FBR & Co set a $16.00 target price on Callaway Golf Company (NYSE:ELY) in a report released on Thursday, October 26th. The brokerage currently has a buy rating on the stock. FBR & Co also issued estimates for Callaway Golf’s Q3 2017 earnings at ($0.05) EPS, Q4 2017 earnings at ($0.15) EPS, FY2017 earnings at $0.51 EPS and FY2018 earnings at $0.61 EPS.
Other analysts also recently issued research reports about the stock. KeyCorp reissued a buy rating and set a $16.00 target price on shares of Callaway Golf in a research report on Thursday, August 31st. Zacks Investment Research raised shares of Callaway Golf from a hold rating to a buy rating and set a $15.00 target price on the stock in a research report on Monday, August 7th. BidaskClub upgraded shares of Callaway Golf from a hold rating to a buy rating in a research note on Saturday, August 26th. Aegis initiated coverage on shares of Callaway Golf in a research note on Friday, August 25th. They set a buy rating and a $16.00 price objective for the company. Finally, Jefferies Group LLC set a $18.00 price objective on shares of Callaway Golf and gave the company a buy rating in a research note on Friday, August 4th. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. Callaway Golf has a consensus rating of Buy and an average target price of $15.67.
Shares of Callaway Golf (ELY) traded up $0.12 during trading on Thursday, hitting $14.00. 502,300 shares of the stock were exchanged, compared to its average volume of 854,830. Callaway Golf has a 52-week low of $9.93 and a 52-week high of $15.63. The stock has a market cap of $1,323.50, a P/E ratio of 27.45, a P/E/G ratio of 1.83 and a beta of 1.10.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings data on Wednesday, October 25th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.09. The firm had revenue of $243.60 million for the quarter, compared to the consensus estimate of $209.52 million. Callaway Golf had a net margin of 17.97% and a return on equity of 7.88%. The company’s quarterly revenue was up 29.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.06) EPS. analysts predict that Callaway Golf will post 0.51 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 13th. Investors of record on Wednesday, November 22nd will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date of this dividend is Tuesday, November 21st. Callaway Golf’s dividend payout ratio is currently 2.09%.
In other Callaway Golf news, SVP Brian P. Lynch sold 6,277 shares of the company’s stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $15.42, for a total value of $96,791.34. Following the transaction, the senior vice president now owns 46,184 shares of the company’s stock, valued at $712,157.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Mark F. Leposky sold 31,691 shares of the company’s stock in a transaction dated Thursday, August 31st. The shares were 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 in the company, valued at approximately $956,802. The disclosure for this sale can be found here. Insiders sold 113,871 shares of company stock valued at $1,601,788 in the last three months. 2.59% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently modified their holdings of the company. Alps Advisors Inc. lifted its position in shares of Callaway Golf by 0.3% during the second quarter. Alps Advisors Inc. now owns 44,544 shares of the company’s stock worth $569,000 after purchasing an additional 114 shares in the last quarter. Amalgamated Bank lifted its position in shares of 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 purchasing an additional 160 shares in the last quarter. Atria Investments LLC lifted its position in shares of Callaway Golf by 1.5% during the second quarter. Atria Investments LLC now owns 19,633 shares of the company’s stock worth $251,000 after purchasing an additional 283 shares in the last quarter. Municipal Employees Retirement System of Michigan lifted its position in shares of Callaway Golf by 1.3% during the first quarter. Municipal Employees Retirement System of Michigan now owns 27,960 shares of the company’s stock worth $310,000 after purchasing an additional 360 shares in the last quarter. Finally, Suntrust Banks Inc. raised its holdings in Callaway Golf by 2.0% in the second quarter. Suntrust Banks Inc. now owns 18,397 shares of the company’s stock valued at $235,000 after acquiring an additional 361 shares in the last quarter. 88.92% of the stock is currently owned by institutional investors and hedge funds.
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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