Callaway Golf Company (NYSE:ELY) declared a quarterly dividend on Tuesday, August 1st, Wall Street Journal reports. Shareholders of record on Tuesday, August 22nd will be given a dividend of 0.01 per share on Tuesday, September 12th. This represents a $0.04 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date of this dividend is Friday, August 18th.
Callaway Golf has a payout ratio of 9.1% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Callaway Golf to earn $0.50 per share next year, which means the company should continue to be able to cover its $0.04 annual dividend with an expected future payout ratio of 8.0%.
Callaway Golf (ELY) remained flat at $12.98 during trading on Friday. The company’s stock had a trading volume of 835,875 shares. Callaway Golf has a 52-week low of $9.77 and a 52-week high of $13.70. The company has a 50-day moving average of $12.75 and a 200-day moving average of $11.92. The company has a market capitalization of $1.22 billion, a P/E ratio of 7.18 and a beta of 1.20.
Callaway Golf (NYSE:ELY) last issued its earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.05. The business had revenue of $304.50 million during the quarter, compared to analyst estimates of $295.70 million. Callaway Golf had a return on equity of 6.60% and a net margin of 18.09%. Callaway Golf’s revenue was up 24.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 EPS. On average, equities research analysts predict that Callaway Golf will post $0.44 EPS for the current year.
Several research analysts have recently commented on the company. Zacks Investment Research lowered Callaway Golf from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 25th. BidaskClub lowered Callaway Golf from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. FBR & Co boosted their price target on Callaway Golf from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 21st. Imperial Capital boosted their price target on Callaway Golf from $13.00 to $14.50 and gave the stock an “outperform” rating in a research report on Tuesday, May 23rd. Finally, Jefferies Group LLC set a $18.00 price target on Callaway Golf and gave the stock a “buy” rating in a research report on Friday, August 4th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $14.90.
In related news, insider Oliver G. Brewer III sold 131,884 shares of the company’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $13.31, for a total transaction of $1,755,376.04. Following the transaction, the insider now directly owns 291,399 shares of the company’s stock, valued at approximately $3,878,520.69. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Alan Hocknell sold 57,138 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $13.30, for a total value of $759,935.40. Following the transaction, the senior vice president now directly owns 115,045 shares in the company, valued at $1,530,098.50. The disclosure for this sale can be found here. Corporate insiders own 2.59% of the company’s stock.
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Callaway Golf Company Profile
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 its trademarks and service marks and sales of pre-owned golf clubs.
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