Callaway Golf Company (ELY) Earns Buy Rating from DA Davidson
DA Davidson reaffirmed their buy rating on shares of Callaway Golf Company (NYSE:ELY) in a report released on Wednesday. DA Davidson currently has a $16.00 price objective on the stock. DA Davidson also issued estimates for Callaway Golf’s Q4 2017 earnings at ($0.19) EPS, FY2017 earnings at $0.42 EPS and FY2018 earnings at $0.51 EPS.
Several other research analysts have also issued reports on ELY. Zacks Investment Research lowered shares of Callaway Golf from a strong-buy rating to a hold rating in a research note on Tuesday, July 25th. KeyCorp reissued an overweight rating and set a $16.00 target price on shares of Callaway Golf in a research note on Wednesday, August 30th. Compass Point lowered shares of Callaway Golf from a buy rating to a neutral rating and increased their target price for the stock from $13.60 to $13.75 in a research note on Monday, August 7th. Imperial Capital increased their target price on shares of Callaway Golf from $13.00 to $14.50 and gave the stock an outperform rating in a research note on Tuesday, May 23rd. Finally, Jefferies Group LLC set a $18.00 target price on shares of Callaway Golf and gave the stock a buy rating in a research note on Friday, August 4th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company has an average rating of Buy and an average price target of $15.31.
Shares of Callaway Golf (ELY) opened at 14.12 on Wednesday. The company’s 50 day moving average is $13.38 and its 200-day moving average is $12.44. The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of 7.81 and a beta of 1.18. Callaway Golf has a one year low of $9.77 and a one year high of $14.16.
Callaway Golf (NYSE:ELY) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.34 EPS for the quarter, beating 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 company had revenue of $304.50 million for the quarter, compared to analyst estimates of $295.70 million. During the same period in the prior year, the firm posted $0.36 EPS. The company’s quarterly revenue was up 24.0% on a year-over-year basis. Equities analysts expect that Callaway Golf will post $0.44 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Tuesday, August 22nd were issued a dividend of $0.01 per share. The ex-dividend date was Friday, August 18th. This represents a $0.04 annualized dividend and a yield of 0.28%. Callaway Golf’s payout ratio is 2.20%.
In other Callaway Golf news, VP Mark F. Leposky sold 31,691 shares of the company’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $14.00, for a total transaction of $443,674.00. Following the transaction, the vice president now owns 68,343 shares in the company, valued at $956,802. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Oliver G. Brewer III sold 131,884 shares of the company’s stock in a transaction on 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 transaction, the insider now owns 291,399 shares in the company, valued at approximately $3,878,520.69. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 281,113 shares of company stock worth $3,792,388. Corporate insiders own 2.59% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ELY. Riverhead Capital Management LLC raised its holdings in Callaway Golf by 69.9% during the second quarter. Riverhead Capital Management LLC now owns 8,326 shares of the company’s stock worth $106,000 after buying an additional 3,426 shares during the last quarter. C M Bidwell & Associates Ltd. acquired a new position in Callaway Golf during the second quarter worth $109,000. Flinton Capital Management LLC raised its holdings in Callaway Golf by 71.6% during the second quarter. Flinton Capital Management LLC now owns 11,322 shares of the company’s stock worth $145,000 after buying an additional 4,726 shares during the last quarter. Koch Industries Inc. acquired a new position in Callaway Golf during the first quarter worth $162,000. Finally, Amalgamated Bank raised its holdings in Callaway Golf by 1.3% during the second quarter. Amalgamated Bank now owns 12,821 shares of the company’s stock worth $164,000 after buying an additional 160 shares during the last quarter. Hedge funds and other institutional investors own 87.46% 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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