Callaway Golf Company (NYSE:ELY) Cut to “Neutral” at Compass Point
Compass Point lowered shares of Callaway Golf Company (NYSE:ELY) from a buy rating to a neutral rating in a research report sent to investors on Monday morning, Marketbeat.com reports.
Several other research analysts also recently issued reports on the company. Forward View downgraded Callaway Golf to a hold rating and set a $14.00 price target for the company. in a research note on Saturday. Jefferies Group LLC set a $18.00 price target on Callaway Golf and gave the stock a buy rating in a research note on Friday. Zacks Investment Research downgraded Callaway Golf from a strong-buy rating to a hold rating in a research note on Tuesday, July 25th. BidaskClub downgraded Callaway Golf from a buy rating to a hold rating in a research note on Wednesday, July 19th. Finally, FBR & Co lifted their price target on Callaway Golf from $14.00 to $16.00 and gave the stock an outperform rating in a research note on Wednesday, June 21st. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of Buy and an average target price of $14.58.
Callaway Golf (NYSE ELY) traded up 4.08% during midday trading on Monday, hitting $13.27. 502,092 shares of the stock were exchanged. The firm has a 50-day moving average price of $12.56 and a 200-day moving average price of $11.80. The stock has a market cap of $1.25 billion, a P/E ratio of 7.17 and a beta of 1.20. Callaway Golf has a one year low of $9.77 and a one year high of $13.35.
Callaway Golf (NYSE:ELY) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.05. The business had revenue of $304.50 million during the quarter, compared to the consensus estimate of $295.70 million. Callaway Golf had a return on equity of 6.60% and a net margin of 18.09%. The business’s revenue was up 24.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.36 EPS. On average, equities research analysts anticipate that Callaway Golf will post $0.41 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Tuesday, August 22nd will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.31%. The ex-dividend date of this dividend is Friday, August 18th. Callaway Golf’s dividend payout ratio (DPR) is 2.20%.
In other Callaway Golf news, insider Neil Howie sold 37,069 shares of Callaway Golf stock in a transaction dated Thursday, May 11th. The stock was sold at an average price of $13.10, for a total value of $485,603.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Oliver G. Brewer III sold 131,884 shares of Callaway Golf stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $13.31, for a total value of $1,755,376.04. Following the completion of the sale, 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 sold a total of 226,091 shares of company stock valued at $3,000,915 in the last 90 days. 2.59% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA boosted its stake in Callaway Golf by 56.3% in the second quarter. BNP Paribas Arbitrage SA now owns 34,661 shares of the company’s stock valued at $443,000 after buying an additional 12,483 shares during the period. Bernzott Capital Advisors boosted its stake in Callaway Golf by 5.9% in the second quarter. Bernzott Capital Advisors now owns 1,655,112 shares of the company’s stock valued at $21,152,000 after buying an additional 91,975 shares during the period. Legal & General Group Plc boosted its stake in Callaway Golf by 8.4% in the second quarter. Legal & General Group Plc now owns 179,020 shares of the company’s stock valued at $2,286,000 after buying an additional 13,809 shares during the period. Alps Advisors Inc. boosted its stake in Callaway Golf by 0.3% in the second quarter. Alps Advisors Inc. now owns 44,544 shares of the company’s stock valued at $569,000 after buying an additional 114 shares during the period. Finally, SG Americas Securities LLC acquired a new stake in Callaway Golf during the second quarter valued at approximately $284,000. 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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