Callaway Golf Company (NYSE:ELY) Rating Lowered to Hold at Forward View
Callaway Golf Company (NYSE:ELY) was downgraded by analysts at Forward View to a “hold” rating in a research report issued on Saturday. They presently have a $14.00 target price on the stock. Forward View’s price objective points to a potential upside of 3.70% from the company’s previous close.
ELY has been the topic of a number of other research reports. Zacks Investment Research raised Callaway Golf from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a research note on Tuesday, April 18th. BidaskClub cut Callaway Golf from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. FBR & Co increased their target price on Callaway Golf from $14.00 to $16.00 and gave the company an “outperform” rating in a research note on Wednesday, June 21st. Morgan Stanley cut Callaway Golf from an “overweight” rating to an “equal weight” rating in a research note on Monday, April 17th. Finally, Imperial Capital increased their target price on Callaway Golf from $13.00 to $14.50 and gave the company an “outperform” rating in a research note on Tuesday, May 23rd. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $14.42.
Shares of Callaway Golf (NYSE ELY) opened at 13.50 on Friday. The company’s 50-day moving average price is $12.56 and its 200-day moving average price is $11.80. Callaway Golf has a 12 month low of $9.77 and a 12 month high of $13.70. The company has a market cap of $1.27 billion, a price-to-earnings ratio of 7.30 and a beta of 1.20.
Callaway Golf (NYSE:ELY) last released its earnings results on Thursday, August 3rd. The company reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.05. 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 6.85% and a net margin of 18.09%. The firm’s revenue was up 24.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 earnings per share. Analysts anticipate that Callaway Golf will post $0.36 EPS for the current year.
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In other news, SVP Alan Hocknell sold 57,138 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $13.30, for a total transaction of $759,935.40. Following the completion of the sale, the senior vice president now directly owns 115,045 shares in the company, valued at $1,530,098.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Oliver G. Brewer III sold 131,884 shares of the 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 sale, the insider now owns 291,399 shares of the company’s stock, valued at $3,878,520.69. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 226,091 shares of company stock valued at $3,000,915. 2.59% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its stake in Callaway Golf by 56,247.6% in the first quarter. BlackRock Inc. now owns 11,700,569 shares of the company’s stock worth $129,526,000 after buying an additional 11,679,804 shares in the last quarter. Norges Bank purchased a new stake in Callaway Golf during the fourth quarter worth $12,313,000. Naya Capital Management UK Ltd. raised its stake in Callaway Golf by 42.8% in the first quarter. Naya Capital Management UK Ltd. now owns 3,089,460 shares of the company’s stock worth $34,200,000 after buying an additional 926,385 shares in the last quarter. Platinum Investment Management Ltd. raised its stake in Callaway Golf by 41.6% in the first quarter. Platinum Investment Management Ltd. now owns 2,327,400 shares of the company’s stock worth $25,764,000 after buying an additional 683,900 shares in the last quarter. Finally, Kennedy Capital Management Inc. raised its stake in Callaway Golf by 161.1% in the first quarter. Kennedy Capital Management Inc. now owns 973,299 shares of the company’s stock worth $10,774,000 after buying an additional 600,557 shares in the last quarter. Institutional investors own 86.26% 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 its trademarks and service marks and sales of pre-owned golf clubs.
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