Canada Pension Plan Investment Board Takes Position in Callaway Golf Company (ELY)
Canada Pension Plan Investment Board acquired a new position in shares of Callaway Golf Company (NYSE:ELY) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 105,000 shares of the company’s stock, valued at approximately $1,342,000. Canada Pension Plan Investment Board owned 0.11% of Callaway Golf at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of ELY. Baltimore Capital Management Inc. purchased a new position in Callaway Golf during the first quarter worth $350,000. Suntrust Banks Inc. raised its position in 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 period. Princeton Alpha Management LP raised its position in Callaway Golf by 66.6% in the first quarter. Princeton Alpha Management LP now owns 27,639 shares of the company’s stock worth $306,000 after buying an additional 11,044 shares during the period. Advisors Asset Management Inc. raised its position in Callaway Golf by 18.2% in the first quarter. Advisors Asset Management Inc. now owns 38,284 shares of the company’s stock worth $424,000 after buying an additional 5,886 shares during the period. Finally, First Trust Advisors LP raised its position in Callaway Golf by 97.6% in the first quarter. First Trust Advisors LP now owns 124,061 shares of the company’s stock worth $1,373,000 after buying an additional 61,269 shares during the period. Hedge funds and other institutional investors own 87.63% of the company’s stock.
Callaway Golf Company (ELY) opened at 13.67 on Tuesday. The firm has a market cap of $1.29 billion, a P/E ratio of 7.56 and a beta of 1.20. Callaway Golf Company has a 1-year low of $9.77 and a 1-year 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 announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.05. Callaway Golf had a return on equity of 6.60% and a net margin of 18.09%. The business had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $295.70 million. During the same period in the previous year, the firm earned $0.36 earnings per share. The firm’s quarterly revenue was up 24.0% compared to the same quarter last year. Equities research analysts predict that Callaway Golf Company will post $0.44 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Tuesday, August 22nd will be paid a dividend of $0.01 per share. The ex-dividend date is Friday, August 18th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.29%. Callaway Golf’s dividend payout ratio (DPR) is presently 2.20%.
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A number of research firms recently weighed in on ELY. Forward View lowered shares of Callaway Golf to a “hold” rating and set a $14.00 price objective on the stock. in a research report on Saturday, August 5th. Jefferies Group LLC set a $18.00 target price on Callaway Golf and gave the company a “buy” rating in a report on Friday, August 4th. Compass Point downgraded Callaway Golf from a “buy” rating to a “neutral” rating and raised their target price for the company from $13.60 to $13.75 in a report on Monday, August 7th. BidaskClub raised Callaway Golf from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Imperial Capital reissued an “outperform” rating and issued a $16.00 target price on shares of Callaway Golf in a report on Thursday, August 24th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Callaway Golf presently has an average rating of “Buy” and a consensus price target of $14.98.
In related news, SVP Alan Hocknell sold 57,138 shares of Callaway Golf stock in a transaction 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 completion of the sale, the senior vice president now directly 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 SEC, which can be accessed through the SEC website. Also, insider Oliver G. Brewer III sold 131,884 shares of Callaway Golf stock in a transaction on Friday, August 4th. The stock was sold at an average price of $13.31, for a total value of $1,755,376.04. Following the sale, the insider now directly owns 291,399 shares of the company’s stock, valued at $3,878,520.69. The disclosure for this sale can be found here. 2.59% of the stock is owned by 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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