IBIS Capital Partners LLP decreased its position in Callaway Golf Company (NYSE:ELY) by 58.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 300,000 shares of the company’s stock after selling 417,797 shares during the quarter. Callaway Golf makes up approximately 4.2% of IBIS Capital Partners LLP’s portfolio, making the stock its 10th largest holding. IBIS Capital Partners LLP owned 0.32% of Callaway Golf worth $4,329,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. Daruma Capital Management LLC bought a new position in Callaway Golf during the second quarter worth $48,831,000. Cramer Rosenthal Mcglynn LLC bought a new position in Callaway Golf during the second quarter worth $10,707,000. Dimensional Fund Advisors LP increased its position in Callaway Golf by 10.4% during the second quarter. Dimensional Fund Advisors LP now owns 6,392,982 shares of the company’s stock worth $81,702,000 after acquiring an additional 603,742 shares during the period. Hodges Capital Management Inc. bought a new position in Callaway Golf during the second quarter worth $5,934,000. Finally, HL Financial Services LLC bought a new position in Callaway Golf during the second quarter worth $3,211,000. 88.16% of the stock is currently owned by institutional investors.
In other news, SVP Richard H. Arnett sold 8,070 shares of the business’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $14.01, for a total value of $113,060.70. Following the sale, the senior vice president now owns 5,000 shares in the company, valued at approximately $70,050. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Brian P. Lynch sold 6,277 shares of the business’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $15.42, for a total transaction of $96,791.34. Following the completion of the sale, the senior vice president now owns 46,184 shares in the company, valued at approximately $712,157.28. The disclosure for this sale can be found here. Insiders have sold 29,850 shares of company stock worth $437,772 in the last quarter. Corporate insiders own 2.59% of the company’s stock.
Callaway Golf (NYSE:ELY) last posted its quarterly earnings results on Wednesday, October 25th. The company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.09. Callaway Golf had a net margin of 17.97% and a return on equity of 7.88%. The firm had revenue of $243.60 million for the quarter, compared to the consensus estimate of $209.52 million. During the same quarter in the previous year, the company earned ($0.06) earnings per share. The business’s revenue was up 29.7% compared to the same quarter last year. analysts predict that Callaway Golf Company will post 0.51 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 13th. Shareholders of record on Wednesday, November 22nd will be paid a dividend of $0.01 per share. The ex-dividend date of this dividend is Tuesday, November 21st. This represents a $0.04 dividend on an annualized basis and a yield of 0.28%. Callaway Golf’s dividend payout ratio is currently 2.09%.
A number of brokerages recently issued reports on ELY. Aegis reaffirmed a “buy” rating on shares of Callaway Golf in a research report on Monday, September 4th. Imperial Capital reaffirmed an “outperform” rating and set a $16.00 target price (up previously from $14.50) on shares of Callaway Golf in a research report on Wednesday, August 9th. B. Riley reaffirmed a “buy” rating on shares of Callaway Golf in a research report on Wednesday, November 1st. KeyCorp reaffirmed an “overweight” rating and set a $16.00 target price on shares of Callaway Golf in a research report on Wednesday, August 30th. Finally, DA Davidson reaffirmed a “buy” rating and set a $16.00 target price on shares of Callaway Golf in a research report on Wednesday, September 20th. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $15.67.
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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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