Empirical Capital Management LLC purchased a new stake in shares of Callaway Golf Co (NYSE:ELY) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 402,000 shares of the company’s stock, valued at approximately $7,803,000. Callaway Golf accounts for approximately 10.6% of Empirical Capital Management LLC’s holdings, making the stock its 2nd largest holding. Empirical Capital Management LLC owned about 0.43% of Callaway Golf at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Community Capital Management Inc. bought a new position in shares of Callaway Golf in the 2nd quarter worth about $172,000. Arabesque Asset Management Ltd increased its stake in shares of Callaway Golf by 1.8% in the 2nd quarter. Arabesque Asset Management Ltd now owns 56,152 shares of the company’s stock worth $964,000 after acquiring an additional 969 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Callaway Golf by 16.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 37,669 shares of the company’s stock worth $646,000 after acquiring an additional 5,375 shares in the last quarter. Bernzott Capital Advisors increased its stake in shares of Callaway Golf by 1.2% in the 2nd quarter. Bernzott Capital Advisors now owns 1,026,892 shares of the company’s stock worth $17,621,000 after acquiring an additional 11,760 shares in the last quarter. Finally, Boston Advisors LLC increased its stake in shares of Callaway Golf by 48.5% in the 3rd quarter. Boston Advisors LLC now owns 81,638 shares of the company’s stock worth $1,585,000 after acquiring an additional 26,660 shares in the last quarter. 99.38% of the stock is owned by institutional investors and hedge funds.
NYSE:ELY traded up $0.11 on Thursday, reaching $21.06. 649,963 shares of the stock traded hands, compared to its average volume of 906,294. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 0.75 and a beta of 1.25. The company has a current ratio of 1.79, a quick ratio of 0.96 and a debt-to-equity ratio of 0.74. Callaway Golf Co has a 12 month low of $14.44 and a 12 month high of $21.54. The company’s fifty day simple moving average is $20.45 and its 200 day simple moving average is $18.25.
Callaway Golf (NYSE:ELY) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.13. The business had revenue of $426.00 million during the quarter, compared to analyst estimates of $420.43 million. Callaway Golf had a net margin of 5.10% and a return on equity of 13.17%. Callaway Golf’s revenue was up 62.2% compared to the same quarter last year. During the same period last year, the business earned $0.10 EPS. Equities analysts anticipate that Callaway Golf Co will post 1.11 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, December 19th. Stockholders of record on Wednesday, December 4th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date is Tuesday, December 3rd. Callaway Golf’s payout ratio is presently 3.74%.
Callaway Golf announced that its Board of Directors has initiated a share repurchase plan on Thursday, August 8th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its stock is undervalued.
Several research analysts recently issued reports on the stock. Raymond James upgraded shares of Callaway Golf from a “market perform” rating to an “outperform” rating and set a $21.00 price target for the company in a research note on Wednesday, September 11th. Zacks Investment Research lowered shares of Callaway Golf from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. B. Riley set a $30.00 price objective on shares of Callaway Golf and gave the company a “buy” rating in a research note on Wednesday, October 9th. Compass Point set a $21.50 price objective on shares of Callaway Golf and gave the company a “buy” rating in a research note on Friday, November 1st. Finally, Stephens upgraded shares of Callaway Golf from an “equal” rating to a “weight” rating and raised their price objective for the company from $18.00 to $21.50 in a research note on Friday, August 9th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $22.78.
Callaway Golf Profile
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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