Morgan Stanley Sells 178,819 Shares of Callaway Golf Company (ELY)

Morgan Stanley cut its position in shares of Callaway Golf Company (NYSE:ELY) by 29.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 436,775 shares of the company’s stock after selling 178,819 shares during the period. Morgan Stanley’s holdings in Callaway Golf were worth $4,835,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its position in Callaway Golf by 0.4% in the fourth quarter. AQR Capital Management LLC now owns 19,804 shares of the company’s stock worth $217,000 after buying an additional 77 shares during the last quarter. State of Alaska Department of Revenue raised 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. Municipal Employees Retirement System of Michigan raised its position in Callaway Golf by 1.3% in the first quarter. Municipal Employees Retirement System of Michigan now owns 27,960 shares of the company’s stock worth $310,000 after buying an additional 360 shares during the last quarter. Suntrust Banks Inc. raised its position in Callaway Golf by 2.5% in the first quarter. Suntrust Banks Inc. now owns 18,036 shares of the company’s stock worth $199,000 after buying an additional 441 shares during the last quarter. Finally, Louisiana State Employees Retirement System raised 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. 85.99% of the stock is currently owned by institutional investors and hedge funds.

Shares of Callaway Golf Company (NYSE ELY) traded up 0.23% on Thursday, reaching $13.00. The company had a trading volume of 39,396 shares. The stock has a 50 day moving average price of $12.65 and a 200-day moving average price of $11.86. Callaway Golf Company has a 12 month low of $9.77 and a 12 month high of $13.70. The company has a market capitalization of $1.23 billion, a price-to-earnings ratio of 7.19 and a beta of 1.20.

Callaway Golf (NYSE:ELY) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.05. Callaway Golf had a return on equity of 6.60% and a net margin of 18.09%. The company had revenue of $304.50 million for the quarter, compared to analysts’ expectations of $295.70 million. During the same period last year, the firm earned $0.36 EPS. The firm’s revenue for the quarter was up 24.0% on a year-over-year basis. Analysts forecast that Callaway Golf Company will post $0.42 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Tuesday, August 22nd will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.31%. The ex-dividend date is Friday, August 18th. Callaway Golf’s dividend payout ratio (DPR) is presently 2.20%.

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A number of research firms have recently issued reports on ELY. FBR & Co set a $14.00 target price on Callaway Golf and gave the company a “buy” rating in a report on Saturday, May 6th. Cowen and Company began coverage on Callaway Golf in a report on Wednesday, June 14th. They issued a “market perform” rating and a $14.00 target price on the stock. Imperial Capital reissued an “outperform” rating and issued a $16.00 target price (up previously from $14.50) on shares of Callaway Golf in a report on Wednesday. Jefferies Group LLC set a $17.00 target price on Callaway Golf and gave the company a “buy” rating in a report on Tuesday, June 6th. Finally, Compass Point lowered Callaway Golf from a “buy” rating to a “neutral” rating and boosted their target price for the company from $13.60 to $13.75 in a report on Monday. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $14.90.

In related news, insider Oliver G. Brewer III sold 131,884 shares of Callaway Golf stock in a transaction on Friday, August 4th. The stock was sold at an average price of $13.31, for a total value of $1,755,376.04. Following the transaction, the insider now directly owns 291,399 shares in the company, valued at approximately $3,878,520.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Alan Hocknell sold 57,138 shares of Callaway Golf stock in a transaction on Friday, August 4th. The stock was sold at an average price of $13.30, for a total value of $759,935.40. Following the completion of the transaction, the senior vice president now owns 115,045 shares in the company, valued at $1,530,098.50. The disclosure for this sale can be found here. 2.59% of the stock is currently owned by company insiders.

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 its trademarks and service marks and sales of pre-owned golf clubs.

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Institutional Ownership by Quarter for Callaway Golf (NYSE:ELY)

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