Stock Traders Buy Large Volume of Callaway Golf Put Options (NYSE:ELY)

Callaway Golf Co (NYSE:ELY) saw some unusual options trading activity on Tuesday. Stock traders purchased 569 put options on the company. This represents an increase of 954% compared to the typical daily volume of 54 put options.

Several equities research analysts have issued reports on ELY shares. Roth Capital set a $75.00 price target on First Solar and gave the company a “buy” rating in a report on Thursday, June 13th. Zacks Investment Research downgraded Farmland Partners from a “hold” rating to a “sell” rating in a report on Friday, July 12th. Berenberg Bank reissued a “buy” rating and set a $24.00 target price on shares of Callaway Golf in a report on Sunday, May 12th. Finally, ValuEngine raised Valmont Industries from a “sell” rating to a “hold” rating in a report on Friday, July 12th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $22.83.

Shares of NYSE:ELY traded down $0.21 during trading on Thursday, reaching $18.21. 556,256 shares of the stock were exchanged, compared to its average volume of 1,270,821. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.85 and a current ratio of 1.59. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 17.01, a price-to-earnings-growth ratio of 0.72 and a beta of 1.26. Callaway Golf has a 1-year low of $14.44 and a 1-year high of $24.67. The stock has a fifty day moving average price of $17.13.

Callaway Golf (NYSE:ELY) last released its quarterly earnings results on Thursday, May 9th. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.14. Callaway Golf had a return on equity of 13.42% and a net margin of 6.68%. The firm had revenue of $516.20 million for the quarter, compared to analysts’ expectations of $504.07 million. During the same quarter last year, the firm posted $0.65 EPS. The company’s revenue was up 28.0% compared to the same quarter last year. Equities analysts anticipate that Callaway Golf will post 1.04 earnings per share for the current fiscal year.

In other Callaway Golf news, Director Russell L. Fleischer bought 5,000 shares of the stock in a transaction that occurred on Thursday, May 23rd. The stock was acquired at an average cost of $14.75 per share, with a total value of $73,750.00. Following the purchase, the director now owns 15,859 shares in the company, valued at $233,920.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Oliver G. Brewer III purchased 10,000 shares of the firm’s stock in a transaction dated Monday, May 20th. The shares were acquired at an average cost of $15.14 per share, with a total value of $151,400.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 21,575 shares of company stock worth $324,630. Corporate insiders own 1.97% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. Hancock Whitney Corp grew its holdings in shares of Callaway Golf by 3.5% in the fourth quarter. Hancock Whitney Corp now owns 145,933 shares of the company’s stock worth $2,232,000 after acquiring an additional 4,894 shares during the period. Citigroup Inc. lifted its position in shares of Callaway Golf by 130.4% in the fourth quarter. Citigroup Inc. now owns 136,782 shares of the company’s stock worth $2,093,000 after buying an additional 77,407 shares in the last quarter. Geode Capital Management LLC raised its position in Callaway Golf by 9.2% during the fourth quarter. Geode Capital Management LLC now owns 943,292 shares of the company’s stock valued at $14,432,000 after purchasing an additional 79,255 shares during the period. Eagle Asset Management Inc. raised its position in Callaway Golf by 236.2% during the fourth quarter. Eagle Asset Management Inc. now owns 418,037 shares of the company’s stock valued at $6,395,000 after purchasing an additional 293,682 shares during the period. Finally, Massey Quick Simon & CO. LLC raised its position in Callaway Golf by 30.0% during the first quarter. Massey Quick Simon & CO. LLC now owns 3,097 shares of the company’s stock valued at $49,000 after purchasing an additional 714 shares during the period. 89.70% of the stock is owned by institutional investors.

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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