Callaway Golf Company (NYSE:ELY) Issues Quarterly Earnings Results, Beats Estimates By $0.05 EPS
Callaway Golf Company (NYSE:ELY) posted its quarterly earnings results on Thursday. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.05, Bloomberg Earnings reports. The business had revenue of $304.50 million for the quarter, compared to analysts’ expectations of $295.70 million. Callaway Golf had a return on equity of 7.33% and a net margin of 19.56%. The firm’s quarterly revenue was up 24.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.36 earnings per share. Callaway Golf updated its FY17 guidance to $0.40-0.45 EPS.
Callaway Golf (NYSE:ELY) traded up 8.26% during midday trading on Friday, hitting $13.50. The stock had a trading volume of 3,842,350 shares. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of 7.30 and a beta of 1.20. Callaway Golf has a 52 week low of $9.77 and a 52 week high of $13.70. The company’s 50 day moving average price is $12.56 and its 200-day moving average price is $11.80.
The firm 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 dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date is Friday, August 18th. Callaway Golf’s dividend payout ratio is currently 2.16%.
A number of brokerages have issued reports on ELY. Zacks Investment Research cut Callaway Golf from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 25th. Morgan Stanley cut Callaway Golf from an “overweight” rating to an “equal weight” rating in a report on Monday, April 17th. Imperial Capital raised their target price on Callaway Golf from $13.00 to $14.50 and gave the stock an “outperform” rating in a report on Tuesday, May 23rd. FBR & Co raised their target price on Callaway Golf from $14.00 to $16.00 and gave the stock an “outperform” rating in a report on Wednesday, June 21st. Finally, BidaskClub upgraded Callaway Golf from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $14.38.
In related news, SVP Richard H. Arnett sold 30,204 shares of the company’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $12.68, for a total transaction of $382,986.72. Following the transaction, the senior vice president now directly owns 13,070 shares of the company’s stock, valued at approximately $165,727.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Anthony S. Thornley sold 10,698 shares of the company’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $12.75, for a total value of $136,399.50. Following the transaction, the director now directly owns 49,790 shares in the company, valued at $634,822.50. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 77,971 shares of company stock worth $1,004,990. 2.59% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the company. State of Alaska Department of Revenue increased its stake in shares of Callaway Golf by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 10,440 shares of the company’s stock valued at $115,000 after buying an additional 260 shares during the period. Koch Industries Inc. acquired a new stake in shares of Callaway Golf during the first quarter worth approximately $162,000. First Citizens Bank & Trust Co. acquired a new stake in shares of Callaway Golf during the first quarter worth approximately $169,000. Suntrust Banks Inc. increased its stake in shares of Callaway Golf by 2.5% in the first quarter. Suntrust Banks Inc. now owns 18,036 shares of the company’s stock worth $199,000 after buying an additional 441 shares during the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Callaway Golf by 0.4% in the fourth quarter. AQR Capital Management LLC now owns 19,804 shares of the company’s stock worth $217,000 after buying an additional 77 shares during the last quarter. 86.26% of the stock is owned by hedge funds and other institutional investors.
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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