AQR Capital Management LLC Reduces Holdings in Callaway Golf Co (NYSE:ELY)

AQR Capital Management LLC trimmed its stake in Callaway Golf Co (NYSE:ELY) by 87.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,846 shares of the company’s stock after selling 135,426 shares during the period. AQR Capital Management LLC’s holdings in Callaway Golf were worth $323,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. FNY Investment Advisers LLC purchased a new position in Callaway Golf during the 2nd quarter worth $34,000. Nisa Investment Advisors LLC purchased a new position in Callaway Golf during the 2nd quarter worth $34,000. First Mercantile Trust Co. purchased a new position in Callaway Golf during the 2nd quarter worth $103,000. Meadow Creek Investment Management LLC grew its position in Callaway Golf by 8.7% during the 2nd quarter. Meadow Creek Investment Management LLC now owns 9,968 shares of the company’s stock worth $171,000 after purchasing an additional 800 shares during the last quarter. Finally, Community Capital Management Inc. purchased a new position in Callaway Golf during the 2nd quarter worth $172,000. 94.94% of the stock is currently owned by hedge funds and other institutional investors.

In other news, EVP Richard H. Arnett sold 13,137 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $20.00, for a total value of $262,740.00. Following the completion of the sale, the executive vice president now owns 31,276 shares in the company, valued at approximately $625,520. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.97% of the stock is currently owned by company insiders.

Several research analysts have issued reports on the stock. Raymond James raised shares of Callaway Golf from a “market perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a research report on Wednesday, September 11th. B. Riley set a $30.00 price objective on shares of Callaway Golf and gave the stock a “buy” rating in a research report on Wednesday. Compass Point set a $21.00 price objective on shares of Callaway Golf and gave the stock a “buy” rating in a research report on Wednesday. ValuEngine downgraded shares of Callaway Golf from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Finally, Zacks Investment Research downgraded shares of Callaway Golf from a “buy” rating to a “hold” rating in a research report on Wednesday. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $22.75.

ELY stock opened at $20.18 on Friday. Callaway Golf Co has a one year low of $14.44 and a one year high of $24.38. The stock has a market capitalization of $1.86 billion, a PE ratio of 18.86, a price-to-earnings-growth ratio of 0.70 and a beta of 1.26. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.92 and a current ratio of 1.70. The company has a fifty day moving average of $18.53 and a 200-day moving average of $17.37.

Callaway Golf (NYSE:ELY) last released its earnings results on Thursday, August 8th. The company reported $0.37 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.12. Callaway Golf had a net margin of 4.17% and a return on equity of 9.95%. The company had revenue of $446.71 million during the quarter, compared to analysts’ expectations of $430.12 million. During the same quarter last year, the business earned $0.63 EPS. The business’s revenue was up 12.7% on a year-over-year basis. Equities analysts forecast that Callaway Golf Co will post 1.07 earnings per share for the current fiscal year.

Callaway Golf announced that its board has approved a stock buyback program on Thursday, August 8th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 5.9% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Callaway Golf Company 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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Institutional Ownership by Quarter for Callaway Golf (NYSE:ELY)

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