Los Angeles Capital Management & Equity Research Inc. increased its position in shares of Callaway Golf Co (NYSE:ELY) by 73.8% in the third quarter, HoldingsChannel.com reports. The firm owned 55,387 shares of the company’s stock after acquiring an additional 23,527 shares during the quarter. Los Angeles Capital Management & Equity Research Inc.’s holdings in Callaway Golf were worth $1,345,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently added to or reduced their stakes in ELY. Renaissance Technologies LLC acquired a new stake in shares of Callaway Golf during the second quarter worth about $19,205,000. BlackRock Inc. lifted its holdings in shares of Callaway Golf by 8.3% during the second quarter. BlackRock Inc. now owns 13,041,770 shares of the company’s stock worth $247,402,000 after purchasing an additional 999,297 shares during the period. Fuller & Thaler Asset Management Inc. acquired a new stake in shares of Callaway Golf during the second quarter worth about $7,913,000. Assenagon Asset Management S.A. acquired a new stake in shares of Callaway Golf during the third quarter worth about $7,271,000. Finally, WINTON GROUP Ltd lifted its holdings in shares of Callaway Golf by 602.4% during the third quarter. WINTON GROUP Ltd now owns 274,536 shares of the company’s stock worth $6,668,000 after purchasing an additional 235,451 shares during the period. 89.70% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts recently commented on the company. ValuEngine downgraded Callaway Golf from a “buy” rating to a “hold” rating in a report on Wednesday. Jefferies Financial Group reaffirmed a “buy” rating and set a $26.00 target price on shares of Callaway Golf in a report on Monday, October 29th. Cowen lifted their target price on Callaway Golf from $21.00 to $24.00 and gave the stock a “hold” rating in a report on Friday, September 28th. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $27.00 target price on shares of Callaway Golf in a report on Thursday, September 27th. Finally, Imperial Capital lifted their target price on Callaway Golf from $21.00 to $25.00 and gave the stock an “outperform” rating in a report on Tuesday, August 7th. They noted that the move was a valuation call. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $23.00.
Callaway Golf (NYSE:ELY) last announced its quarterly earnings results on Wednesday, October 24th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.09. Callaway Golf had a return on equity of 16.48% and a net margin of 9.08%. The company had revenue of $262.65 million during the quarter, compared to the consensus estimate of $250.83 million. On average, sell-side analysts anticipate that Callaway Golf Co will post 1.05 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 12th. Shareholders of record on Wednesday, November 21st will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.21%. The ex-dividend date is Tuesday, November 20th. Callaway Golf’s payout ratio is presently 7.55%.
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About Callaway Golf
Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs, golf balls, golf bags, and other golf-related accessories in the United States and internationally. The company operates through three segments: Golf Clubs; Golf Balls; and Gear, Accessories and Other.
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