Callaway Golf Co. (ELY) Upgraded to “Buy” by Zacks Investment Research
Callaway Golf Co. (NYSE:ELY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The firm presently has a $12.00 target price on the stock. Zacks Investment Research’s price target would suggest a potential upside of 9.79% from the stock’s current price.
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. “
Several other brokerages also recently weighed in on ELY. Jefferies Group restated a “buy” rating and set a $14.00 target price on shares of Callaway Golf in a research note on Friday, August 5th. KeyCorp restated a “buy” rating and set a $16.00 target price on shares of Callaway Golf in a research note on Friday, September 23rd. FBR & Co started coverage on Callaway Golf in a research note on Thursday, June 30th. They set an “outperform” rating and a $12.00 target price for the company. Imperial Capital raised their target price on Callaway Golf from $13.00 to $14.00 and gave the company an “outperform” rating in a research note on Tuesday, August 2nd. Finally, Roth Capital restated a “buy” rating and set a $11.00 target price on shares of Callaway Golf in a research note on Thursday, June 30th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $13.21.
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Shares of Callaway Golf (NYSE:ELY) traded down 2.41% during trading on Thursday, reaching $10.93. The company had a trading volume of 1,067,942 shares. Callaway Golf has a 52-week low of $8.00 and a 52-week high of $11.90. The stock has a market capitalization of $1.03 billion, a price-to-earnings ratio of 27.67 and a beta of 1.30. The stock has a 50 day moving average of $11.44 and a 200 day moving average of $10.41.
Callaway Golf (NYSE:ELY) last announced its earnings results on Wednesday, July 27th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.06. The company 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 company’s revenue was up 6.6% on a year-over-year basis. During the same period last year, the firm earned $0.15 earnings per share. Equities research analysts forecast that Callaway Golf will post $0.44 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Thursday, August 25th were paid a $0.01 dividend. The ex-dividend date was Tuesday, August 23rd. This represents a $0.04 annualized dividend and a dividend yield of 0.37%. Callaway Golf’s payout ratio is currently 10.26%.
Several large investors have recently made changes to their positions in ELY. BlackRock Fund Advisors raised its stake in shares of Callaway Golf by 10.6% in the second quarter. BlackRock Fund Advisors now owns 5,985,299 shares of the company’s stock valued at $61,110,000 after buying an additional 574,968 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Callaway Golf by 6.8% in the second quarter. Vanguard Group Inc. now owns 4,131,644 shares of the company’s stock valued at $42,184,000 after buying an additional 262,242 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Callaway Golf by 3.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 2,313,548 shares of the company’s stock valued at $23,621,000 after buying an additional 85,055 shares during the last quarter. State Street Corp raised its stake in shares of Callaway Golf by 11.3% in the second quarter. State Street Corp now owns 1,694,097 shares of the company’s stock valued at $17,294,000 after buying an additional 171,989 shares during the last quarter. Finally, Northpointe Capital LLC raised its stake 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 last quarter. Institutional investors own 84.34% of the company’s stock.
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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