Marathon Capital Management lifted its stake in shares of Callaway Golf Company (NYSE:ELY) by 0.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 157,781 shares of the company’s stock after acquiring an additional 2 shares during the quarter. Callaway Golf comprises about 1.0% of Marathon Capital Management’s investment portfolio, making the stock its 23rd biggest holding. Marathon Capital Management owned 0.17% of Callaway Golf worth $2,016,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Louisiana State Employees Retirement System grew its position in Callaway Golf by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 38,500 shares of the company’s stock worth $426,000 after buying an additional 700 shares during the last quarter. State of Alaska Department of Revenue grew its position in Callaway Golf by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 10,440 shares of the company’s stock worth $115,000 after buying an additional 260 shares during the last quarter. Wells Fargo & Company MN grew its position in Callaway Golf by 6.7% in the first quarter. Wells Fargo & Company MN now owns 1,272,874 shares of the company’s stock worth $14,090,000 after buying an additional 79,764 shares during the last quarter. Great West Life Assurance Co. Can boosted its stake in Callaway Golf by 6.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 132,248 shares of the company’s stock worth $1,462,000 after purchasing an additional 7,624 shares during the period. Finally, First Trust Advisors LP boosted its stake in Callaway Golf by 97.6% in the 1st quarter. First Trust Advisors LP now owns 124,061 shares of the company’s stock worth $1,373,000 after purchasing an additional 61,269 shares during the period. Institutional investors and hedge funds own 87.46% of the company’s stock.
Callaway Golf Company (ELY) opened at 14.12 on Friday. Callaway Golf Company has a 12-month low of $9.77 and a 12-month high of $14.16. The company has a market cap of $1.33 billion, a P/E ratio of 7.81 and a beta of 1.18. The stock’s 50 day moving average is $13.38 and its 200 day moving average is $12.44.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.05. The company had revenue of $304.50 million for the quarter, compared to the consensus estimate of $295.70 million. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. The firm’s quarterly revenue was up 24.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.36 EPS. On average, equities analysts forecast that Callaway Golf Company will post $0.44 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Tuesday, August 22nd were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.28%. The ex-dividend date was Friday, August 18th. Callaway Golf’s dividend payout ratio (DPR) is presently 2.20%.
A number of equities research analysts have issued reports on the stock. Imperial Capital reissued an “outperform” rating and set a $16.00 target price (up previously from $14.50) on shares of Callaway Golf in a research note on Wednesday, August 9th. Cowen and Company assumed coverage on shares of Callaway Golf in a research note on Wednesday, June 14th. They set a “market perform” rating and a $14.00 target price for the company. Aegis reaffirmed a “buy” rating on shares of Callaway Golf in a research note on Monday, September 4th. Jefferies Group LLC set a $17.00 price objective on shares of Callaway Golf and gave the company a “buy” rating in a research note on Tuesday, June 6th. Finally, Compass Point lowered shares of 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. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Callaway Golf currently has an average rating of “Buy” and a consensus price target of $15.31.
In other Callaway Golf news, insider Oliver G. Brewer III sold 131,884 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $13.31, for a total transaction of $1,755,376.04. Following the sale, the insider now directly owns 291,399 shares of the company’s stock, valued at $3,878,520.69. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Alan Hocknell sold 57,138 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $13.30, for a total transaction of $759,935.40. Following the sale, the senior vice president now directly owns 115,045 shares in the company, valued at $1,530,098.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 281,113 shares of company stock worth $3,792,388. Insiders own 2.59% of the company’s stock.
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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