Q4 2017 EPS Estimates for Callaway Golf Company Lifted by Analyst (ELY)
Callaway Golf Company (NYSE:ELY) – DA Davidson boosted their Q4 2017 earnings estimates for shares of Callaway Golf in a report released on Tuesday. DA Davidson analyst A. Burns now expects that the company will post earnings per share of ($0.15) for the quarter, up from their prior estimate of ($0.19). DA Davidson has a “Buy” rating and a $16.00 price target on the stock. DA Davidson also issued estimates for Callaway Golf’s FY2018 earnings at $0.43 EPS.
Callaway Golf (NYSE:ELY) last announced its quarterly earnings results 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 analyst estimates of $295.70 million. Callaway Golf had a return on equity of 6.60% and a net margin of 18.09%. The company’s quarterly revenue was up 24.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.36 EPS.
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A number of other research analysts have also commented on the stock. Jefferies Group LLC reiterated a “buy” rating and set a $18.00 price objective on shares of Callaway Golf in a research note on Thursday, October 12th. Zacks Investment Research lowered shares of Callaway Golf from a “buy” rating to a “hold” rating in a research note on Wednesday, October 4th. Aegis reiterated a “buy” rating on shares of Callaway Golf in a research note on Monday, September 4th. KeyCorp reiterated a “buy” rating and set a $16.00 price objective on shares of Callaway Golf in a research note on Thursday, August 31st. Finally, BidaskClub upgraded shares of Callaway Golf from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $15.31.
Shares of Callaway Golf (ELY) opened at 14.39 on Friday. The stock’s 50 day moving average price is $14.12 and its 200 day moving average price is $12.94. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of 7.95 and a beta of 1.17. Callaway Golf has a 52 week low of $9.77 and a 52 week high of $14.75.
A number of institutional investors have recently bought and sold shares of ELY. Riverhead Capital Management LLC boosted its stake in Callaway Golf by 69.9% in the 2nd quarter. Riverhead Capital Management LLC now owns 8,326 shares of the company’s stock worth $106,000 after purchasing an additional 3,426 shares during the period. C M Bidwell & Associates Ltd. acquired a new position in Callaway Golf in the 2nd quarter worth approximately $109,000. Flinton Capital Management LLC boosted its stake in Callaway Golf by 71.6% in the 2nd quarter. Flinton Capital Management LLC now owns 11,322 shares of the company’s stock worth $145,000 after purchasing an additional 4,726 shares during the period. Amalgamated Bank boosted its stake in Callaway Golf by 1.3% in the 2nd quarter. Amalgamated Bank now owns 12,821 shares of the company’s stock worth $164,000 after purchasing an additional 160 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. acquired a new position in Callaway Golf in the 2nd quarter worth approximately $194,000. 87.46% of the stock is owned by hedge funds and other institutional investors.
In related news, insider Oliver G. Brewer III sold 131,884 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $13.31, for a total value of $1,755,376.04. Following the completion of the transaction, the insider now owns 291,399 shares of the company’s stock, valued at approximately $3,878,520.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Mark F. Leposky sold 31,691 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $14.00, for a total transaction of $443,674.00. Following the completion of the transaction, the vice president now directly owns 68,343 shares of the company’s stock, valued at approximately $956,802. The disclosure for this sale can be found here. Insiders have sold 281,113 shares of company stock valued at $3,792,388 over the last 90 days. 2.59% of the stock is currently owned by insiders.
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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