Diamond Hill Capital Management Inc. Decreases Position in Callaway Golf Company (NYSE:ELY)
Diamond Hill Capital Management Inc. decreased its position in Callaway Golf Company (NYSE:ELY) by 9.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 354,453 shares of the company’s stock after selling 38,055 shares during the period. Diamond Hill Capital Management Inc. owned 0.38% of Callaway Golf worth $4,530,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Essex Investment Management Co. LLC boosted its position in shares of Callaway Golf by 24.9% in the first quarter. Essex Investment Management Co. LLC now owns 122,861 shares of the company’s stock worth $1,360,000 after buying an additional 24,524 shares during the period. Punch & Associates Investment Management Inc. boosted its position in shares of Callaway Golf by 2.0% in the first quarter. Punch & Associates Investment Management Inc. now owns 1,209,808 shares of the company’s stock worth $13,393,000 after buying an additional 24,236 shares during the period. Scott & Selber Inc. purchased a new stake in Callaway Golf during the first quarter valued at approximately $1,410,000. First Citizens Bank & Trust Co. purchased a new stake in Callaway Golf during the first quarter valued at approximately $169,000. Finally, State of Alaska Department of Revenue boosted its stake in Callaway Golf by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 10,440 shares of the company’s stock valued at $115,000 after buying an additional 260 shares during the last quarter. 85.99% of the stock is owned by institutional investors and hedge funds.
Shares of Callaway Golf Company (ELY) traded down 0.39% during midday trading on Friday, hitting $12.72. 564,099 shares of the company were exchanged. Callaway Golf Company has a one year low of $9.77 and a one year high of $13.70. The stock’s 50-day moving average is $12.68 and its 200-day moving average is $11.88. The stock has a market cap of $1.20 billion, a PE ratio of 7.03 and a beta of 1.20.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05. The firm had revenue of $304.50 million during the quarter, compared to the consensus estimate of $295.70 million. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. The business’s revenue was up 24.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.36 EPS. Equities research analysts anticipate that Callaway Golf Company will post $0.43 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Tuesday, August 22nd will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date of this dividend is Friday, August 18th. Callaway Golf’s payout ratio is 2.20%.
Several research firms have commented on ELY. Zacks Investment Research cut shares of Callaway Golf from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Compass Point cut shares of Callaway Golf from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $13.60 to $13.75 in a research note on Monday, August 7th. Morgan Stanley cut shares of Callaway Golf from an “overweight” rating to an “equal weight” rating in a research note on Monday, April 17th. Imperial Capital boosted their price objective on shares of Callaway Golf from $13.00 to $14.50 and gave the company an “outperform” rating in a research note on Tuesday, May 23rd. Finally, Jefferies Group LLC set a $18.00 price objective on shares of Callaway Golf and gave the company a “buy” rating in a research note on Friday, August 4th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $14.90.
In other news, insider Oliver G. Brewer III sold 131,884 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $13.31, for a total transaction of $1,755,376.04. Following the completion of the transaction, the insider now directly owns 291,399 shares of the company’s stock, valued at approximately $3,878,520.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Alan Hocknell sold 57,138 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was 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 of the company’s stock, valued at $1,530,098.50. The disclosure for this sale can be found here. 2.59% of the stock is currently owned by company insiders.
Callaway Golf Company Profile
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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