Suntrust Banks Inc. raised its stake in Callaway Golf Company (NYSE:ELY) by 2.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,036 shares of the company’s stock after buying an additional 441 shares during the period. Suntrust Banks Inc.’s holdings in Callaway Golf Company were worth $199,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in ELY. Scopus Asset Management L.P. purchased a new stake in Callaway Golf Company during the third quarter worth approximately $30,767,000. Norges Bank bought a new position in shares of Callaway Golf Company during the fourth quarter worth about $12,313,000. Thornburg Investment Management Inc. bought a new position in shares of Callaway Golf Company during the fourth quarter worth about $10,601,000. FMR LLC raised its position in shares of Callaway Golf Company by 20.9% in the fourth quarter. FMR LLC now owns 4,305,000 shares of the company’s stock worth $47,183,000 after buying an additional 742,800 shares during the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in Callaway Golf Company during the fourth quarter worth $4,563,000. 87.65% of the stock is owned by hedge funds and other institutional investors.
Callaway Golf Company (ELY) opened at 12.40 on Thursday. Callaway Golf Company has a 52 week low of $9.50 and a 52 week high of $13.35. The stock has a market cap of $1.16 billion, a P/E ratio of 6.70 and a beta of 1.21. The company has a 50-day moving average of $12.60 and a 200-day moving average of $11.54.
Callaway Golf Company (NYSE:ELY) last released its quarterly earnings data on Thursday, May 4th. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.08. The business had revenue of $309 million for the quarter, compared to analysts’ expectations of $283.68 million. Callaway Golf Company had a return on equity of 7.33% and a net margin of 19.56%. Callaway Golf Company’s quarterly revenue was up 12.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.26 earnings per share. On average, analysts predict that Callaway Golf Company will post $0.35 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 13th. Stockholders of record on Tuesday, May 23rd were given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date was Friday, May 19th. Callaway Golf Company’s dividend payout ratio is presently 2.16%.
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A number of research firms have recently weighed in on ELY. FBR & Co set a $14.00 price objective on shares of Callaway Golf Company and gave the stock a “buy” rating in a research note on Saturday, May 6th. Cowen and Company started coverage on shares of Callaway Golf Company in a report on Wednesday. They set a “market perform” rating and a $14.00 price target on the stock. Imperial Capital increased their price objective on shares of Callaway Golf Company from $13.00 to $14.50 and gave the company an “outperform” rating in a report on Tuesday, May 23rd. Jefferies Group LLC set a $17.00 price objective on shares of Callaway Golf Company and gave the company a “buy” rating in a report on Tuesday, June 6th. Finally, Zacks Investment Research raised shares of Callaway Golf Company from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research note on Tuesday, April 18th. Three analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Callaway Golf Company presently has an average rating of “Buy” and a consensus price target of $14.21.
In related news, SVP Richard H. Arnett sold 30,204 shares of the business’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $12.68, for a total value of $382,986.72. Following the sale, the senior vice president now owns 13,070 shares of the company’s stock, valued at approximately $165,727.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Alex Mitchell Boezeman sold 200,820 shares of the business’s stock in a transaction on Tuesday, April 18th. The shares were sold at an average price of $11.75, for a total value of $2,359,635.00. Following the completion of the sale, the insider now directly owns 158,950 shares in the company, valued at approximately $1,867,662.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 459,480 shares of company stock worth $5,340,813. 2.59% of the stock is currently owned by company insiders.
About Callaway Golf Company
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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