELY)
Algert Global LLC bought a new position in Callaway Golf Company (NYSE:ELY) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 178,997 shares of the company’s stock, valued at approximately $2,288,000. Algert Global LLC owned about 0.19% of Callaway Golf at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in Callaway Golf during the fourth quarter worth approximately $12,313,000. BlackRock Inc. raised its position in Callaway Golf by 56,247.6% in the first quarter. BlackRock Inc. now owns 11,700,569 shares of the company’s stock worth $129,526,000 after buying an additional 11,679,804 shares in the last quarter. Highbridge Capital Management LLC acquired a new position in Callaway Golf during the fourth quarter worth about $451,000. Dynamic Technology Lab Private Ltd raised its position in Callaway Golf by 6.3% in the first quarter. Dynamic Technology Lab Private Ltd now owns 37,917 shares of the company’s stock worth $419,000 after buying an additional 2,261 shares in the last quarter. Finally, Engineers Gate Manager LP acquired a new position in Callaway Golf during the first quarter worth about $1,209,000. Institutional investors own 85.99% of the company’s stock.
Callaway Golf Company (ELY) opened at 13.50 on Monday. Callaway Golf Company has a 12-month low of $9.77 and a 12-month high of $13.70. The stock’s 50 day moving average is $12.56 and its 200 day moving average is $11.80. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 7.30 and a beta of 1.20.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ 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 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 company earned $0.36 earnings per share. The company’s revenue for the quarter was up 24.0% on a year-over-year basis. Equities research analysts forecast that Callaway Golf Company will post $0.36 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Tuesday, August 22nd will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.30%. The ex-dividend date is Friday, August 18th. Callaway Golf’s dividend payout ratio is presently 2.20%.
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A number of research firms have issued reports on ELY. Compass Point lowered shares of Callaway Golf from a “buy” rating to a “neutral” rating in a research report on Monday. FBR & Co set a $14.00 price target on shares of Callaway Golf and gave the stock a “buy” rating in a research report on Saturday, May 6th. Cowen and Company began coverage on shares of Callaway Golf in a research report on Wednesday, June 14th. They set a “market perform” rating and a $14.00 price target for the company. Jefferies Group LLC set a $17.00 price target on shares of Callaway Golf and gave the stock a “buy” rating in a research report on Tuesday, June 6th. Finally, Forward View lowered shares of Callaway Golf to a “hold” rating and set a $14.00 price target for the company. in a research report on Saturday. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $14.42.
In related news, SVP Alan Hocknell sold 57,138 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $13.30, for a total transaction of $759,935.40. Following the completion of the sale, the senior vice president now directly owns 115,045 shares of the company’s stock, valued at $1,530,098.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Neil Howie sold 37,069 shares of the stock in a transaction 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. Over the last ninety days, insiders have sold 226,091 shares of company stock valued at $3,000,915. Corporate 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.
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