Zacks Investment Research upgraded shares of Callaway Golf (NYSE:ELY) from a hold rating to a buy rating in a report published on Friday, January 5th. Zacks Investment Research currently has $15.00 target price on the stock.
According to Zacks, “Callaway Golf is renowned for developing innovative products that help golfers hit longer and straighter shots from tee to green; controlled, higher-spinning shots around the green; and smooth, accurate putts. The long list of legendary Callaway products introduced across the past three decades is long, punctuated by the iconic Big Bertha driver, which drove Callaway to the top of the industry in the early 1990s, and the Great Big Bertha driver, which Golf Digest named the greatest club of all time for its combination of innovation, performance and lasting impact on the golf equipment landscape. Hundreds of tournaments, including numerous Major Championships, have been won by Tour pros playing Callaway equipment. Callaway Golf consists of four powerful brands – Callaway, Odyssey, Toulon Design and OGIO – that together offer golfers all over the world everything they need – clubs, balls, bags, apparel, footwear, bags, accessories – to play better and enjoy the game more. “
Other equities analysts have also recently issued research reports about the company. DA Davidson set a $18.00 target price on Callaway Golf and gave the company a buy rating in a research note on Wednesday, December 27th. B. Riley reaffirmed a buy rating on shares of Callaway Golf in a research note on Wednesday, November 1st. KeyCorp set a $16.00 target price on Callaway Golf and gave the company a buy rating in a research note on Saturday, October 21st. Jefferies Group reaffirmed a buy rating and set a $18.00 target price on shares of Callaway Golf in a research note on Thursday, October 12th. Finally, SunTrust Banks lifted their target price on Callaway Golf from $16.00 to $17.00 and gave the company a buy rating in a research note on Thursday, October 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have given a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $15.82.
Shares of Callaway Golf (NYSE:ELY) traded up $0.12 on Friday, reaching $14.29. The company had a trading volume of 837,089 shares, compared to its average volume of 884,289. The stock has a market cap of $1,340.00, a PE ratio of 7.48, a P/E/G ratio of 1.59 and a beta of 1.11. Callaway Golf has a 1 year low of $9.93 and a 1 year high of $15.63.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings results on Wednesday, October 25th. The company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.09. The firm had revenue of $243.60 million for the quarter, compared to analysts’ expectations of $209.52 million. Callaway Golf had a return on equity of 7.88% and a net margin of 17.97%. Callaway Golf’s revenue was up 29.7% on a year-over-year basis. During the same quarter last year, the business posted ($0.06) EPS. analysts expect that Callaway Golf will post 0.51 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, December 13th. Investors of record on Wednesday, November 22nd were paid a $0.01 dividend. The ex-dividend date of this dividend was Tuesday, November 21st. This represents a $0.04 annualized dividend and a dividend yield of 0.28%. Callaway Golf’s payout ratio is 2.09%.
In related news, SVP Brian P. Lynch sold 6,277 shares of the business’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $15.42, for a total value of $96,791.34. Following the completion of the sale, the senior vice president now owns 46,184 shares of the company’s stock, valued at approximately $712,157.28. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Alex Mitchell Boezeman sold 16,738 shares of the business’s stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $15.31, for a total value of $256,258.78. Following the completion of the sale, the insider now directly owns 120,873 shares of the company’s stock, valued at approximately $1,850,565.63. The disclosure for this sale can be found here. In the last three months, insiders sold 46,588 shares of company stock valued at $694,031. 2.59% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Riverhead Capital Management LLC lifted its holdings 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 last quarter. C M Bidwell & Associates Ltd. acquired a new stake in Callaway Golf in the 2nd quarter worth approximately $109,000. Flinton Capital Management LLC lifted its holdings 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 last quarter. Allianz Asset Management GmbH acquired a new stake in Callaway Golf in the 3rd quarter worth approximately $182,000. Finally, Amalgamated Bank lifted its holdings 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 last quarter. 88.11% of the stock is owned by institutional investors and hedge funds.
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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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