Wells Fargo & Company MN grew its stake in Callaway Golf Co (NYSE:ELY) by 2.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,286,832 shares of the company’s stock after acquiring an additional 35,944 shares during the quarter. Wells Fargo & Company MN owned 1.36% of Callaway Golf worth $17,925,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in ELY. State Street Corp increased its stake in shares of Callaway Golf by 2.8% in the 2nd quarter. State Street Corp now owns 2,215,678 shares of the company’s stock valued at $28,317,000 after acquiring an additional 59,853 shares during the last quarter. Nationwide Fund Advisors increased its stake in Callaway Golf by 5.4% during the 3rd quarter. Nationwide Fund Advisors now owns 236,614 shares of the company’s stock worth $3,414,000 after purchasing an additional 12,226 shares in the last quarter. Crossmark Global Holdings Inc. bought a new stake in Callaway Golf during the 3rd quarter worth approximately $264,000. Dupont Capital Management Corp bought a new stake in Callaway Golf during the 3rd quarter worth approximately $713,000. Finally, Chicago Equity Partners LLC increased its stake in Callaway Golf by 239.7% during the 3rd quarter. Chicago Equity Partners LLC now owns 169,965 shares of the company’s stock worth $2,453,000 after purchasing an additional 119,925 shares in the last quarter. 89.07% of the stock is owned by institutional investors.
ELY has been the subject of a number of research reports. Compass Point cut Callaway Golf from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $15.06 to $13.50 in a research note on Wednesday, December 27th. Raymond James Financial reissued a “hold” rating on shares of Callaway Golf in a research note on Wednesday, December 27th. DA Davidson set a $18.00 target price on Callaway Golf and gave the stock a “buy” rating in a research note on Wednesday, December 27th. Cowen raised Callaway Golf from a “sell” rating to a “neutral” rating and set a $14.00 target price for the company in a research note on Wednesday, February 7th. Finally, TheStreet raised Callaway Golf from a “c+” rating to a “b” rating in a research note on Wednesday, February 14th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $16.61.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings results on Wednesday, February 7th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.02. The company had revenue of $192.00 million during 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 business’s quarterly revenue was up 17.1% on a year-over-year basis. During the same period last year, the business earned ($0.09) EPS. equities research analysts predict that Callaway Golf Co will post 0.7 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 7th. Stockholders of record on Wednesday, February 14th were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Tuesday, February 13th. This represents a $0.04 annualized dividend and a dividend yield of 0.25%. Callaway Golf’s dividend payout ratio is currently 9.30%.
In other news, SVP Richard H. Arnett sold 8,193 shares of the stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $16.00, for a total value of $131,088.00. Following the completion of the sale, the senior vice president now owns 20,241 shares of the company’s stock, valued at approximately $323,856. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Alex Mitchell Boezeman sold 16,738 shares of the stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $15.31, for a total value of $256,258.78. Following the completion of the sale, the insider now directly owns 120,873 shares of the company’s stock, valued at approximately $1,850,565.63. The disclosure for this sale can be found here. Insiders have sold a total of 194,504 shares of company stock valued at $3,039,131 over the last ninety days. Company insiders own 2.59% of the company’s stock.
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Callaway Golf 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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