Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Callaway Golf Co (NYSE:ELY) during the 2nd quarter, HoldingsChannel reports. The fund acquired 27,064 shares of the company’s stock, valued at approximately $513,000.
Several other hedge funds have also added to or reduced their stakes in the company. Wells Fargo & Company MN increased its position in Callaway Golf by 8.0% during the second quarter. Wells Fargo & Company MN now owns 1,440,229 shares of the company’s stock worth $27,321,000 after purchasing an additional 106,277 shares during the last quarter. Comerica Bank increased its position in Callaway Golf by 39.7% during the second quarter. Comerica Bank now owns 140,742 shares of the company’s stock worth $2,643,000 after purchasing an additional 40,007 shares during the last quarter. TD Asset Management Inc. acquired a new stake in Callaway Golf during the second quarter worth about $3,885,000. Alps Advisors Inc. acquired a new stake in Callaway Golf during the second quarter worth about $468,000. Finally, Acadian Asset Management LLC increased its position in Callaway Golf by 74.7% during the second quarter. Acadian Asset Management LLC now owns 350,359 shares of the company’s stock worth $6,647,000 after purchasing an additional 149,832 shares during the last quarter. 88.05% of the stock is currently owned by institutional investors and hedge funds.
Shares of ELY stock opened at $22.67 on Tuesday. The company has a quick ratio of 1.08, a current ratio of 1.84 and a debt-to-equity ratio of 0.01. The stock has a market cap of $2.11 billion, a price-to-earnings ratio of 42.64, a P/E/G ratio of 0.90 and a beta of 0.99. Callaway Golf Co has a 1-year low of $12.91 and a 1-year high of $23.60.
Callaway Golf (NYSE:ELY) last announced its earnings results on Thursday, August 2nd. The company reported $0.63 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.16. The company had revenue of $396.31 million during the quarter, compared to analyst estimates of $371.30 million. Callaway Golf had a net margin of 8.70% and a return on equity of 16.39%. Callaway Golf’s revenue was up 30.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.34 earnings per share. equities research analysts anticipate that Callaway Golf Co will post 1 earnings per share for the current fiscal year.
Callaway Golf declared that its board has approved a stock buyback plan on Wednesday, May 9th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to buy up to 3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Monday, August 13th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.18%. The ex-dividend date is Friday, August 10th. Callaway Golf’s dividend payout ratio (DPR) is presently 7.55%.
In other news, VP Mark F. Leposky sold 21,767 shares of the firm’s stock in a transaction that occurred on Monday, June 11th. The shares were sold at an average price of $20.00, for a total value of $435,340.00. Following the completion of the transaction, the vice president now owns 140,499 shares of the company’s stock, valued at $2,809,980. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Mark F. Leposky sold 21,768 shares of the firm’s stock in a transaction that occurred on Friday, May 25th. The shares were sold at an average price of $19.00, for a total transaction of $413,592.00. Following the completion of the transaction, the vice president now directly owns 140,500 shares of the company’s stock, valued at approximately $2,669,500. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 87,069 shares of company stock valued at $1,746,603. 1.98% of the stock is currently owned by insiders.
Several equities research analysts recently issued reports on the stock. Imperial Capital raised their price objective on shares of Callaway Golf from $21.00 to $25.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 7th. They noted that the move was a valuation call. Cowen set a $21.00 price objective on shares of Callaway Golf and gave the stock a “hold” rating in a research report on Sunday, August 5th. Compass Point set a $20.00 price objective on shares of Callaway Golf and gave the stock a “hold” rating in a research report on Monday, August 6th. ValuEngine cut shares of Callaway Golf from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, May 2nd. Finally, KeyCorp increased their target price on shares of Callaway Golf from $23.00 to $25.00 and gave the stock an “overweight” rating in a research note on Friday, August 3rd. Five analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Callaway Golf currently has an average rating of “Buy” and a consensus price target of $21.00.
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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