Acadian Asset Management LLC purchased a new position in Callaway Golf Company (NYSE:ELY) during the second quarter, Holdings Channel reports. The firm purchased 21,391 shares of the company’s stock, valued at approximately $273,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. State of Alaska Department of Revenue raised its position in shares of 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 worth $115,000 after buying an additional 260 shares during the last quarter. Koch Industries Inc. purchased a new position in shares of Callaway Golf during the first quarter worth approximately $162,000. First Citizens Bank & Trust Co. purchased a new position in shares of Callaway Golf during the first quarter worth approximately $169,000. Suntrust Banks Inc. raised its position in shares of Callaway Golf by 2.5% in the first quarter. Suntrust Banks Inc. now owns 18,036 shares of the company’s stock worth $199,000 after buying an additional 441 shares during the last quarter. Finally, Atria Investments LLC raised its position in shares of Callaway Golf by 1.5% in the second quarter. Atria Investments LLC now owns 19,633 shares of the company’s stock worth $251,000 after buying an additional 283 shares during the last quarter. Institutional investors own 85.02% of the company’s stock.

Shares of Callaway Golf Company (ELY) traded up 2.411% during mid-day trading on Wednesday, reaching $12.955. The company’s stock had a trading volume of 722,668 shares. The firm has a 50 day moving average price of $12.71 and a 200 day moving average price of $11.89. Callaway Golf Company has a 52-week low of $9.77 and a 52-week high of $13.70. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 7.161 and a beta of 1.20.

Callaway Golf (NYSE:ELY) last issued its earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.05. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. The company had revenue of $304.50 million during the quarter, compared to the consensus estimate of $295.70 million. During the same quarter in the prior year, the firm posted $0.36 EPS. Callaway Golf’s quarterly revenue was up 24.0% compared to the same quarter last year. On average, equities analysts predict that Callaway Golf Company will post $0.44 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Tuesday, August 22nd will be given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date of this dividend is Friday, August 18th. Callaway Golf’s dividend payout ratio (DPR) is currently 2.20%.

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A number of research analysts recently commented on ELY shares. Zacks Investment Research upgraded Callaway Golf from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a research note on Tuesday, April 18th. BidaskClub lowered Callaway Golf from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. FBR & Co upped their target price on Callaway Golf from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Wednesday, June 21st. Imperial Capital upped their target price on 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 target price on Callaway Golf and gave the company a “buy” rating in a research note on Friday, August 4th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $14.90.

In other news, insider Oliver G. Brewer III sold 131,884 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 291,399 shares of the company’s stock, valued at $3,878,520.69. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Alan Hocknell sold 57,138 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $1,530,098.50. The disclosure for this sale can be found here. Corporate insiders own 2.59% of the company’s stock.

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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Institutional Ownership by Quarter for Callaway Golf (NYSE:ELY)

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