Callaway Golf Company (ELY) Shares Bought by Punch & Associates Investment Management Inc.
Punch & Associates Investment Management Inc. grew its holdings in Callaway Golf Company (NYSE:ELY) by 0.1% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,211,412 shares of the company’s stock after buying an additional 1,604 shares during the period. Callaway Golf accounts for approximately 1.4% of Punch & Associates Investment Management Inc.’s portfolio, making the stock its 7th largest position. Punch & Associates Investment Management Inc. owned about 1.28% of Callaway Golf worth $15,482,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Riverhead Capital Management LLC lifted its holdings in shares of Callaway Golf by 69.9% during the second quarter. Riverhead Capital Management LLC now owns 8,326 shares of the company’s stock worth $106,000 after purchasing an additional 3,426 shares during the period. Koch Industries Inc. purchased a new position in Callaway Golf in the 1st quarter valued at $162,000. Amalgamated Bank increased its stake in Callaway Golf by 1.3% in the 2nd quarter. Amalgamated Bank now owns 12,821 shares of the company’s stock valued at $164,000 after buying an additional 160 shares during the period. Suntrust Banks Inc. increased its stake in Callaway Golf by 2.5% in the 1st quarter. Suntrust Banks Inc. now owns 18,036 shares of the company’s stock valued at $199,000 after buying an additional 441 shares during the period. Finally, State of Alaska Department of Revenue increased its stake in Callaway Golf by 77.9% in the 2nd quarter. State of Alaska Department of Revenue now owns 18,572 shares of the company’s stock valued at $237,000 after buying an additional 8,132 shares during the period. 87.46% of the stock is owned by institutional investors and hedge funds.
In other news, insider Oliver G. Brewer III sold 131,884 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $13.31, for a total value of $1,755,376.04. Following the completion of the transaction, the insider now directly owns 291,399 shares in the company, valued at $3,878,520.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jennifer L. Thomas sold 19,349 shares of the stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $13.90, for a total transaction of $268,951.10. Following the completion of the transaction, the insider now owns 30,189 shares of the company’s stock, valued at $419,627.10. The disclosure for this sale can be found here. Insiders have sold a total of 281,113 shares of company stock worth $3,792,388 over the last 90 days. 2.59% of the stock is owned by insiders.
Several research firms have recently commented on ELY. DA Davidson restated a “buy” rating and issued a $16.00 target price on shares of Callaway Golf in a research note on Wednesday, September 20th. Aegis reaffirmed a “buy” rating on shares of Callaway Golf in a report on Monday, September 4th. Jefferies Group LLC reiterated a “buy” rating and set a $18.00 price target on shares of Callaway Golf in a research note on Thursday, September 7th. KeyCorp reiterated an “overweight” rating and set a $16.00 price target on shares of Callaway Golf in a research note on Wednesday, August 30th. Finally, Compass Point cut shares of Callaway Golf from a “buy” rating to a “neutral” rating and increased their price target for the stock from $13.60 to $13.75 in a report on Monday, August 7th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $15.31.
Shares of Callaway Golf Company (NYSE ELY) traded up 0.450% on Monday, reaching $14.495. 295,152 shares of the company’s stock traded hands. The company has a 50 day moving average price of $13.38 and a 200 day moving average price of $12.44. Callaway Golf Company has a 52 week low of $9.77 and a 52 week high of $14.53. The firm has a market capitalization of $1.37 billion, a price-to-earnings ratio of 8.013 and a beta of 1.17.
Callaway Golf (NYSE:ELY) last announced its earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.05. The firm had revenue of $304.50 million during the quarter, compared to analyst estimates of $295.70 million. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. Callaway Golf’s revenue was up 24.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 EPS. On average, equities research analysts predict that Callaway Golf Company will post $0.44 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Tuesday, August 22nd were given a dividend of $0.01 per share. The ex-dividend date was Friday, August 18th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.28%. Callaway Golf’s dividend payout ratio (DPR) is 2.20%.
Callaway Golf Profile
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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