Charles Schwab Investment Management Inc. increased its position in shares of Callaway Golf Co (NYSE:ELY) by 1.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 730,110 shares of the company’s stock after buying an additional 9,489 shares during the period. Charles Schwab Investment Management Inc. owned 0.78% of Callaway Golf worth $12,529,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in ELY. Arabesque Asset Management Ltd lifted its stake in shares of Callaway Golf by 1.8% in the second quarter. Arabesque Asset Management Ltd now owns 56,152 shares of the company’s stock worth $964,000 after buying an additional 969 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Callaway Golf by 16.6% in the second quarter. Envestnet Asset Management Inc. now owns 37,669 shares of the company’s stock worth $646,000 after buying an additional 5,375 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Callaway Golf by 9.2% in the fourth quarter. Geode Capital Management LLC now owns 943,292 shares of the company’s stock worth $14,432,000 after buying an additional 79,255 shares in the last quarter. Nisa Investment Advisors LLC purchased a new position in shares of Callaway Golf in the second quarter worth about $34,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Callaway Golf by 2.3% in the second quarter. JPMorgan Chase & Co. now owns 182,655 shares of the company’s stock worth $3,153,000 after buying an additional 4,101 shares in the last quarter. 94.94% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Richard H. Arnett sold 13,137 shares of Callaway Golf stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $20.00, for a total value of $262,740.00. Following the completion of the transaction, the executive vice president now owns 31,276 shares in the company, valued at $625,520. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.97% of the stock is owned by insiders.
Several equities analysts have recently weighed in on the stock. Raymond James raised shares of Callaway Golf from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research note on Wednesday, September 11th. ValuEngine cut shares of Callaway Golf from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Zacks Investment Research cut shares of Callaway Golf from a “buy” rating to a “hold” rating in a research report on Wednesday. Compass Point set a $21.00 price objective on shares of Callaway Golf and gave the stock a “buy” rating in a research report on Wednesday. Finally, B. Riley set a $30.00 price objective on shares of Callaway Golf and gave the stock a “buy” rating in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Callaway Golf has a consensus rating of “Buy” and an average target price of $22.75.
Shares of ELY stock traded up $0.38 during trading on Friday, reaching $20.18. The company’s stock had a trading volume of 902,986 shares, compared to its average volume of 1,333,434. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.70 and a quick ratio of 0.92. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of 18.86, a P/E/G ratio of 0.74 and a beta of 1.26. The stock’s 50-day moving average price is $18.53 and its 200 day moving average price is $17.37. Callaway Golf Co has a 1-year low of $14.44 and a 1-year high of $24.38.
Callaway Golf (NYSE:ELY) last announced its quarterly earnings data on Thursday, August 8th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.12. Callaway Golf had a net margin of 4.17% and a return on equity of 9.95%. The firm had revenue of $446.71 million during the quarter, compared to analysts’ expectations of $430.12 million. During the same quarter in the previous year, the business posted $0.63 earnings per share. The business’s quarterly revenue was up 12.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Callaway Golf Co will post 1.07 EPS for the current fiscal year.
Callaway Golf announced that its board has approved a stock repurchase plan on Thursday, August 8th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to reacquire up to 5.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
About Callaway Golf
Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs, golf balls, golf bags, and other golf-related accessories. The company operates through three segments: Golf Clubs; Golf Balls; and Gear, Accessories and Other. The Golf Clubs segment provides golf drivers and fairway woods, hybrids, irons and wedges, putters, packaged sets, and pre-owned golf clubs.
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