JPMorgan Chase & Co. raised its position in shares of Callaway Golf Co. (NYSE:ELY) by 9.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 546,129 shares of the company’s stock after buying an additional 48,820 shares during the period. JPMorgan Chase & Co. owned approximately 0.58% of Callaway Golf worth $5,575,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also modified their holdings of ELY. Heartland Advisors Inc. increased its position in Callaway Golf by 127.5% in the second quarter. Heartland Advisors Inc. now owns 909,830 shares of the company’s stock worth $9,289,000 after buying an additional 509,830 shares in the last quarter. Northpointe Capital LLC increased its position in Callaway Golf by 52.5% in the second quarter. Northpointe Capital LLC now owns 1,344,771 shares of the company’s stock worth $13,730,000 after buying an additional 463,215 shares in the last quarter. Bogle Investment Management L P DE increased its position in Callaway Golf by 3,776.8% in the first quarter. Bogle Investment Management L P DE now owns 441,954 shares of the company’s stock worth $4,030,000 after buying an additional 430,554 shares in the last quarter. Royce & Associates LP purchased a new position in Callaway Golf during the first quarter worth approximately $2,663,000. Finally, Emerald Acquisition Ltd. purchased a new position in Callaway Golf during the second quarter worth approximately $2,768,000. 84.34% of the stock is owned by hedge funds and other institutional investors.
Callaway Golf Co. (NYSE:ELY) traded up 0.45% during mid-day trading on Wednesday, reaching $11.07. The company had a trading volume of 142,290 shares. The company’s 50 day moving average is $11.47 and its 200 day moving average is $10.40. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of 28.03 and a beta of 1.30. Callaway Golf Co. has a 52-week low of $8.00 and a 52-week high of $11.90.
Callaway Golf (NYSE:ELY) last posted its quarterly earnings data on Wednesday, July 27th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.30 by $0.06. The business had revenue of $245.60 million for the quarter, compared to analyst estimates of $242.49 million. Callaway Golf had a return on equity of 8.69% and a net margin of 4.53%. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.15 earnings per share. Equities analysts predict that Callaway Golf Co. will post $0.44 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, August 25th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Tuesday, August 23rd. This represents a $0.04 annualized dividend and a yield of 0.36%. Callaway Golf’s dividend payout ratio is 10.26%.
A number of research analysts have commented on the company. KeyCorp reaffirmed a “buy” rating and set a $16.00 target price on shares of Callaway Golf in a report on Friday, September 23rd. Compass Point assumed coverage on Callaway Golf in a report on Friday, September 9th. They set a “neutral” rating and a $12.00 target price on the stock. Imperial Capital reaffirmed an “outperform” rating and set a $14.00 target price on shares of Callaway Golf in a report on Friday, September 9th. Zacks Investment Research raised Callaway Golf from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a report on Monday, October 3rd. Finally, Jefferies Group reaffirmed a “buy” rating and set a $14.00 target price on shares of Callaway Golf in a report on Tuesday, August 30th. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $13.29.
Callaway Golf Company 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 the Company’s trademarks and service marks and sales of pre-owned golf clubs.
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