Adirondack Research & Management Inc. lowered its holdings in shares of Callaway Golf Company (NYSE:ELY) by 30.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 340,472 shares of the company’s stock after selling 149,300 shares during the quarter. Callaway Golf makes up 1.9% of Adirondack Research & Management Inc.’s portfolio, making the stock its 19th biggest holding. Adirondack Research & Management Inc. owned approximately 0.36% of Callaway Golf worth $4,913,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Riverhead Capital Management LLC grew its position in shares of Callaway Golf by 69.9% during the second quarter. Riverhead Capital Management LLC now owns 8,326 shares of the company’s stock worth $106,000 after purchasing an additional 3,426 shares in the last quarter. C M Bidwell & Associates Ltd. purchased a new stake in shares of Callaway Golf during the second quarter worth about $109,000. Flinton Capital Management LLC grew its position in shares of Callaway Golf by 71.6% during the second quarter. Flinton Capital Management LLC now owns 11,322 shares of the company’s stock worth $145,000 after purchasing an additional 4,726 shares in the last quarter. Amalgamated Bank grew its position in shares of Callaway Golf by 1.3% during the second quarter. Amalgamated Bank now owns 12,821 shares of the company’s stock worth $164,000 after purchasing an additional 160 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. purchased a new stake in shares of Callaway Golf during the second quarter worth about $194,000. Hedge funds and other institutional investors own 88.69% of the company’s stock.
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In other news, SVP Alan Hocknell sold 41,051 shares of Callaway Golf stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $13.75, for a total value of $564,451.25. Following the completion of the transaction, the senior vice president now owns 73,227 shares in the company, valued at approximately $1,006,871.25. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Richard H. Arnett sold 8,070 shares of Callaway Golf stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $14.01, for a total value of $113,060.70. Following the completion of the transaction, the senior vice president now owns 5,000 shares of the company’s stock, valued at approximately $70,050. The disclosure for this sale can be found here. In the last quarter, insiders sold 121,941 shares of company stock valued at $1,714,848. Company insiders own 2.59% of the company’s stock.
Callaway Golf Company (ELY) traded up $0.19 during midday trading on Friday, reaching $14.14. The company’s stock had a trading volume of 422,302 shares, compared to its average volume of 893,381. The stock has a market cap of $1,336.74, a PE ratio of 27.73, a PEG ratio of 1.85 and a beta of 1.10. Callaway Golf Company has a fifty-two week low of $9.93 and a fifty-two week high of $15.63.
Callaway Golf (NYSE:ELY) last released its quarterly earnings results on Wednesday, October 25th. The company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.09. The business had revenue of $243.60 million during the quarter, compared to analysts’ expectations of $209.52 million. Callaway Golf had a return on equity of 7.88% and a net margin of 17.97%. The firm’s revenue for the quarter was up 29.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.06) EPS. equities analysts forecast that Callaway Golf Company will post 0.51 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Wednesday, November 22nd will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.28%. The ex-dividend date is Tuesday, November 21st. Callaway Golf’s dividend payout ratio (DPR) is 2.09%.
Several analysts recently issued reports on the company. Zacks Investment Research cut Callaway Golf from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 25th. KeyCorp reiterated an “overweight” rating and set a $16.00 target price on shares of Callaway Golf in a research report on Wednesday, August 30th. FBR & Co set a $16.00 target price on Callaway Golf and gave the stock a “buy” rating in a research report on Thursday, October 26th. Compass Point cut Callaway Golf from a “buy” rating to a “neutral” rating and increased their target price for the stock from $13.60 to $13.75 in a research report on Monday, August 7th. Finally, B. Riley reiterated a “buy” rating on shares of Callaway Golf in a research report on Wednesday, November 1st. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $15.67.
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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