Millennium Management LLC reduced its position in Callaway Golf Co (NYSE:ELY) by 23.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 2,494,932 shares of the company’s stock after selling 783,066 shares during the period. Millennium Management LLC owned about 2.64% of Callaway Golf worth $34,754,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Nationwide Fund Advisors raised its holdings in Callaway Golf by 5.4% in the 3rd quarter. Nationwide Fund Advisors now owns 236,614 shares of the company’s stock valued at $3,414,000 after acquiring an additional 12,226 shares during the period. Crossmark Global Holdings Inc. bought a new position in Callaway Golf in the 3rd quarter valued at about $264,000. BNP Paribas Arbitrage SA raised its holdings in Callaway Golf by 89.0% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 65,498 shares of the company’s stock valued at $945,000 after acquiring an additional 30,837 shares during the period. Municipal Employees Retirement System of Michigan raised its holdings in Callaway Golf by 44.8% in the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 41,680 shares of the company’s stock valued at $601,000 after acquiring an additional 12,890 shares during the period. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new position in Callaway Golf in the 3rd quarter valued at about $486,000. Institutional investors and hedge funds own 88.88% of the company’s stock.
In related news, Director Anthony S. Thornley sold 10,000 shares of Callaway Golf stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $15.14, for a total value of $151,400.00. Following the transaction, the director now directly owns 35,034 shares of the company’s stock, valued at $530,414.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Brian P. Lynch sold 26,681 shares of Callaway Golf stock in a transaction that occurred on Thursday, March 22nd. The shares were sold at an average price of $16.50, for a total transaction of $440,236.50. Following the completion of the transaction, the senior vice president now directly owns 23,422 shares in the company, valued at $386,463. The disclosure for this sale can be found here. Insiders sold 204,447 shares of company stock worth $3,223,108 over the last three months. 2.59% of the stock is currently owned by insiders.
Callaway Golf (NYSE:ELY) last announced its quarterly earnings data on Wednesday, February 7th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.02. The business had revenue of $192.00 million for the quarter, compared to analysts’ expectations of $184.74 million. Callaway Golf had a net margin of 3.89% and a return on equity of 7.85%. The firm’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period last year, the firm posted ($0.09) earnings per share. equities analysts anticipate that Callaway Golf Co will post 0.7 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, March 7th. Investors of record on Wednesday, February 14th were paid a $0.01 dividend. The ex-dividend date was Tuesday, February 13th. This represents a $0.04 dividend on an annualized basis and a yield of 0.24%. Callaway Golf’s dividend payout ratio (DPR) is 9.30%.
Several research analysts have weighed in on the stock. Zacks Investment Research raised shares of Callaway Golf from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a report on Tuesday, March 13th. ValuEngine raised shares of Callaway Golf from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. TheStreet raised shares of Callaway Golf from a “c+” rating to a “b” rating in a report on Wednesday, February 14th. Jefferies Group reissued a “buy” rating and issued a $21.00 price target on shares of Callaway Golf in a report on Thursday, February 8th. Finally, Cowen raised shares of Callaway Golf from a “sell” rating to a “neutral” rating and set a $14.00 price target on the stock in a report on Wednesday, February 7th. Five equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $16.66.
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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