Profit Investment Management LLC bought a new position in shares of Callaway Golf Co (NYSE:ELY) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm bought 147,191 shares of the company’s stock, valued at approximately $2,050,000. Callaway Golf comprises 1.6% of Profit Investment Management LLC’s holdings, making the stock its 27th largest holding.
A number of other large investors have also recently added to or reduced their stakes in the business. Amalgamated Bank lifted its holdings in Callaway Golf by 1.3% during the 2nd quarter. Amalgamated Bank now owns 12,821 shares of the company’s stock worth $164,000 after buying an additional 160 shares during the last quarter. Suntrust Banks Inc. lifted its holdings in Callaway Golf by 2.0% during the 2nd quarter. Suntrust Banks Inc. now owns 18,397 shares of the company’s stock worth $235,000 after buying an additional 361 shares during the last quarter. Riverhead Capital Management LLC lifted its holdings in Callaway Golf by 69.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 8,326 shares of the company’s stock worth $106,000 after buying an additional 3,426 shares during the last quarter. UBS Asset Management Americas Inc. lifted its holdings in Callaway Golf by 10.7% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 35,892 shares of the company’s stock worth $459,000 after buying an additional 3,471 shares during the last quarter. Finally, American International Group Inc. lifted its holdings in Callaway Golf by 5.8% during the 3rd quarter. American International Group Inc. now owns 74,179 shares of the company’s stock worth $1,070,000 after buying an additional 4,087 shares during the last quarter. 88.62% of the stock is currently owned by institutional investors.
Shares of Callaway Golf Co (NYSE:ELY) traded up $0.24 during trading on Wednesday, reaching $14.04. The company’s stock had a trading volume of 55,798 shares, compared to its average volume of 935,402. The company has a market cap of $1,330.00, a P/E ratio of 7.35, a P/E/G ratio of 1.61 and a beta of 1.11. Callaway Golf Co has a 52-week low of $9.93 and a 52-week high of $15.63.
A number of research firms have commented on ELY. Zacks Investment Research downgraded Callaway Golf from a “buy” rating to a “hold” rating in a report on Monday, January 1st. FBR & Co set a $16.00 target price on Callaway Golf and gave the stock a “buy” rating in a report on Thursday, October 26th. B. Riley reissued a “buy” rating on shares of Callaway Golf in a report on Wednesday, November 1st. Jefferies Group set a $19.00 price target on Callaway Golf and gave the stock a “buy” rating in a report on Thursday, October 26th. Finally, JPMorgan Chase & Co. began coverage on Callaway Golf in a report on Thursday, December 14th. They issued an “overweight” rating and a $18.00 price target on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the stock. Callaway Golf has an average rating of “Buy” and a consensus price target of $15.82.
In other Callaway Golf news, SVP Brian P. Lynch sold 6,277 shares of Callaway Golf stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $15.42, for a total transaction of $96,791.34. Following the sale, the senior vice president now owns 46,184 shares of the company’s stock, valued at approximately $712,157.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Anthony S. Thornley sold 7,000 shares of Callaway Golf stock in a transaction on Wednesday, November 1st. The shares were sold at an average price of $14.40, for a total value of $100,800.00. Following the sale, the director now directly owns 47,034 shares in the company, valued at approximately $677,289.60. The disclosure for this sale can be found here. Insiders have sold a total of 46,588 shares of company stock worth $694,031 in the last ninety days. 2.59% of the stock is owned by company insiders.
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About Callaway Golf
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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