Boston Advisors LLC Buys 58,010 Shares of Callaway Golf Co (ELY)
Boston Advisors LLC lifted its stake in Callaway Golf Co (NYSE:ELY) by 21.2% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 331,810 shares of the company’s stock after acquiring an additional 58,010 shares during the quarter. Boston Advisors LLC owned approximately 0.35% of Callaway Golf worth $6,294,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Monarch Partners Asset Management LLC grew its position in shares of Callaway Golf by 1.2% in the first quarter. Monarch Partners Asset Management LLC now owns 263,540 shares of the company’s stock valued at $4,312,000 after purchasing an additional 3,000 shares during the last quarter. Swiss National Bank lifted its stake in shares of Callaway Golf by 1.9% in the 1st quarter. Swiss National Bank now owns 163,900 shares of the company’s stock valued at $2,681,000 after acquiring an additional 3,100 shares during the last quarter. Augustine Asset Management Inc. lifted its stake in shares of Callaway Golf by 3.1% in the 1st quarter. Augustine Asset Management Inc. now owns 107,842 shares of the company’s stock valued at $1,764,000 after acquiring an additional 3,226 shares during the last quarter. Prudential Financial Inc. increased its holdings in Callaway Golf by 2.2% in the first quarter. Prudential Financial Inc. now owns 159,137 shares of the company’s stock valued at $2,603,000 after purchasing an additional 3,500 shares during the period. Finally, Profund Advisors LLC increased its holdings in Callaway Golf by 27.9% in the first quarter. Profund Advisors LLC now owns 18,128 shares of the company’s stock valued at $297,000 after purchasing an additional 3,955 shares during the period. 87.59% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Callaway Golf stock opened at $18.83 on Friday. The company has a market cap of $1.77 billion, a P/E ratio of 35.53, a P/E/G ratio of 0.93 and a beta of 1.03. Callaway Golf Co has a twelve month low of $12.42 and a twelve month high of $20.82. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.83 and a current ratio of 1.48.
Callaway Golf declared that its board has approved a share repurchase plan on Wednesday, May 9th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to buy up to 3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.
A number of brokerages have weighed in on ELY. DA Davidson downgraded Callaway Golf from a “buy” rating to a “neutral” rating and increased their price target for the stock from $17.71 to $19.00 in a report on Wednesday, April 18th. They noted that the move was a valuation call. Zacks Investment Research raised shares of Callaway Golf from a “hold” rating to a “buy” rating and set a $19.00 price objective on the stock in a research report on Thursday, April 26th. Roth Capital set a $19.00 price target on shares of Callaway Golf and gave the company a “buy” rating in a research report on Tuesday, April 24th. KeyCorp lifted their target price on shares of Callaway Golf from $17.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday, April 27th. Finally, ValuEngine raised shares of Callaway Golf from a “buy” rating to a “strong-buy” rating in a research report on Monday, April 2nd. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $18.33.
In other Callaway Golf news, VP Mark F. Leposky sold 21,767 shares of the stock in a transaction on Monday, June 11th. The shares were sold at an average price of $20.00, for a total transaction of $435,340.00. Following the completion of the transaction, the vice president now owns 140,499 shares in the company, valued at $2,809,980. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alex Mitchell Boezeman sold 32,762 shares of the firm’s stock in a transaction dated Tuesday, May 8th. The stock was sold at an average price of $17.74, for a total transaction of $581,197.88. Following the completion of the sale, the insider now owns 74,750 shares of the company’s stock, valued at approximately $1,326,065. The disclosure for this sale can be found here. Insiders have sold 145,076 shares of company stock valued at $2,662,723 over the last ninety days. 2.59% of the stock is currently owned by corporate insiders.
Callaway Golf Profile
Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs, golf balls, golf bags, and other golf-related accessories in the United States and internationally. The company operates through three segments: Golf Clubs; Golf Balls; and Gear, Accessories and Other.
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