Callaway Golf Company (ELY) Insider Oliver G. Brewer III Sells 131,884 Shares
Callaway Golf Company (NYSE:ELY) 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 transaction of $1,755,376.04. Following the transaction, the insider now owns 291,399 shares in the company, valued at $3,878,520.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
Callaway Golf (NYSE:ELY) last released its quarterly earnings data 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 return on equity of 6.60% and a net margin of 18.09%. The business had revenue of $304.50 million for the quarter, compared to the consensus estimate of $295.70 million. During the same quarter in the previous year, the company posted $0.36 EPS. The company’s revenue was up 24.0% compared to the same quarter last year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Tuesday, August 22nd will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date of this dividend is Friday, August 18th. Callaway Golf’s payout ratio is 2.20%.
A number of research analysts have commented on the stock. FBR & Co set a $14.00 price target on shares of Callaway Golf and gave the company a “buy” rating in a research report on Saturday, May 6th. Cowen and Company assumed coverage on shares of Callaway Golf in a research report on Wednesday, June 14th. They set a “market perform” rating and a $14.00 price target on the stock. Jefferies Group LLC set a $17.00 price target on shares of Callaway Golf and gave the company a “buy” rating in a research report on Tuesday, June 6th. Forward View cut shares of Callaway Golf to a “hold” rating and set a $14.00 price target on the stock. in a research report on Saturday. Finally, Imperial Capital increased their price target on shares of Callaway Golf from $13.00 to $14.50 and gave the company an “outperform” rating in a research report on Tuesday, May 23rd. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $14.42.
Hedge funds have recently added to or reduced their stakes in the company. Wells Fargo & Company MN increased its position in Callaway Golf by 6.7% in the first quarter. Wells Fargo & Company MN now owns 1,272,874 shares of the company’s stock valued at $14,090,000 after buying an additional 79,764 shares in the last quarter. Essex Investment Management Co. LLC increased its position in Callaway Golf by 24.9% in the first quarter. Essex Investment Management Co. LLC now owns 122,861 shares of the company’s stock valued at $1,360,000 after buying an additional 24,524 shares in the last quarter. Punch & Associates Investment Management Inc. increased its position in Callaway Golf by 2.0% in the first quarter. Punch & Associates Investment Management Inc. now owns 1,209,808 shares of the company’s stock valued at $13,393,000 after buying an additional 24,236 shares in the last quarter. Scott & Selber Inc. bought a new position in Callaway Golf during the first quarter valued at $1,410,000. Finally, First Citizens Bank & Trust Co. bought a new position in Callaway Golf during the first quarter valued at $169,000. 85.99% of the stock is currently owned by institutional investors and hedge funds.
Callaway Golf Company 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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