Jefferies Group Weighs in on Callaway Golf Company’s FY2017 Earnings (NYSE:ELY)
Callaway Golf Company (NYSE:ELY) – Jefferies Group upped their FY2017 earnings estimates for Callaway Golf in a research report issued to clients and investors on Friday. Jefferies Group analyst R. Konik now expects that the company will post earnings of $0.45 per share for the year, up from their prior estimate of $0.37. Jefferies Group currently has a “Buy” rating and a $18.00 target price on the stock. Jefferies Group also issued estimates for Callaway Golf’s Q1 2018 earnings at $0.37 EPS and FY2018 earnings at $0.57 EPS.
A number of other analysts have also recently commented on the stock. Morgan Stanley cut shares of Callaway Golf from an “overweight” rating to an “equal weight” rating in a research report on Monday, April 17th. Zacks Investment Research raised shares of Callaway Golf from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a research report on Tuesday, April 18th. Cowen and Company started 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. BidaskClub raised shares of Callaway Golf from a “hold” rating to a “buy” rating in a research report on Saturday, July 1st. Finally, Imperial Capital upped their price target on shares of Callaway Golf from $13.00 to $14.50 and gave the company an “outperform” rating in a research report on Tuesday, May 23rd. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $14.58.
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Shares of Callaway Golf (NYSE:ELY) traded down 0.46% during mid-day trading on Monday, reaching $12.98. The company had a trading volume of 140,859 shares. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 7.02 and a beta of 1.20. Callaway Golf has a one year low of $9.77 and a one year high of $13.70. The stock has a 50 day moving average of $12.59 and a 200-day moving average of $11.82.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.05. The business had revenue of $304.50 million for 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 firm’s revenue was up 24.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.36 EPS.
Several institutional investors have recently made changes to their positions in ELY. BlackRock Inc. raised its position in shares of Callaway Golf by 56,247.6% in the first quarter. BlackRock Inc. now owns 11,700,569 shares of the company’s stock valued at $129,526,000 after buying an additional 11,679,804 shares in the last quarter. Norges Bank bought a new position in shares of Callaway Golf during the fourth quarter valued at $12,313,000. Naya Capital Management UK Ltd. raised its position in shares of 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 valued at $34,200,000 after buying an additional 926,385 shares in the last quarter. Platinum Investment Management Ltd. raised its position in shares of Callaway Golf by 41.6% in the first quarter. Platinum Investment Management Ltd. now owns 2,327,400 shares of the company’s stock valued at $25,764,000 after buying an additional 683,900 shares in the last quarter. Finally, Kennedy Capital Management Inc. raised its position in shares of Callaway Golf by 161.1% in the first quarter. Kennedy Capital Management Inc. now owns 973,299 shares of the company’s stock valued at $10,774,000 after buying an additional 600,557 shares in the last quarter. Hedge funds and other institutional investors own 85.99% of the company’s stock.
In other news, insider Oliver G. Brewer III sold 131,884 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $13.31, for a total transaction of $1,755,376.04. Following the transaction, the insider now owns 291,399 shares in the company, valued at $3,878,520.69. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Neil Howie sold 37,069 shares of the company’s stock in a transaction dated 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 quarter. Company insiders own 2.59% of the company’s stock.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Tuesday, August 22nd will be issued a dividend of $0.01 per share. The ex-dividend date is Friday, August 18th. This represents a $0.04 annualized dividend and a dividend yield of 0.31%. Callaway Golf’s dividend payout ratio is currently 2.20%.
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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