Callaway Golf Co. (ELY) Lifted to “Buy” at Zacks Investment Research
Callaway Golf Co. (NYSE:ELY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The brokerage presently has a $12.00 price target on the stock. Zacks Investment Research’s target price indicates a potential upside of 9.79% from the company’s previous close.
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 weighed in on the company. Jefferies Group reaffirmed a “buy” rating and set a $14.00 price objective on shares of Callaway Golf in a report on Tuesday, August 30th. Imperial Capital reaffirmed an “outperform” rating and set a $14.00 price objective on shares of Callaway Golf in a report on Friday, September 9th. KeyCorp reaffirmed a “buy” rating and set a $16.00 price objective on shares of Callaway Golf in a report on Friday, September 23rd. DA Davidson set a $14.00 price objective on Callaway Golf and gave the company a “buy” rating in a report on Monday, August 29th. Finally, Roth Capital reaffirmed a “buy” rating and set a $11.00 price objective on shares of Callaway Golf in a report on Thursday, June 30th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $13.21.
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Callaway Golf (NYSE:ELY) traded down 2.41% during trading on Thursday, hitting $10.93. 1,067,942 shares of the stock traded hands. The company has a 50-day moving average price of $11.44 and a 200-day moving average price of $10.41. Callaway Golf has a 12 month low of $8.00 and a 12 month high of $11.90. The stock has a market cap of $1.03 billion, a PE ratio of 27.67 and a beta of 1.30.
Callaway Golf (NYSE:ELY) last released its earnings results on Wednesday, July 27th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.30 by $0.06. Callaway Golf had a return on equity of 8.69% and a net margin of 4.53%. The business had revenue of $245.60 million for the quarter, compared to the consensus estimate of $242.49 million. During the same period last year, the business earned $0.15 earnings per share. The firm’s revenue for the quarter was up 6.6% compared to the same quarter last year. Equities research analysts expect that Callaway Golf will post $0.44 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, August 25th were given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.37%. The ex-dividend date of this dividend was Tuesday, August 23rd. Callaway Golf’s dividend payout ratio (DPR) is presently 10.26%.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Silver Capital Management LLC acquired a new stake in shares of Callaway Golf during the second quarter valued at approximately $102,000. Boothbay Fund Management LLC acquired a new stake in shares of Callaway Golf during the first quarter valued at approximately $112,000. Legal & General Group Plc boosted its stake in shares of Callaway Golf by 10.8% in the first quarter. Legal & General Group Plc now owns 12,987 shares of the company’s stock valued at $119,000 after buying an additional 1,268 shares during the last quarter. Airain ltd acquired a new stake in shares of Callaway Golf during the second quarter valued at approximately $119,000. Finally, PineBridge Investments L.P. boosted its stake in shares of Callaway Golf by 4.0% in the second quarter. PineBridge Investments L.P. now owns 11,914 shares of the company’s stock valued at $121,000 after buying an additional 457 shares during the last quarter. Hedge funds and other institutional investors own 84.34% of the company’s stock.
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.
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