Zacks Investment Research upgraded shares of Callaway Golf Company (NYSE:ELY) from a hold rating to a buy rating in a report issued on Monday, August 7th. The brokerage currently has $15.00 price target on the stock.
According to Zacks, “Callaway Golf Company is designs, develops, manufactures and markets high quality, innovative golf clubs. The Company’s golf clubs are sold at premium prices to both average and skilled golfers on the basis of performance, ease of use and appearance. “
ELY has been the subject of several other reports. BidaskClub cut shares of Callaway Golf from a buy rating to a hold rating in a report on Wednesday, July 19th. FBR & Co raised their target price on shares of Callaway Golf from $14.00 to $16.00 and gave the stock an outperform rating in a report on Wednesday, June 21st. Imperial Capital raised their target price on shares of Callaway Golf from $13.00 to $14.50 and gave the stock an outperform rating in a report on Tuesday, May 23rd. Morgan Stanley lowered shares of Callaway Golf from an overweight rating to an equal weight rating in a research report on Monday, April 17th. Finally, Jefferies Group LLC set a $18.00 price target on shares of Callaway Golf and gave the stock a buy rating in a research report on Friday, August 4th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Callaway Golf currently has a consensus rating of Buy and a consensus target price of $14.90.
Shares of Callaway Golf (ELY) opened at 12.98 on Monday. The stock has a market cap of $1.22 billion, a P/E ratio of 7.18 and a beta of 1.20. The firm has a 50 day moving average of $12.75 and a 200 day moving average of $11.92. Callaway Golf has a one year low of $9.77 and a one year high of $13.70.
Callaway Golf (NYSE:ELY) last announced its earnings results on Thursday, August 3rd. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.29 by $0.05. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. The company had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $295.70 million. During the same period last year, the company posted $0.36 earnings per share. The business’s revenue for the quarter was up 24.0% on a year-over-year basis. On average, equities research analysts predict that Callaway Golf will post $0.44 EPS for the current fiscal year.
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The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Tuesday, August 22nd will be given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date is Friday, August 18th. Callaway Golf’s dividend payout ratio is 2.20%.
In other news, SVP Alan Hocknell sold 57,138 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $13.30, for a total value of $759,935.40. Following the sale, the senior vice president now owns 115,045 shares in the company, valued at $1,530,098.50. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Oliver G. Brewer III sold 131,884 shares of the firm’s stock in a transaction on 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 completion of the sale, the insider now owns 291,399 shares in the company, valued at approximately $3,878,520.69. The disclosure for this sale can be found here. Company insiders own 2.59% of the company’s stock.
A number of large investors have recently bought and sold shares of ELY. Wells Fargo & Company MN increased its stake in Callaway Golf by 6.7% in the first quarter. Wells Fargo & Company MN now owns 1,272,874 shares of the company’s stock worth $14,090,000 after buying an additional 79,764 shares in the last quarter. Essex Investment Management Co. LLC increased its stake in Callaway Golf by 24.9% in the first quarter. Essex Investment Management Co. LLC now owns 122,861 shares of the company’s stock worth $1,360,000 after buying an additional 24,524 shares in the last quarter. Punch & Associates Investment Management Inc. increased its stake in Callaway Golf by 2.0% in the first quarter. Punch & Associates Investment Management Inc. now owns 1,209,808 shares of the company’s stock worth $13,393,000 after buying an additional 24,236 shares in the last quarter. Scott & Selber Inc. acquired a new stake in Callaway Golf during the first quarter worth $1,410,000. Finally, First Citizens Bank & Trust Co. acquired a new stake in Callaway Golf during the first quarter worth $169,000. Hedge funds and other institutional investors own 85.02% of the company’s stock.
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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