The Manufacturers Life Insurance Company Has $922,000 Stake in Callaway Golf Company (ELY)
The Manufacturers Life Insurance Company lessened its holdings in shares of Callaway Golf Company (NYSE:ELY) by 1.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 72,100 shares of the company’s stock after selling 1,368 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.08% of Callaway Golf worth $922,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the company. Riverhead Capital Management LLC raised its stake in Callaway Golf by 69.9% in the 2nd quarter. Riverhead Capital Management LLC now owns 8,326 shares of the company’s stock worth $106,000 after acquiring an additional 3,426 shares during the last quarter. C M Bidwell & Associates Ltd. purchased a new position in Callaway Golf in the 2nd quarter worth $109,000. Flinton Capital Management LLC raised its stake in Callaway Golf by 71.6% in the 2nd quarter. Flinton Capital Management LLC now owns 11,322 shares of the company’s stock worth $145,000 after acquiring an additional 4,726 shares during the last quarter. Amalgamated Bank raised its stake in Callaway Golf by 1.3% in the 2nd quarter. Amalgamated Bank now owns 12,821 shares of the company’s stock worth $164,000 after acquiring an additional 160 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. purchased a new position in Callaway Golf in the 2nd quarter worth $194,000. Hedge funds and other institutional investors own 88.69% of the company’s stock.
In related news, SVP Richard H. Arnett sold 8,070 shares of Callaway Golf stock in a transaction dated Friday, November 10th. The stock was sold at an average price of $14.01, for a total value of $113,060.70. Following the sale, the senior vice president now directly owns 5,000 shares in the company, valued at approximately $70,050. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Anthony S. Thornley sold 7,000 shares of Callaway Golf stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $14.40, for a total value of $100,800.00. Following the completion of the sale, the director now owns 47,034 shares in the company, valued at $677,289.60. The disclosure for this sale can be found here. Insiders have sold a total of 121,941 shares of company stock worth $1,714,848 over the last 90 days. Insiders own 2.59% of the company’s stock.
A number of equities analysts recently issued reports on the company. Zacks Investment Research lowered Callaway Golf from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 25th. KeyCorp restated an “overweight” rating and issued a $16.00 target price on shares of Callaway Golf in a research note on Wednesday, August 30th. FBR & Co set a $16.00 target price on Callaway Golf and gave the stock a “buy” rating in a research note on Thursday, October 26th. Compass Point lowered Callaway Golf from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $13.60 to $13.75 in a research note on Monday, August 7th. Finally, B. Riley reiterated a “buy” rating on shares of Callaway Golf in a research note on Wednesday, November 1st. Four research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. Callaway Golf presently has an average rating of “Buy” and an average target price of $15.67.
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Shares of Callaway Golf Company (ELY) opened at $13.86 on Wednesday. Callaway Golf Company has a 12-month low of $9.93 and a 12-month high of $15.63. The company has a market capitalization of $1,309.33, a PE ratio of 27.16, a PEG ratio of 1.81 and a beta of 1.10.
Callaway Golf (NYSE:ELY) last posted its earnings results on Wednesday, October 25th. The company reported $0.05 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.09. Callaway Golf had a return on equity of 7.88% and a net margin of 17.97%. The firm had revenue of $243.60 million for the quarter, compared to analysts’ expectations of $209.52 million. During the same period last year, the firm earned ($0.06) EPS. The company’s quarterly revenue was up 29.7% on a year-over-year basis. research analysts forecast that Callaway Golf Company will post 0.51 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Wednesday, November 22nd will be given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date is Tuesday, November 21st. Callaway Golf’s dividend payout ratio (DPR) is presently 2.09%.
Callaway Golf 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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