Callaway Golf Company (ELY) Receives Buy Rating from Jefferies Group LLC
Jefferies Group LLC reiterated their buy rating on shares of Callaway Golf Company (NYSE:ELY) in a research report released on Thursday. Jefferies Group LLC currently has a $18.00 target price on the stock.
Several other research firms have also recently issued reports on ELY. BidaskClub cut Callaway Golf from a buy rating to a hold rating in a report on Wednesday, July 19th. Aegis reaffirmed a buy rating on shares of Callaway Golf in a report on Monday, September 4th. Imperial Capital reaffirmed an outperform rating and issued a $16.00 price target (up previously from $14.50) on shares of Callaway Golf in a report on Wednesday, August 9th. Cowen and Company started coverage on Callaway Golf in a report on Wednesday, June 14th. They issued a market perform rating and a $14.00 price target on the stock. Finally, Zacks Investment Research raised Callaway Golf from a hold rating to a buy rating and set a $15.00 price target on the stock in a report on Monday, August 7th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company has an average rating of Buy and a consensus target price of $15.31.
Callaway Golf (ELY) opened at 13.98 on Thursday. The company has a 50-day moving average price of $14.06 and a 200 day moving average price of $12.85. Callaway Golf has a 1-year low of $9.77 and a 1-year high of $14.75. The stock has a market capitalization of $1.32 billion, a P/E ratio of 7.73 and a beta of 1.17.
Callaway Golf (NYSE:ELY) last posted its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.05. The company had revenue of $304.50 million for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 earnings per share. On average, equities analysts predict that Callaway Golf will post $0.44 EPS for the current year.
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In other Callaway Golf news, insider Oliver G. Brewer III sold 131,884 shares of the business’s stock in a transaction on 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 sale, the insider now directly owns 291,399 shares of the company’s stock, valued at approximately $3,878,520.69. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 transaction of $759,935.40. Following the sale, the senior vice president now directly owns 115,045 shares in the company, valued at $1,530,098.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 281,113 shares of company stock worth $3,792,388. Company insiders own 2.59% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. BlackRock Inc. grew its holdings in shares of Callaway Golf by 56,247.6% during the 1st quarter. BlackRock Inc. now owns 11,700,569 shares of the company’s stock valued at $129,526,000 after acquiring an additional 11,679,804 shares in the last quarter. Scott & Selber Inc. grew its holdings in shares of Callaway Golf by 91.7% during the 2nd quarter. Scott & Selber Inc. now owns 244,133 shares of the company’s stock valued at $3,120,000 after acquiring an additional 116,786 shares in the last quarter. UBS Group AG grew its holdings in shares of Callaway Golf by 4.5% during the 1st quarter. UBS Group AG now owns 265,077 shares of the company’s stock valued at $2,934,000 after acquiring an additional 11,350 shares in the last quarter. Kennedy Capital Management Inc. grew its holdings in shares of Callaway Golf by 161.1% during the 1st quarter. Kennedy Capital Management Inc. now owns 973,299 shares of the company’s stock valued at $10,774,000 after acquiring an additional 600,557 shares in the last quarter. Finally, Comerica Bank grew its holdings in shares of Callaway Golf by 4.4% during the 1st quarter. Comerica Bank now owns 106,027 shares of the company’s stock valued at $1,259,000 after acquiring an additional 4,498 shares in the last quarter. Institutional investors and hedge funds 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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