Punch Associates Investment Management Lowers stake in Callaway Golf Co (ELY)

Callaway Golf Co (ELY) : Punch Associates Investment Management reduced its stake in Callaway Golf Co by 0.68% during the most recent quarter end. The investment management company now holds a total of 1,237,835 shares of Callaway Golf Co which is valued at $11,561,379 after selling 8,476 shares in Callaway Golf Co , the firm said in a disclosure report filed with the SEC on Apr 25, 2016.Callaway Golf Co makes up approximately 1.39% of Punch Associates Investment Management’s portfolio.

Callaway Golf Co opened for trading at $9.35 and hit $9.675 on the upside on Monday, eventually ending the session at $9.57, with a gain of 2.46% or 0.23 points. The heightened volatility saw the trading volume jump to 10,85,301 shares. Company has a market cap of $897 M.

Other Hedge Funds, Including , Louisiana State Employees Retirement System boosted its stake in ELY in the latest quarter, The investment management firm added 1,700 additional shares and now holds a total of 41,500 shares of Callaway Golf Co which is valued at $387,610. Callaway Golf Co makes up approx 0.02% of Louisiana State Employees Retirement System’s portfolio.Bnp Paribas Arbitrage Sa boosted its stake in ELY in the latest quarter, The investment management firm added 6,100 additional shares and now holds a total of 16,063 shares of Callaway Golf Co which is valued at $150,992. Quantitative Systematic Strategies added ELY to its portfolio by purchasing 16,403 company shares during the most recent quarter which is valued at $154,188. Callaway Golf Co makes up approx 0.06% of Quantitative Systematic Strategies’s portfolio. Fox Run Management L.l.c. sold out all of its stake in ELY during the most recent quarter. The investment firm sold 10,100 shares of ELY which is valued $94,940.Independent Portfolio Consultants reduced its stake in ELY by selling 2,220 shares or 5.88% in the most recent quarter. The Hedge Fund company now holds 35,530 shares of ELY which is valued at $326,876. Callaway Golf Co makes up approx 0.09% of Independent Portfolio Consultants’s portfolio.

On the company’s financial health, Callaway Golf Co reported $0.40 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Apr 27, 2016. Analyst had a consensus of $0.38. The company had revenue of $274.10 million for the quarter, compared to analysts expectations of $280.84 million. The company’s revenue was down -3.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.39 EPS.

Many Wall Street Analysts have commented on Callaway Golf Co. Company shares were Reiterated by Wunderlich on Apr 4, 2016 to “Hold”, Firm has raised the Price Target to $ 10 from a previous price target of $8 .Imperial Capital Initiated Callaway Golf Co on Mar 15, 2016 to “Outperform”, Price Target of the shares are set at $12.Company shares were Upgraded by DA Davidson on Feb 24, 2016 to ” Buy”, Firm has raised the Price Target to $ 12 from a previous price target of $10 .

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 the Company’s trademarks and service marks and sales of pre-owned golf clubs. The golf balls segment consists of the Company’s balls that are designed manufactured and sold by the Company. The Company sells pre-owned golf products through its Website www.callawaygolfpreowned.com. In addition the Company sells Odyssey and its products direct to consumers through its Websites www.callawaygolf.com and www.odysseygolf.com. The Company’s products are sold in the United States and in approximately 100 countries around the world.

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