Principal Financial Group Inc. sells 4,051 shares of Callaway Golf (NYSE: ELY)


Principal Financial Group Inc. lowered its position in Callaway Golf (NYSE:ELY – Get Rating) stock by 1.0% in Q1, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor held 396,349 shares of the company after selling 4,051 shares during the period. Principal Financial Group Inc. owned approximately 0.21% of Callaway Golf worth $9,282,000 at the time of its last filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently changed their positions in ELY. Victory Capital Management Inc. increased its stake in Callaway Golf shares by 1.0% during the 4th quarter. Victory Capital Management Inc. now owns 321,195 shares of the company worth $8,814,000 after acquiring 3,028 additional shares in the last quarter. Stephens Inc. AR bought a new position in Callaway Golf stock during Q1 worth $505,000. State Street Corp increased its stake in Callaway Golf shares by 2.4% during the 4th quarter. State Street Corp now owns 3,438,369 shares of the company valued at $94,349,000 after purchasing an additional 80,838 shares last quarter. Commonwealth Equity Services LLC increased its stake in Callaway Golf by 4.6% in the fourth quarter. Commonwealth Equity Services LLC now owns 18,257 shares of the company valued at $501,000 after acquiring an additional 800 shares in the last quarter. Finally, Rice Hall James & Associates LLC increased its stake in Callaway Golf by 57.4% in the 4th quarter. Rice Hall James & Associates LLC now owns 120,376 shares of the company valued at $3,303,000 after acquiring 43,906 additional shares in the last quarter. Institutional investors hold 87.20% of the company’s shares.

Insider Trading at Callaway Golf

In other news, Manager Erik J. Anderson sold 22,500 shares in a trade on Monday August 8th. The shares were sold at an average price of $23.04, for a total value of $518,400.00. Following the sale, the administrator now owns 599,321 shares of the company, valued at $13,808,355.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via this hyperlink. In related news, manager Erik J. Anderson sold 5,000 shares in a trade on Tuesday August 16th. The shares were sold at an average price of $24.89, for a total transaction of $124,450.00. Following the sale, the director now directly owns 594,321 shares of the company, valued at $14,792,649.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, accessible via this link. Additionally, director Erik J. Anderson sold 22,500 shares in a trade on Monday August 8th. The stock was sold at an average price of $23.04, for a total transaction of $518,400.00. Following the sale, the administrator now directly owns 599,321 shares of the company, valued at $13,808,355.84. The disclosure of this sale can be found here. Insiders of the company hold 13.46% of the shares of the company.

Wall Street analysts predict growth

ELY has been the subject of several research reports. StockNews.com upgraded Callaway Golf shares from a “sell” rating to a “hold” rating in a Monday, Aug. 8, report. TheStreet upgraded Callaway Golf’s shares from a “c” rating to a “b-” rating in a Friday, August 12 report. Roth Capital restated a “buy” rating on Callaway Golf shares in a Wednesday, April 27 report. KeyCorp cut its price target on Callaway Golf stock from $40.00 to $30.00 in a report Thursday, May 12. Finally, Berenberg Bank reissued a “buy” rating and posted a $34.00 price target on Callaway Golf shares in a research report on Friday, May 27. Two investment analysts gave the stock a hold rating and eight gave the company a buy rating. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $38.11.

Callaway Golf is trading down 0.4%

NYSE:ELY opened at $23.01 on Thursday. Callaway Golf has a 52-week minimum of $17.78 and a 52-week maximum of $31.68. The company has a 50-day moving average of $21.99 and a 200-day moving average of $22.33. The company has a quick ratio of 0.71, a current ratio of 1.29 and a debt ratio of 0.28. The stock has a market capitalization of $4.25 billion, a price/earnings ratio of 31.09, a PEG ratio of 1.45 and a beta of 1.76.

Callaway Golf (NYSE:ELY – Get Rating) last released its quarterly results on Friday, August 5. The company reported earnings per share (EPS) of $0.47 for the quarter, beating consensus analyst estimates of $0.43 by $0.04. Callaway Golf achieved a net margin of 4.02% and a return on equity of 4.17%. The company posted revenue of $1.12 billion for the quarter, versus analyst estimates of $1.10 billion. In the same quarter a year earlier, the company posted EPS of $0.36. Callaway Golf’s revenue for the quarter increased 22.1% compared to the same quarter last year. As a group, sell-side analysts expect Callaway Golf to post earnings per share of 0.83 for the current fiscal year.

Callaway Golf Profile

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Callaway Golf Company, together with its subsidiaries, designs, manufactures and sells golf equipment, golf and lifestyle apparel and other accessories. It operates through three segments: Topgolf; golf equipment; and clothing, equipment and others. The Topgolf segment operates Topgolf venues equipped with technology hitting bays, multiple bars, dining and event spaces, as well as Toptracer ball flight tracking technology used by independent driving ranges and the broadcast television; and the digital golf game World Golf Tour.

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Institutional ownership by quarter for Callaway Golf (NYSE: ELY)



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Michael C. Ford