Callaway Golf Company (ELY) Position Raised by Scott & Selber Inc.
Scott & Selber Inc. increased its position in shares of Callaway Golf Company (NYSE:ELY) by 91.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 244,133 shares of the company’s stock after buying an additional 116,786 shares during the period. Callaway Golf makes up approximately 1.9% of Scott & Selber Inc.’s holdings, making the stock its 20th largest position. Scott & Selber Inc. owned 0.26% of Callaway Golf worth $3,120,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA increased its stake in Callaway Golf by 56.3% in the second quarter. BNP Paribas Arbitrage SA now owns 34,661 shares of the company’s stock worth $443,000 after buying an additional 12,483 shares in the last quarter. Bernzott Capital Advisors increased its stake in Callaway Golf by 5.9% in the second quarter. Bernzott Capital Advisors now owns 1,655,112 shares of the company’s stock worth $21,152,000 after buying an additional 91,975 shares in the last quarter. Legal & General Group Plc increased its stake in Callaway Golf by 8.4% in the second quarter. Legal & General Group Plc now owns 179,020 shares of the company’s stock worth $2,286,000 after buying an additional 13,809 shares in the last quarter. Alps Advisors Inc. increased its stake in Callaway Golf by 0.3% in the second quarter. Alps Advisors Inc. now owns 44,544 shares of the company’s stock worth $569,000 after buying an additional 114 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in Callaway Golf during the second quarter worth approximately $284,000. Institutional investors and hedge funds own 87.63% of the company’s stock.
Callaway Golf Company (NYSE ELY) opened at 13.67 on Tuesday. The firm has a market capitalization of $1.29 billion, a PE ratio of 7.56 and a beta of 1.20. Callaway Golf Company has a 52-week low of $9.77 and a 52-week high of $13.70. The stock’s 50 day moving average price is $12.83 and its 200 day moving average price is $12.01.
Callaway Golf (NYSE:ELY) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ 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 period in the prior year, the firm earned $0.36 earnings per share. Callaway Golf’s revenue was up 24.0% on a year-over-year basis. On average, analysts predict that Callaway Golf Company will post $0.44 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Tuesday, August 22nd will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date is Friday, August 18th. Callaway Golf’s dividend payout ratio is 2.20%.
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ELY has been the subject of a number of research analyst reports. BidaskClub raised Callaway Golf from a “hold” rating to a “buy” rating in a research note on Saturday. Aegis initiated coverage on Callaway Golf in a research note on Friday. They issued a “buy” rating and a $16.00 target price for the company. Imperial Capital reissued an “outperform” rating and issued a $16.00 target price on shares of Callaway Golf in a research note on Thursday, August 24th. Zacks Investment Research raised Callaway Golf from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Monday, August 7th. Finally, Compass Point cut Callaway Golf from a “buy” rating to a “neutral” rating and boosted their target price for the company from $13.60 to $13.75 in a research note on Monday, August 7th. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $14.98.
In other Callaway Golf news, SVP Alan Hocknell sold 57,138 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $13.30, for a total transaction of $759,935.40. Following the completion of the transaction, the senior vice president now owns 115,045 shares of the company’s stock, valued at $1,530,098.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 approximately $3,878,520.69. The disclosure for this sale can be found here. 2.59% of the stock is currently owned by company 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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