Navellier & Associates Inc acquired a new position in Callaway Golf Co (NYSE:ELY) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 52,641 shares of the company’s stock, valued at approximately $999,000. Navellier & Associates Inc owned 0.06% of Callaway Golf at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of the business. EAM Investors LLC purchased a new position in shares of Callaway Golf during the second quarter valued at approximately $3,120,000. Engineers Gate Manager LP raised its holdings in Callaway Golf by 25.7% in the 2nd quarter. Engineers Gate Manager LP now owns 108,348 shares of the company’s stock worth $2,055,000 after acquiring an additional 22,126 shares during the last quarter. Sei Investments Co. raised its holdings in Callaway Golf by 189.7% in the 2nd quarter. Sei Investments Co. now owns 87,198 shares of the company’s stock worth $1,654,000 after acquiring an additional 57,098 shares during the last quarter. Cavalier Investments LLC purchased a new position in Callaway Golf in the 2nd quarter worth approximately $534,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Callaway Golf in the 2nd quarter worth approximately $379,000. Institutional investors and hedge funds own 87.40% of the company’s stock.
Shares of NYSE ELY opened at $22.35 on Friday. Callaway Golf Co has a twelve month low of $12.64 and a twelve month high of $23.60. The company has a market capitalization of $2.10 billion, a P/E ratio of 42.17, a PEG ratio of 0.89 and a beta of 0.99. The company has a quick ratio of 1.08, a current ratio of 1.84 and a debt-to-equity ratio of 0.01.
Callaway Golf (NYSE:ELY) last posted its earnings results on Thursday, August 2nd. The company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.16. Callaway Golf had a net margin of 8.70% and a return on equity of 16.39%. The business had revenue of $396.31 million during the quarter, compared to the consensus estimate of $371.30 million. During the same quarter in the previous year, the firm posted $0.34 EPS. The firm’s revenue was up 30.1% on a year-over-year basis. sell-side analysts expect that Callaway Golf Co will post 1 earnings per share for the current fiscal year.
Callaway Golf announced that its board has approved a share repurchase program on Wednesday, May 9th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Monday, August 13th will be given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.18%. The ex-dividend date of this dividend is Friday, August 10th. Callaway Golf’s dividend payout ratio (DPR) is presently 7.55%.
In other Callaway Golf news, VP Mark F. Leposky sold 21,768 shares of Callaway Golf stock in a transaction that occurred on Friday, May 25th. The shares were sold at an average price of $19.00, for a total value of $413,592.00. Following the completion of the sale, the vice president now owns 140,500 shares of the company’s stock, valued at approximately $2,669,500. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Mark F. Leposky sold 21,767 shares of Callaway Golf stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $21.74, for a total transaction of $473,214.58. Following the completion of the sale, the vice president now directly owns 140,499 shares of the company’s stock, valued at approximately $3,054,448.26. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,069 shares of company stock valued at $1,746,603. 2.59% of the stock is currently owned by insiders.
A number of equities analysts recently weighed in on the stock. Imperial Capital boosted their price objective on shares of Callaway Golf from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Tuesday, August 7th. They noted that the move was a valuation call. Compass Point set a $20.00 price objective on shares of Callaway Golf and gave the stock a “hold” rating in a report on Monday, August 6th. Cowen set a $21.00 price objective on shares of Callaway Golf and gave the stock a “hold” rating in a report on Sunday, August 5th. SunTrust Banks restated a “buy” rating and issued a $24.00 price objective on shares of Callaway Golf in a report on Friday, August 3rd. Finally, Roth Capital boosted their price objective on shares of Callaway Golf from $20.00 to $24.00 and gave the stock a “buy” rating in a report on Friday, August 3rd. Five research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $21.00.
Callaway Golf Profile
Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs, golf balls, golf bags, and other golf-related accessories in the United States and internationally. The company operates through three segments: Golf Clubs; Golf Balls; and Gear, Accessories and Other.
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