Alps Advisors Inc. raised its position in shares of Callaway Golf Company (NYSE:ELY) by 0.3% during the second quarter, according to its most recent filing with the SEC. The fund owned 44,544 shares of the company’s stock after buying an additional 114 shares during the period. Alps Advisors Inc.’s holdings in Callaway Golf were worth $569,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. First Trust Advisors LP boosted its stake in Callaway Golf by 97.6% in the first quarter. First Trust Advisors LP now owns 124,061 shares of the company’s stock worth $1,373,000 after buying an additional 61,269 shares during the period. Prescott Group Capital Management L.L.C. acquired a new stake in Callaway Golf during the first quarter worth $1,052,000. Great West Life Assurance Co. Can boosted its stake in Callaway Golf by 6.1% in the first quarter. Great West Life Assurance Co. Can now owns 132,248 shares of the company’s stock worth $1,462,000 after buying an additional 7,624 shares during the period. Monarch Partners Asset Management LLC acquired a new stake in Callaway Golf during the first quarter worth $4,209,000. Finally, Wells Fargo & Company MN boosted its stake in Callaway Golf by 6.7% in the first quarter. Wells Fargo & Company MN now owns 1,272,874 shares of the company’s stock worth $14,090,000 after buying an additional 79,764 shares during the period. 85.02% of the stock is currently owned by institutional investors.
Shares of Callaway Golf Company (ELY) opened at 13.07 on Tuesday. Callaway Golf Company has a one year low of $9.77 and a one year high of $13.70. The company’s 50-day moving average price is $12.76 and its 200 day moving average price is $11.95. The company has a market cap of $1.23 billion, a PE ratio of 7.22 and a beta of 1.20.
Callaway Golf (NYSE:ELY) last announced its earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ 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 company had revenue of $304.50 million for the quarter, compared to analyst estimates of $295.70 million. During the same period in the prior year, the business earned $0.36 earnings per share. Callaway Golf’s quarterly revenue was up 24.0% on a year-over-year basis. Equities analysts forecast that Callaway Golf Company will post $0.44 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Tuesday, August 22nd will be given a dividend of $0.01 per share. The ex-dividend date is Friday, August 18th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.31%. Callaway Golf’s payout ratio is 2.20%.
A number of equities research analysts have recently weighed in on the company. Compass Point cut Callaway Golf from a “buy” rating to a “neutral” rating and lifted their price target for the company from $13.60 to $13.75 in a report on Monday, August 7th. Forward View cut Callaway Golf to a “hold” rating and set a $14.00 price target on the stock. in a report on Saturday, August 5th. Jefferies Group LLC set a $18.00 price target on Callaway Golf and gave the company a “buy” rating in a report on Friday, August 4th. Imperial Capital reaffirmed an “outperform” rating and set a $16.00 price target (up previously from $14.50) on shares of Callaway Golf in a report on Wednesday, August 9th. Finally, FBR & Co set a $14.00 price target on Callaway Golf and gave the company a “buy” rating in a report on Saturday, May 6th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Callaway Golf has an average rating of “Buy” and an average target price of $14.90.
In other news, SVP Alan Hocknell sold 57,138 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $1,530,098.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Oliver G. Brewer III sold 131,884 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 291,399 shares in the company, valued at $3,878,520.69. The disclosure for this sale can be found here. 2.59% of the stock is currently owned by corporate 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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