Systematic Financial Management LP Buys Shares of 238,580 Callaway Golf Company (ELY)
Systematic Financial Management LP bought a new position in Callaway Golf Company (NYSE:ELY) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 238,580 shares of the company’s stock, valued at approximately $3,049,000. Systematic Financial Management LP owned about 0.25% of Callaway Golf at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the business. Alps Advisors Inc. increased its position in Callaway Golf by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 44,544 shares of the company’s stock worth $569,000 after purchasing an additional 114 shares during the last quarter. State of Alaska Department of Revenue increased its position in Callaway Golf by 2.6% in the 1st quarter. State of Alaska Department of Revenue now owns 10,440 shares of the company’s stock worth $115,000 after purchasing an additional 260 shares during the last quarter. Atria Investments LLC increased its position in Callaway Golf by 1.5% in the 2nd quarter. Atria Investments LLC now owns 19,633 shares of the company’s stock worth $251,000 after purchasing an additional 283 shares during the last quarter. Municipal Employees Retirement System of Michigan increased its position in Callaway Golf by 1.3% in the 1st quarter. Municipal Employees Retirement System of Michigan now owns 27,960 shares of the company’s stock worth $310,000 after purchasing an additional 360 shares during the last quarter. Finally, Suntrust Banks Inc. increased its position in Callaway Golf by 2.5% in the 1st quarter. Suntrust Banks Inc. now owns 18,036 shares of the company’s stock worth $199,000 after purchasing an additional 441 shares during the last quarter. 87.63% of the stock is currently owned by institutional investors.
Several analysts have recently issued reports on ELY shares. Cowen and Company started coverage on Callaway Golf in a research note on Wednesday, June 14th. They set a “market perform” rating and a $14.00 price target for the company. BidaskClub upgraded Callaway Golf from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. 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. Aegis started coverage on Callaway Golf in a research note on Friday, August 25th. They set a “buy” rating and a $16.00 price target for the company. Finally, Zacks Investment Research downgraded Callaway Golf from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $14.98.
In related news, insider Jennifer L. Thomas sold 19,349 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $13.90, for a total value of $268,951.10. Following the completion of the sale, the insider now directly owns 30,189 shares in the company, valued at $419,627.10. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Alan Hocknell sold 57,138 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $13.30, for a total value of $759,935.40. Following the completion of the sale, the senior vice president now owns 115,045 shares of the company’s stock, valued at $1,530,098.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 281,113 shares of company stock valued at $3,792,388. 2.59% of the stock is currently owned by corporate insiders.
Callaway Golf Company (NYSE ELY) opened at 14.00 on Wednesday. The stock has a 50 day moving average price of $13.14 and a 200-day moving average price of $12.27. The firm has a market capitalization of $1.32 billion, a PE ratio of 7.74 and a beta of 1.18. Callaway Golf Company has a one year low of $9.77 and a one year high of $14.12.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.05. The business had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $295.70 million. Callaway Golf had a return on equity of 6.60% and a net margin of 18.09%. The firm’s revenue for the quarter was up 24.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.36 earnings per share. On average, equities analysts forecast that Callaway Golf Company will post $0.44 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Tuesday, August 22nd were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.29%. The ex-dividend date of this dividend was Friday, August 18th. Callaway Golf’s dividend payout ratio (DPR) is currently 2.20%.
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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