Callaway Golf Company (NYSE:ELY) Given a $18.00 Price Target at Jefferies Group LLC
Jefferies Group LLC set a $18.00 target price on Callaway Golf Company (NYSE:ELY) in a research report released on Friday morning. The brokerage currently has a buy rating on the stock. Jefferies Group also issued estimates for Callaway Golf’s FY2017 earnings at $0.45 EPS, Q1 2018 earnings at $0.37 EPS and FY2018 earnings at $0.57 EPS.
A number of other research analysts also recently issued reports on the company. FBR & Co set a $14.00 price objective on Callaway Golf and gave the company a buy rating in a research note on Saturday, May 6th. BidaskClub downgraded Callaway Golf from a buy rating to a hold rating in a research note on Wednesday, July 19th. Cowen and Company began coverage on Callaway Golf in a research note on Wednesday, June 14th. They issued a market perform rating and a $14.00 price objective for the company. Zacks Investment Research downgraded Callaway Golf from a strong-buy rating to a hold rating in a research note on Tuesday, July 25th. Finally, Imperial Capital upped their price objective on Callaway Golf from $13.00 to $14.50 and gave the company an outperform rating in a research note on Tuesday, May 23rd. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $14.42.
Callaway Golf (NYSE ELY) opened at 13.29 on Friday. Callaway Golf has a 52-week low of $9.77 and a 52-week high of $13.35. The company has a market capitalization of $1.25 billion, a PE ratio of 7.18 and a beta of 1.20. The firm’s 50-day moving average is $12.56 and its 200-day moving average is $11.80.
Callaway Golf (NYSE:ELY) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates 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 quarterly revenue was up 24.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 EPS. On average, equities research analysts forecast that Callaway Golf will post $0.36 EPS for the current 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 paid a dividend of $0.01 per share. The ex-dividend date of this dividend is Friday, August 18th. This represents a $0.04 annualized dividend and a dividend yield of 0.30%. Callaway Golf’s payout ratio is 2.20%.
In other news, insider Neil Howie sold 37,069 shares of the stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $13.10, for a total transaction of $485,603.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Oliver G. Brewer III sold 131,884 shares of the stock in a transaction on Friday, August 4th. The stock was sold at an average price of $13.31, for a total value of $1,755,376.04. Following the transaction, the insider now owns 291,399 shares of the company’s stock, valued at approximately $3,878,520.69. The disclosure for this sale can be found here. Insiders have sold a total of 226,091 shares of company stock valued at $3,000,915 in the last quarter. 2.59% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. State of Alaska Department of Revenue increased its position in 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 last quarter. Koch Industries Inc. purchased a new position in Callaway Golf during the first quarter valued at $162,000. First Citizens Bank & Trust Co. purchased a new position in Callaway Golf during the first quarter valued at $169,000. Suntrust Banks Inc. increased its position in Callaway Golf by 2.5% in the first quarter. Suntrust Banks Inc. now owns 18,036 shares of the company’s stock valued at $199,000 after buying an additional 441 shares during the last quarter. Finally, Atria Investments LLC increased its position in Callaway Golf by 1.5% in the second quarter. Atria Investments LLC now owns 19,633 shares of the company’s stock valued at $251,000 after buying an additional 283 shares during the last quarter. Institutional investors own 85.99% 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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