KBC Group NV Acquires 32,422 Shares of Callaway Golf Co (ELY)
KBC Group NV raised its holdings in shares of Callaway Golf Co (NYSE:ELY) by 25.6% in the 2nd quarter, Holdings Channel reports. The fund owned 159,195 shares of the company’s stock after purchasing an additional 32,422 shares during the quarter. KBC Group NV’s holdings in Callaway Golf were worth $3,020,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Thompson Davis & CO. Inc. raised its position in shares of Callaway Golf by 587.5% during the 1st quarter. Thompson Davis & CO. Inc. now owns 6,875 shares of the company’s stock valued at $112,000 after acquiring an additional 5,875 shares during the last quarter. Massey Quick Simon & CO. LLC raised its position in shares of Callaway Golf by 100.0% during the 1st quarter. Massey Quick Simon & CO. LLC now owns 9,080 shares of the company’s stock valued at $149,000 after acquiring an additional 4,540 shares during the last quarter. Xact Kapitalforvaltning AB bought a new stake in shares of Callaway Golf during the 4th quarter valued at $173,000. Brown Advisory Inc. bought a new stake in shares of Callaway Golf during the 1st quarter valued at $173,000. Finally, Horizon Investment Services LLC bought a new stake in shares of Callaway Golf in the 1st quarter valued at $192,000. Institutional investors own 88.05% of the company’s stock.
ELY has been the subject of a number of recent analyst reports. SunTrust Banks restated a “buy” rating and issued a $24.00 price objective on shares of Callaway Golf in a research report on Friday, August 3rd. KeyCorp upped their price objective on shares of Callaway Golf from $23.00 to $25.00 and gave the company an “overweight” rating in a research report on Friday, August 3rd. DA Davidson restated a “hold” rating on shares of Callaway Golf in a research report on Monday, May 7th. Zacks Investment Research upgraded shares of Callaway Golf from a “hold” rating to a “buy” rating and set a $19.00 price objective for the company in a research report on Thursday, April 26th. Finally, Roth Capital set a $19.00 price objective on shares of Callaway Golf and gave the company a “buy” rating in a research report on Tuesday, April 24th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company has an average rating of “Buy” and an average target price of $21.00.
Callaway Golf (NYSE:ELY) last released its quarterly earnings data on Thursday, August 2nd. The company reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.47 by $0.16. The business had revenue of $396.31 million during the quarter, compared to analysts’ expectations of $371.30 million. Callaway Golf had a net margin of 8.70% and a return on equity of 16.39%. The firm’s quarterly revenue was up 30.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.34 EPS. sell-side analysts forecast that Callaway Golf Co will post 1 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 4th. Investors of record on Monday, August 13th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.18%. The ex-dividend date is Friday, August 10th. Callaway Golf’s payout ratio is presently 7.55%.
Callaway Golf declared that its Board of Directors has authorized a share buyback program on Wednesday, May 9th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to purchase up to 3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
In related news, VP Mark F. Leposky sold 21,768 shares of the company’s stock in a transaction on Friday, May 25th. The shares were sold at an average price of $19.00, for a total value 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Mark F. Leposky sold 21,767 shares of the company’s stock in a transaction on Monday, June 11th. The stock was sold at an average price of $20.00, for a total transaction of $435,340.00. Following the completion of the transaction, the vice president now directly owns 140,499 shares of the company’s stock, valued at $2,809,980. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 87,069 shares of company stock valued at $1,746,603. Company insiders own 1.98% of the company’s stock.
About Callaway Golf
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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