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 report issued 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. “
ELY has been the subject of a number of other reports. Forward View set a $14.50 price objective on shares of Callaway Golf and gave the stock a “buy” rating in a research report on Wednesday, August 31st. KeyCorp reaffirmed a “buy” rating and set a $16.00 price objective on shares of Callaway Golf in a research report on Friday, September 23rd. Jefferies Group reissued a “buy” rating and issued a $14.00 target price on shares of Callaway Golf in a research report on Tuesday, August 30th. DA Davidson set a $14.00 target price on shares of Callaway Golf and gave the company a “buy” rating in a research report on Monday, August 29th. Finally, Imperial Capital reissued an “outperform” rating and issued a $14.00 target price on shares of Callaway Golf in a research report on Friday, September 9th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Callaway Golf presently has a consensus rating of “Buy” and a consensus target price of $13.29.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/11/callaway-golf-co-ely-downgraded-by-zacks-investment-research.html
Shares of Callaway Golf (NYSE:ELY) traded down 2.39% during midday trading on Tuesday, hitting $11.02. 533,998 shares of the company were exchanged. The company 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 one year low of $8.00 and a one year high of $11.90. The company has a 50-day moving average of $11.47 and a 200 day moving average of $10.40.
Callaway Golf (NYSE:ELY) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.36 EPS for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.06. Callaway Golf had a net margin of 4.53% and a return on equity of 8.69%. The firm earned $245.60 million during the quarter, compared to analysts’ expectations of $242.49 million. During the same period in the previous year, the business posted $0.15 earnings per share. The company’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, equities research analysts expect that Callaway Golf will post $0.44 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, August 25th were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.36%. The ex-dividend date of this dividend was Tuesday, August 23rd. Callaway Golf’s payout ratio is 10.26%.
A number of hedge funds and other institutional investors have recently modified their holdings of ELY. HBK Investments L P increased its position in shares of Callaway Golf by 135.8% in the first quarter. HBK Investments L P now owns 208,646 shares of the company’s stock valued at $1,903,000 after buying an additional 120,146 shares during the last quarter. Bogle Investment Management L P DE increased its position in shares of Callaway Golf by 3,776.8% in the first quarter. Bogle Investment Management L P DE now owns 441,954 shares of the company’s stock valued at $4,030,000 after buying an additional 430,554 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of Callaway Golf by 188.9% in the first quarter. Goldman Sachs Group Inc. now owns 377,515 shares of the company’s stock valued at $3,442,000 after buying an additional 246,861 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of Callaway Golf during the first quarter valued at approximately $251,000. Finally, Menta Capital LLC acquired a new position in shares of Callaway Golf during the first quarter valued at approximately $205,000. 84.34% of the stock is owned by hedge funds and other institutional investors.
Callaway Golf Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Callaway Golf Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Callaway Golf Co. and related companies with MarketBeat.com's FREE daily email newsletter.