Investors Purchase High Volume of Call Options on Callaway Golf (NYSE:ELY)

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Callaway Golf Co (NYSE:ELY) saw some unusual options trading activity on Thursday. Stock traders purchased 3,290 call options on the company. This represents an increase of 621% compared to the typical daily volume of 456 call options.

A number of brokerages recently issued reports on ELY. TheStreet cut Callaway Golf from a “b” rating to a “c+” rating in a report on Monday, February 10th. Stephens reissued a “buy” rating and issued a $25.00 target price on shares of Callaway Golf in a research note on Monday, December 2nd. Berenberg Bank reissued a “buy” rating and issued a $26.00 target price on shares of Callaway Golf in a research note on Sunday, February 16th. Zacks Investment Research lowered shares of Callaway Golf from a “hold” rating to a “sell” rating in a research note on Tuesday, January 28th. Finally, B. Riley reduced their price target on shares of Callaway Golf from $30.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $21.17.

Shares of NYSE ELY traded up $1.23 during midday trading on Thursday, hitting $11.33. The company’s stock had a trading volume of 2,193,399 shares, compared to its average volume of 1,591,882. Callaway Golf has a 1-year low of $4.75 and a 1-year high of $22.33. The firm’s fifty day moving average price is $15.25 and its 200-day moving average price is $19.20. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.64 and a current ratio of 1.51. The firm has a market cap of $858.32 million, a P/E ratio of 13.99 and a beta of 1.43.

Callaway Golf (NYSE:ELY) last issued its earnings results on Monday, February 10th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.03). Callaway Golf had a net margin of 4.67% and a return on equity of 13.82%. The business had revenue of $312.00 million during the quarter, compared to the consensus estimate of $305.49 million. During the same period last year, the business posted ($0.32) EPS. The firm’s revenue for the quarter was up 72.7% compared to the same quarter last year. As a group, research analysts predict that Callaway Golf will post 1.03 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Thursday, February 13th were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date was Wednesday, February 12th. Callaway Golf’s payout ratio is 3.64%.

In other news, EVP Glenn F. Hickey sold 24,595 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $21.81, for a total transaction of $536,416.95. Following the completion of the transaction, the executive vice president now directly owns 8,552 shares of the company’s stock, valued at approximately $186,519.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.97% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. Alliancebernstein L.P. boosted its position in Callaway Golf by 0.6% during the 4th quarter. Alliancebernstein L.P. now owns 4,743,607 shares of the company’s stock valued at $100,564,000 after acquiring an additional 30,498 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Callaway Golf by 23.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,775,728 shares of the company’s stock worth $58,846,000 after purchasing an additional 518,647 shares in the last quarter. State Street Corp increased its holdings in Callaway Golf by 1.7% in the third quarter. State Street Corp now owns 2,694,095 shares of the company’s stock valued at $52,292,000 after buying an additional 45,408 shares in the last quarter. Peregrine Capital Management LLC increased its holdings in Callaway Golf by 8.9% in the fourth quarter. Peregrine Capital Management LLC now owns 1,285,232 shares of the company’s stock valued at $27,247,000 after buying an additional 105,012 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Callaway Golf by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 1,217,770 shares of the company’s stock valued at $25,816,000 after buying an additional 80,709 shares in the last quarter. Institutional investors and hedge funds own 98.08% of the company’s stock.

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. The company operates through three segments: Golf Clubs; Golf Balls; and Gear, Accessories and Other. The Golf Clubs segment provides golf drivers and fairway woods, hybrids, irons and wedges, putters, packaged sets, and pre-owned golf clubs.

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