Zacks Investment Research Upgrades Callaway Golf Co. (ELY) to “Buy”
Callaway Golf Co. (NYSE:ELY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The firm presently has a $13.00 price objective on the stock. Zacks Investment Research’s price target points to a potential upside of 15.04% from the stock’s current price.
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. “
A number of other equities research analysts have also weighed in on the company. KeyCorp reiterated a “buy” rating and issued a $16.00 price objective on shares of Callaway Golf in a research report on Friday, September 23rd. Roth Capital set a $13.00 target price on Callaway Golf and gave the company a “buy” rating in a research note on Saturday, September 17th. Imperial Capital restated an “outperform” rating and issued a $14.00 target price on shares of Callaway Golf in a research note on Friday, September 9th. Compass Point initiated coverage on Callaway Golf in a research note on Friday, September 9th. They issued a “neutral” rating and a $12.00 target price for the company. Finally, Forward View set a $14.50 target price on Callaway Golf and gave the company a “buy” rating in a research note on Wednesday, August 31st. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $13.29.
Callaway Golf (NYSE:ELY) opened at 11.30 on Monday. The firm has a 50-day moving average price of $11.54 and a 200-day moving average price of $10.33. The company has a market cap of $1.06 billion, a P/E ratio of 28.61 and a beta of 1.30. Callaway Golf has a 52 week low of $8.00 and a 52 week high of $11.90.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.06. The firm had revenue of $245.60 million for the quarter, compared to analyst estimates of $242.49 million. Callaway Golf had a return on equity of 8.69% and a net margin of 4.53%. The business’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period last year, the company earned $0.15 EPS. Equities research analysts anticipate that Callaway Golf will post $0.44 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, August 25th were paid a $0.01 dividend. This represents a $0.04 annualized dividend and a dividend yield of 0.35%. The ex-dividend date was Tuesday, August 23rd. Callaway Golf’s dividend payout ratio is currently 10.26%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Silver Capital Management LLC acquired a new position in Callaway Golf during the second quarter valued at $102,000. Boothbay Fund Management LLC acquired a new position in Callaway Golf during the first quarter valued at $112,000. Legal & General Group Plc boosted its position in Callaway Golf by 10.8% in the first quarter. Legal & General Group Plc now owns 12,987 shares of the company’s stock valued at $119,000 after buying an additional 1,268 shares in the last quarter. Airain ltd acquired a new position in Callaway Golf during the second quarter valued at $119,000. Finally, PineBridge Investments L.P. boosted its position in Callaway Golf by 4.0% in the second quarter. PineBridge Investments L.P. now owns 11,914 shares of the company’s stock valued at $121,000 after buying an additional 457 shares in the last quarter. Hedge funds and other institutional investors own 84.34% of the company’s stock.
About Callaway Golf
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.
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