Monarch Partners Asset Management LLC Buys 144,410 Shares of Callaway Golf Company (ELY)
Monarch Partners Asset Management LLC increased its position in shares of Callaway Golf Company (NYSE:ELY) by 38.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 524,605 shares of the company’s stock after buying an additional 144,410 shares during the period. Monarch Partners Asset Management LLC’s holdings in Callaway Golf were worth $6,704,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. AQR Capital Management LLC boosted its position in shares of Callaway Golf by 0.4% in the fourth quarter. AQR Capital Management LLC now owns 19,804 shares of the company’s stock worth $217,000 after buying an additional 77 shares during the last quarter. Norges Bank bought a new position in shares of Callaway Golf during the fourth quarter worth about $12,313,000. Teachers Advisors LLC boosted its position in shares of Callaway Golf by 27.4% in the fourth quarter. Teachers Advisors LLC now owns 1,137,390 shares of the company’s stock worth $12,466,000 after buying an additional 244,320 shares during the last quarter. Highbridge Capital Management LLC bought a new position in shares of Callaway Golf during the fourth quarter worth about $451,000. Finally, Louisiana State Employees Retirement System boosted its position in shares of Callaway Golf by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 38,500 shares of the company’s stock worth $426,000 after buying an additional 700 shares during the last quarter. Institutional investors and hedge funds own 85.99% of the company’s stock.
Shares of Callaway Golf Company (NYSE:ELY) opened at 12.72 on Friday. The company has a 50 day moving average price of $12.68 and a 200 day moving average price of $11.88. Callaway Golf Company has a one year low of $9.77 and a one year high of $13.70. The company has a market cap of $1.20 billion, a price-to-earnings ratio of 7.03 and a beta of 1.20.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.34 EPS for the quarter, beating the 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 firm had revenue of $304.50 million during the quarter, compared to analyst estimates of $295.70 million. During the same quarter in the prior year, the business posted $0.36 EPS. The business’s revenue for the quarter was up 24.0% compared to the same quarter last year. Equities analysts predict that Callaway Golf Company will post $0.43 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Tuesday, August 22nd will be issued a dividend of $0.01 per share. The ex-dividend date is Friday, August 18th. This represents a $0.04 annualized dividend and a dividend yield of 0.31%. Callaway Golf’s dividend payout ratio is presently 2.20%.
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A number of research analysts have issued reports on ELY shares. Morgan Stanley cut Callaway Golf from an “overweight” rating to an “equal weight” rating in a research note on Monday, April 17th. Zacks Investment Research raised Callaway Golf from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a report on Tuesday, April 18th. FBR & Co set a $14.00 target price on Callaway Golf and gave the stock a “buy” rating in a report on Saturday, May 6th. Imperial Capital lifted their target price on Callaway Golf from $13.00 to $14.50 and gave the stock an “outperform” rating in a report on Tuesday, May 23rd. Finally, Jefferies Group LLC set a $17.00 target price on Callaway Golf and gave the stock a “buy” rating in a report on Tuesday, June 6th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $14.90.
In related news, SVP Alan Hocknell sold 57,138 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $13.30, for a total value of $759,935.40. Following the completion of the transaction, the senior vice president now owns 115,045 shares in the company, valued at approximately $1,530,098.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Oliver G. Brewer III sold 131,884 shares of the firm’s 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 completion of the transaction, the insider now 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. Corporate insiders own 2.59% of the company’s stock.
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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