Adirondack Research & Management Inc. Reduces Holdings in Callaway Golf Company (ELY)
Adirondack Research & Management Inc. trimmed its stake in shares of Callaway Golf Company (NYSE:ELY) by 2.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 489,772 shares of the company’s stock after selling 13,600 shares during the quarter. Callaway Golf comprises 2.4% of Adirondack Research & Management Inc.’s investment portfolio, making the stock its 9th largest position. Adirondack Research & Management Inc. owned approximately 0.52% of Callaway Golf worth $6,259,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of ELY. BlackRock Inc. lifted its position in Callaway Golf by 56,247.6% during the 1st quarter. BlackRock Inc. now owns 11,700,569 shares of the company’s stock worth $129,526,000 after acquiring an additional 11,679,804 shares during the period. Dynamic Technology Lab Private Ltd lifted its position in Callaway Golf by 6.3% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 37,917 shares of the company’s stock worth $419,000 after acquiring an additional 2,261 shares during the period. Engineers Gate Manager LP acquired a new stake in Callaway Golf during the 1st quarter worth approximately $1,209,000. UBS Group AG lifted its position in Callaway Golf by 4.5% during the 1st quarter. UBS Group AG now owns 265,077 shares of the company’s stock worth $2,934,000 after acquiring an additional 11,350 shares during the period. Finally, Kennedy Capital Management Inc. lifted its position in Callaway Golf by 161.1% during the 1st quarter. Kennedy Capital Management Inc. now owns 973,299 shares of the company’s stock worth $10,774,000 after acquiring an additional 600,557 shares during the period. 87.63% of the stock is owned by institutional investors.
Shares of Callaway Golf Company (NYSE:ELY) traded down 1.29% during trading on Friday, reaching $13.76. The company had a trading volume of 540,791 shares. The stock’s 50-day moving average price is $12.99 and its 200-day moving average price is $12.13. Callaway Golf Company has a 12 month low of $9.77 and a 12 month high of $14.12. The stock has a market capitalization of $1.30 billion, a PE ratio of 7.61 and a beta of 1.17.
Callaway Golf (NYSE:ELY) last released its earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share for the quarter, topping 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 return on equity of 6.60% and a net margin of 18.09%. The firm’s revenue for the quarter was up 24.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 earnings per share. Equities analysts forecast that Callaway Golf Company will post $0.44 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Tuesday, August 22nd will be given a $0.01 dividend. The ex-dividend date is Friday, August 18th. This represents a $0.04 dividend on an annualized basis and a yield of 0.29%. Callaway Golf’s dividend payout ratio (DPR) is 2.20%.
A number of analysts have weighed in on ELY shares. Zacks Investment Research cut Callaway Golf from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 25th. BidaskClub cut Callaway Golf from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Aegis initiated coverage on Callaway Golf in a research report on Friday, August 25th. They set a “buy” rating and a $16.00 price objective for the company. FBR & Co raised their price target on Callaway Golf from $14.00 to $16.00 and gave the company an “outperform” rating in a report on Wednesday, June 21st. Finally, Imperial Capital reissued an “outperform” rating and issued a $16.00 price target on shares of Callaway Golf in a report on Thursday, August 24th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $14.98.
In other Callaway Golf news, insider Jennifer L. Thomas sold 19,349 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $13.90, for a total value of $268,951.10. Following the completion of the sale, the insider now directly owns 30,189 shares in the company, valued at $419,627.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Mark F. Leposky sold 31,691 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $14.00, for a total value of $443,674.00. Following the completion of the sale, the vice president now owns 68,343 shares of the company’s stock, valued at $956,802. The disclosure for this sale can be found here. Insiders sold 281,113 shares of company stock valued at $3,792,388 over the last 90 days. 2.59% of the stock is currently owned by insiders.
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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