Callaway Golf’s (ELY) Outperform Rating Reaffirmed at Imperial Capital
Callaway Golf Company (NYSE:ELY)‘s stock had its “outperform” rating reiterated by equities researchers at Imperial Capital in a research report issued to clients and investors on Wednesday. They currently have a $16.00 price target on the stock, up from their prior price target of $14.50. Imperial Capital’s target price would indicate a potential upside of 23.36% from the company’s previous close. Imperial Capital also issued estimates for Callaway Golf’s Q4 2017 earnings at ($0.14) EPS, FY2017 earnings at $0.38 EPS and FY2018 earnings at $0.43 EPS.
A number of other analysts have also recently weighed in on the stock. Morgan Stanley cut shares of Callaway Golf from an “overweight” rating to an “equal weight” rating in a research note on Monday, April 17th. Zacks Investment Research upgraded shares of Callaway Golf from a “hold” rating to a “buy” rating and set a $13.00 price objective for the company in a research note on Tuesday, April 18th. Cowen and Company initiated coverage on shares of 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. BidaskClub upgraded shares of Callaway Golf from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. Finally, Jefferies Group LLC set a $17.00 price objective on shares of Callaway Golf and gave the stock a “buy” rating in a research note on Tuesday, June 6th. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $14.90.
Callaway Golf (NYSE:ELY) traded down 0.54% during mid-day trading on Wednesday, hitting $12.97. 1,060,046 shares of the stock traded hands. The stock’s 50 day moving average is $12.59 and its 200-day moving average is $11.82. 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 $1.22 billion, a price-to-earnings ratio of 7.01 and a beta of 1.20.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.34 earnings per share for the quarter, topping the Zacks’ 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 during the quarter, compared to analysts’ expectations of $295.70 million. During the same period in the previous year, the company earned $0.36 earnings per share. Callaway Golf’s revenue for the quarter was up 24.0% on a year-over-year basis. On average, equities research analysts anticipate that Callaway Golf will post $0.41 EPS for the current year.
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In other Callaway Golf news, SVP Alan Hocknell sold 57,138 shares of the business’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $13.30, for a total value of $759,935.40. Following the sale, the senior vice president now owns 115,045 shares of the company’s stock, valued at approximately $1,530,098.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Neil Howie sold 37,069 shares of the business’s stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $13.10, for a total transaction of $485,603.90. The disclosure for this sale can be found here. Insiders have sold 226,091 shares of company stock worth $3,000,915 in the last ninety days. 2.59% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the stock. Cipher Capital LP raised its stake in shares of Callaway Golf by 62.2% in the second quarter. Cipher Capital LP now owns 456,525 shares of the company’s stock valued at $5,835,000 after buying an additional 175,051 shares during the period. Pacad Investment Ltd. raised its stake in shares of Callaway Golf by 25.3% in the second quarter. Pacad Investment Ltd. now owns 34,200 shares of the company’s stock valued at $437,000 after buying an additional 6,900 shares during the period. Chicago Equity Partners LLC acquired a new stake in shares of Callaway Golf during the second quarter valued at about $640,000. Heartland Advisors Inc. raised its stake in shares of Callaway Golf by 3.0% in the second quarter. Heartland Advisors Inc. now owns 846,730 shares of the company’s stock valued at $10,821,000 after buying an additional 25,000 shares during the period. Finally, IndexIQ Advisors LLC acquired a new stake in shares of Callaway Golf during the second quarter valued at about $547,000. 85.99% of the stock is currently 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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