State of New Jersey Common Pension Fund D Increases Stock Position in Callaway Golf (NYSE:ELY)

Posted by MarketBeat News on Aug 1st, 2022

State of New Jersey Common Pension Fund D increased its position in Callaway Golf (NYSE:ELY – Get Rating) by 15.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 111,085 shares of the company’s stock after purchasing an additional 15,195 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Callaway Golf were worth $2,602,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Victory Capital Management Inc. boosted its stake in shares of Callaway Golf by 1.0% in the fourth quarter. Victory Capital Management Inc. now owns 321,195 shares of the company’s stock valued at $8,814,000 after purchasing an additional 3,028 shares during the period. Assenagon Asset Management S.A. boosted its stake in Callaway Golf by 52.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 140,114 shares of the company’s stock valued at $3,845,000 after acquiring an additional 48,213 shares during the last quarter. State Street Corp boosted its stake in Callaway Golf by 2.4% during the 4th quarter. State Street Corp now owns 3,438,369 shares of the company’s stock valued at $94,349,000 after acquiring an additional 80,838 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in Callaway Golf by 4.6% during the 4th quarter. Commonwealth Equity Services LLC now owns 18,257 shares of the company’s stock valued at $501,000 after acquiring an additional 800 shares during the last quarter. Finally, Rice Hall James & Associates LLC boosted its stake in Callaway Golf by 57.4% during the 4th quarter. Rice Hall James & Associates LLC now owns 120,376 shares of the company’s stock valued at $3,303,000 after acquiring an additional 43,906 shares during the last quarter. 87.20% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on ELY. StockNews.com downgraded shares of Callaway Golf from a “hold” rating to a “sell” rating in a research note on Thursday, May 19th. Berenberg Bank reiterated a “buy” rating and set a $34.00 price objective on shares of Callaway Golf in a research note on Friday, May 27th. Truist Financial reduced their price objective on shares of Callaway Golf from $42.00 to $36.00 and set a “buy” rating on the stock in a research note on Monday, April 11th. Roth Capital reiterated a “buy” rating on shares of Callaway Golf in a research note on Wednesday, April 27th. Finally, KeyCorp reduced their price target on shares of Callaway Golf from $40.00 to $30.00 in a research report on Thursday, May 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Callaway Golf has a consensus rating of “Moderate Buy” and an average price target of $38.70.

Callaway Golf Stock Up 2.1 %

ELY stock opened at $22.95 on Monday. The company has a quick ratio of 0.74, a current ratio of 1.21 and a debt-to-equity ratio of 0.29. Callaway Golf has a fifty-two week low of $17.78 and a fifty-two week high of $34.24. The firm’s 50-day simple moving average is $21.23 and its 200 day simple moving average is $22.42. The stock has a market cap of $4.24 billion, a PE ratio of 33.75, a price-to-earnings-growth ratio of 1.38 and a beta of 1.78.

Callaway Golf (NYSE:ELY – Get Rating) last released its earnings results on Tuesday, May 10th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.24 by $0.12. The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Callaway Golf had a net margin of 3.87% and a return on equity of 3.56%. Callaway Golf’s quarterly revenue was up 59.6% on a year-over-year basis. During the same quarter last year, the company earned $0.62 EPS. As a group, sell-side analysts predict that Callaway Golf will post 0.79 EPS for the current year.

Insider Buying and Selling at Callaway Golf

In other Callaway Golf news, Director Erik J. Anderson sold 9,992 shares of the firm’s stock in a transaction dated Monday, May 16th. The shares were sold at an average price of $20.81, for a total transaction of $207,933.52. Following the transaction, the director now owns 651,821 shares of the company’s stock, valued at approximately $13,564,395.01. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 13.46% of the stock is owned by corporate insiders.

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 Apparel, Gear and Other. The Topgolf segment operates Topgolf venues equipped with technology-enabled hitting bays, multiple bars, dining areas, and event spaces, as well as Toptracer ball-flight tracking technology used by independent driving ranges and broadcast television; and World Golf Tour digital golf game.