Callaway Golf Company (ELY) Upgraded at Zacks Investment Research
Callaway Golf Company (NYSE:ELY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm currently has a $15.00 price objective on the stock. Zacks Investment Research‘s price objective points to a potential upside of 15.03% from the company’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. “
Several other equities analysts have also recently commented on ELY. Morgan Stanley cut shares of Callaway Golf from an “overweight” rating to an “equal weight” rating in a research report on Monday, April 17th. FBR & Co set a $14.00 price target on shares of Callaway Golf and gave the stock a “buy” rating in a research report on Saturday, May 6th. Imperial Capital increased their price target on shares of Callaway Golf from $13.00 to $14.50 and gave the stock an “outperform” rating in a research report on Tuesday, May 23rd. Jefferies Group LLC set a $17.00 price target on shares of Callaway Golf and gave the stock a “buy” rating in a research report on Tuesday, June 6th. Finally, Cowen and Company initiated coverage on shares of Callaway Golf in a research report on Wednesday, June 14th. They set a “market perform” rating and a $14.00 price target on the stock. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Callaway Golf currently has an average rating of “Buy” and a consensus price target of $14.58.
Shares of Callaway Golf (NYSE ELY) opened at 13.04 on Monday. The firm’s 50-day moving average price is $12.59 and its 200-day moving average price is $11.82. Callaway Golf has a one year low of $9.77 and a one year high of $13.70. The stock has a market capitalization of $1.22 billion, a P/E ratio of 7.05 and a beta of 1.20.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.29 by $0.05. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. The business had revenue of $304.50 million for the quarter, compared to analysts’ expectations of $295.70 million. During the same quarter last year, the company posted $0.36 earnings per share. The company’s quarterly revenue was up 24.0% compared to the same quarter last year. Equities research analysts anticipate that Callaway Golf will post $0.41 EPS for the current fiscal year.
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In other Callaway Golf news, insider Neil Howie sold 37,069 shares of the firm’s stock in a transaction dated Thursday, May 11th. The shares were sold at an average price of $13.10, for a total value of $485,603.90. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Alan Hocknell sold 57,138 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $13.30, for a total transaction of $759,935.40. Following the completion of the transaction, the senior vice president now directly owns 115,045 shares in the company, valued at approximately $1,530,098.50. The disclosure for this sale can be found here. Insiders sold 226,091 shares of company stock worth $3,000,915 in the last three months. 2.59% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of ELY. AQR Capital Management LLC boosted its position 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 in the last quarter. Norges Bank acquired a new position in shares of Callaway Golf during the fourth quarter worth about $12,313,000. Teachers Advisors LLC boosted its position in shares of Callaway Golf by 27.4% in the fourth quarter. Teachers Advisors LLC now owns 1,137,390 shares of the company’s stock worth $12,466,000 after buying an additional 244,320 shares in the last quarter. Highbridge Capital Management LLC acquired a new position in shares of Callaway Golf during the fourth quarter worth about $451,000. Finally, Louisiana State Employees Retirement System boosted its position in shares of Callaway Golf by 1.9% in the first quarter. Louisiana State Employees Retirement System now owns 38,500 shares of the company’s stock worth $426,000 after buying an additional 700 shares in the last quarter. 85.99% of the stock is currently owned by hedge funds and other institutional investors.
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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