Millennium Management LLC grew its stake in Callaway Golf Co (NYSE:ELY) by 9,204.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,164,645 shares of the company’s stock after purchasing an additional 1,152,128 shares during the quarter. Millennium Management LLC owned about 1.24% of Callaway Golf worth $22,605,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. FNY Investment Advisers LLC bought a new stake in shares of Callaway Golf during the 2nd quarter valued at about $34,000. Nisa Investment Advisors LLC bought a new position in Callaway Golf in the second quarter worth about $34,000. NEXT Financial Group Inc bought a new position in Callaway Golf in the third quarter worth about $49,000. Massey Quick Simon & CO. LLC purchased a new stake in Callaway Golf in the third quarter worth about $60,000. Finally, First Mercantile Trust Co. purchased a new stake in Callaway Golf in the second quarter worth about $103,000. 99.38% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE ELY opened at $20.82 on Tuesday. Callaway Golf Co has a 1 year low of $14.44 and a 1 year high of $21.54. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.79 and a quick ratio of 0.96. The firm has a 50-day moving average of $20.55 and a 200 day moving average of $18.37. The stock has a market cap of $1.96 billion, a P/E ratio of 19.46, a price-to-earnings-growth ratio of 0.75 and a beta of 1.27.
Callaway Golf (NYSE:ELY) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.13. Callaway Golf had a net margin of 5.10% and a return on equity of 13.17%. The business had revenue of $426.00 million for the quarter, compared to analysts’ expectations of $420.43 million. During the same quarter in the prior year, the company earned $0.10 earnings per share. The business’s revenue was up 62.2% compared to the same quarter last year. Research analysts expect that Callaway Golf Co will post 1.11 earnings per share 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 given a $0.01 dividend. The ex-dividend date is Tuesday, December 3rd. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.19%. Callaway Golf’s dividend payout ratio is currently 3.74%.
Callaway Golf announced that its board has authorized a stock repurchase program on Thursday, August 8th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
Several analysts have weighed in on the company. Zacks Investment Research downgraded Callaway Golf from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Stephens reissued a “buy” rating and issued a $25.00 target price on shares of Callaway Golf in a research report on Monday. ValuEngine cut Callaway Golf from a “buy” rating to a “hold” rating in a research note on Tuesday, November 19th. Raymond James upgraded Callaway Golf from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research report on Wednesday, September 11th. Finally, Compass Point set a $21.50 price target on Callaway Golf and gave the stock a “buy” rating in a research note on Friday, November 1st. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Callaway Golf has an average rating of “Buy” and a consensus target price of $23.17.
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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