California State Teachers Retirement System reduced its holdings in Callaway Golf Company (NYSE:ELY) by 10.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 165,684 shares of the company’s stock after selling 20,046 shares during the quarter. California State Teachers Retirement System owned about 0.18% of Callaway Golf worth $2,117,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of ELY. BlackRock Inc. lifted its stake in shares of Callaway Golf by 56,247.6% in the 1st quarter. BlackRock Inc. now owns 11,700,569 shares of the company’s stock valued at $129,526,000 after purchasing an additional 11,679,804 shares during the period. Scott & Selber Inc. lifted its stake in shares of Callaway Golf by 91.7% in the 2nd quarter. Scott & Selber Inc. now owns 244,133 shares of the company’s stock valued at $3,120,000 after purchasing an additional 116,786 shares during the period. Cramer Rosenthal Mcglynn LLC purchased a new position in shares of Callaway Golf in the 2nd quarter valued at approximately $10,707,000. Dimensional Fund Advisors LP lifted its stake in shares of Callaway Golf by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,392,982 shares of the company’s stock valued at $81,702,000 after purchasing an additional 603,742 shares during the period. Finally, Daruma Capital Management LLC purchased a new position in shares of Callaway Golf in the 2nd quarter valued at approximately $48,831,000. Hedge funds and other institutional investors own 88.69% of the company’s stock.
ELY has been the subject of a number of research analyst reports. BidaskClub upgraded Callaway Golf from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Aegis initiated coverage on Callaway Golf in a research note on Friday, August 25th. They issued a “buy” rating and a $16.00 target price for the company. Zacks Investment Research upgraded Callaway Golf from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a research note on Monday, August 7th. Jefferies Group LLC set a $18.00 price objective on Callaway Golf and gave the company a “buy” rating in a research note on Friday, August 4th. Finally, KeyCorp reiterated a “buy” rating and set a $16.00 price objective on shares of Callaway Golf in a research note on Thursday, August 31st. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $15.67.
Callaway Golf Company (ELY) opened at $13.86 on Wednesday. Callaway Golf Company has a one year low of $9.93 and a one year high of $15.63. The firm has a market capitalization of $1,309.33, a price-to-earnings ratio of 27.16, a PEG ratio of 1.81 and a beta of 1.10.
Callaway Golf (NYSE:ELY) last posted its quarterly earnings results on Wednesday, October 25th. The company reported $0.05 earnings per share for the quarter, topping the Thomson Reuters’ 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 during the quarter, compared to analysts’ expectations of $209.52 million. During the same quarter in the previous year, the business earned ($0.06) earnings per share. The company’s revenue was up 29.7% on a year-over-year basis. analysts forecast that Callaway Golf Company will post 0.51 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 13th. Stockholders of record on Wednesday, November 22nd will be paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.29%. The ex-dividend date is Tuesday, November 21st. Callaway Golf’s dividend payout ratio is currently 2.09%.
In other news, SVP Richard H. Arnett sold 8,070 shares of the business’s stock in a transaction on Friday, November 10th. The stock was sold at an average price of $14.01, for a total value of $113,060.70. Following the completion of the transaction, the senior vice president now owns 5,000 shares in the company, valued at $70,050. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Brian P. Lynch sold 6,277 shares of the business’s stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $15.42, for a total value of $96,791.34. Following the completion of the transaction, the senior vice president now owns 46,184 shares of the company’s stock, valued at approximately $712,157.28. The disclosure for this sale can be found here. Insiders sold 121,941 shares of company stock valued at $1,714,848 in the last 90 days. Company insiders own 2.59% of the company’s stock.
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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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