AQR Capital Management LLC Lowers Stake in Callaway Golf Co (NYSE:ELY)

AQR Capital Management LLC cut its position in shares of Callaway Golf Co (NYSE:ELY) by 87.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,846 shares of the company’s stock after selling 135,426 shares during the quarter. AQR Capital Management LLC’s holdings in Callaway Golf were worth $323,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Landscape Capital Management L.L.C. purchased a new stake in Callaway Golf in the second quarter valued at approximately $7,735,000. Copper Rock Capital Partners LLC grew its holdings in Callaway Golf by 33.4% in the second quarter. Copper Rock Capital Partners LLC now owns 1,416,615 shares of the company’s stock valued at $24,309,000 after purchasing an additional 354,426 shares during the period. Rice Hall James & Associates LLC grew its holdings in Callaway Golf by 29.2% in the second quarter. Rice Hall James & Associates LLC now owns 876,567 shares of the company’s stock valued at $15,042,000 after purchasing an additional 197,927 shares during the period. Man Group plc grew its holdings in Callaway Golf by 179.9% in the second quarter. Man Group plc now owns 285,084 shares of the company’s stock valued at $4,892,000 after purchasing an additional 183,243 shares during the period. Finally, Northern Trust Corp grew its holdings in Callaway Golf by 7.4% in the second quarter. Northern Trust Corp now owns 2,289,361 shares of the company’s stock valued at $39,286,000 after purchasing an additional 158,155 shares during the period. Institutional investors and hedge funds own 94.94% of the company’s stock.

ELY has been the subject of a number of recent analyst reports. Compass Point set a $21.00 target price on shares of Callaway Golf and gave the company a “buy” rating in a report on Wednesday. Zacks Investment Research downgraded shares of Callaway Golf from a “buy” rating to a “hold” rating in a report on Wednesday. Stephens upgraded shares of Callaway Golf from an “equal” rating to a “weight” rating and boosted their target price for the company from $18.00 to $21.50 in a report on Friday, August 9th. ValuEngine downgraded shares of Callaway Golf from a “buy” rating to a “hold” rating in a report on Tuesday, October 1st. Finally, B. Riley set a $30.00 target price on shares of Callaway Golf and gave the company a “buy” rating in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Callaway Golf currently has an average rating of “Buy” and an average price target of $22.75.

Shares of ELY stock opened at $20.18 on Friday. The stock has a market cap of $1.86 billion, a price-to-earnings ratio of 18.86, a price-to-earnings-growth ratio of 0.70 and a beta of 1.26. The company has a quick ratio of 0.92, a current ratio of 1.70 and a debt-to-equity ratio of 0.80. Callaway Golf Co has a fifty-two week low of $14.44 and a fifty-two week high of $24.38. The firm’s 50 day moving average price is $18.53 and its two-hundred day moving average price is $17.37.

Callaway Golf (NYSE:ELY) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.12. The firm had revenue of $446.71 million for the quarter, compared to analysts’ expectations of $430.12 million. Callaway Golf had a net margin of 4.17% and a return on equity of 9.95%. Callaway Golf’s revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.63 earnings per share. On average, equities analysts forecast that Callaway Golf Co will post 1.07 EPS for the current fiscal year.

Callaway Golf declared that its Board of Directors has authorized a share repurchase plan on Thursday, August 8th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 5.9% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

In other Callaway Golf news, EVP Richard H. Arnett sold 13,137 shares of Callaway Golf stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $20.00, for a total transaction of $262,740.00. Following the transaction, the executive vice president now directly owns 31,276 shares of the company’s stock, valued at $625,520. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.97% of the company’s stock.

About Callaway Golf

Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs, golf balls, golf bags, and other golf-related accessories. The company operates through three segments: Golf Clubs; Golf Balls; and Gear, Accessories and Other. The Golf Clubs segment provides golf drivers and fairway woods, hybrids, irons and wedges, putters, packaged sets, and pre-owned golf clubs.

Recommended Story: Day Trading – Risk Worth the Reward?

Want to see what other hedge funds are holding ELY? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Callaway Golf Co (NYSE:ELY).

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

Receive News & Ratings for Callaway Golf Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Callaway Golf and related companies with MarketBeat.com's FREE daily email newsletter.