Callaway Golf Co. (ELY) Downgraded by Zacks Investment Research
Callaway Golf Co. (NYSE:ELY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Callaway Golf Company is designs, develops, manufactures and markets high quality, innovative golf clubs. The Company’s golf clubs are sold at premium prices to both average and skilled golfers on the basis of performance, ease of use and appearance. “
A number of other equities research analysts also recently commented on ELY. Roth Capital set a $13.00 price objective on Callaway Golf and gave the company a “buy” rating in a report on Saturday, September 17th. TheStreet raised Callaway Golf from a “hold” rating to a “buy” rating in a research note on Wednesday, July 27th. Forward View reissued a “buy” rating on shares of Callaway Golf in a research note on Sunday, July 24th. Vetr raised Callaway Golf from a “buy” rating to a “strong-buy” rating and set a $12.50 target price for the company in a research note on Monday, June 13th. Finally, FBR & Co assumed coverage on Callaway Golf in a research note on Thursday, June 30th. They issued an “outperform” rating and a $12.00 target price for the company. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $13.29.
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Shares of Callaway Golf (NYSE:ELY) traded down 2.39% on Tuesday, hitting $11.02. The company had a trading volume of 533,998 shares. The firm has a 50 day moving average of $11.47 and a 200-day moving average of $10.40. The firm has a market capitalization of $1.04 billion, a P/E ratio of 27.90 and a beta of 1.30. Callaway Golf has a 12-month low of $8.00 and a 12-month high of $11.90.
Callaway Golf (NYSE:ELY) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.06. The business earned $245.60 million during the quarter, compared to the consensus estimate of $242.49 million. Callaway Golf had a return on equity of 8.69% and a net margin of 4.53%. The firm’s revenue was up 6.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.15 earnings per share. On average, equities analysts predict that Callaway Golf will post $0.44 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, August 25th were given a dividend of $0.01 per share. The ex-dividend date was Tuesday, August 23rd. This represents a $0.04 annualized dividend and a yield of 0.36%. Callaway Golf’s dividend payout ratio (DPR) is presently 10.26%.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Northpointe Capital LLC boosted its position in shares of Callaway Golf by 52.5% in the second quarter. Northpointe Capital LLC now owns 1,344,771 shares of the company’s stock valued at $13,730,000 after buying an additional 463,215 shares during the period. Jacobs Levy Equity Management Inc. boosted its position in shares of Callaway Golf by 73.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 299,000 shares of the company’s stock valued at $2,727,000 after buying an additional 126,232 shares during the period. TIAA CREF Investment Management LLC boosted its position in shares of Callaway Golf by 69.6% in the first quarter. TIAA CREF Investment Management LLC now owns 578,828 shares of the company’s stock valued at $5,279,000 after buying an additional 237,480 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Callaway Golf by 190.4% in the first quarter. JPMorgan Chase & Co. now owns 497,309 shares of the company’s stock valued at $4,536,000 after buying an additional 326,074 shares during the period. Finally, Prudential Financial Inc. boosted its position in shares of Callaway Golf by 6.9% in the first quarter. Prudential Financial Inc. now owns 222,037 shares of the company’s stock valued at $2,025,000 after buying an additional 14,400 shares during the period. 84.34% of the stock is owned by hedge funds and other institutional investors.
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 the Company’s trademarks and service marks and sales of pre-owned golf clubs.
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