Zacks Investment Research Upgrades Callaway Golf Co (ELY) to “Hold”
Callaway Golf Co (NYSE:ELY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday.
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 equities research analysts have also commented on ELY. Wunderlich reiterated a “buy” rating and issued a $13.00 price objective (down from $15.00) on shares of Callaway Golf in a research report on Monday, February 6th. FBR & Co reiterated a “buy” rating and issued a $14.00 price objective on shares of Callaway Golf in a research report on Friday, February 3rd. DA Davidson reiterated a “buy” rating and issued a $14.00 price objective on shares of Callaway Golf in a research report on Tuesday, January 31st. Forward View reiterated a “buy” rating on shares of Callaway Golf in a research report on Wednesday, February 22nd. Finally, Imperial Capital decreased their price objective on shares of Callaway Golf from $14.00 to $13.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 7th. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Callaway Golf currently has an average rating of “Buy” and a consensus target price of $13.58.
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Callaway Golf (NYSE:ELY) traded down 0.09% on Monday, hitting $11.23. 594,177 shares of the stock traded hands. The firm’s 50-day moving average price is $10.64 and its 200-day moving average price is $11.20. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of 5.67 and a beta of 1.33. Callaway Golf has a 12-month low of $8.77 and a 12-month high of $12.56.
Callaway Golf (NYSE:ELY) last released its quarterly earnings data on Thursday, February 2nd. The company reported ($0.18) EPS for the quarter, missing the consensus estimate of ($0.17) by $0.01. Callaway Golf had a return on equity of 9.93% and a net margin of 21.80%. The business earned $164 million during the quarter, compared to analysts’ expectations of $170.87 million. During the same quarter in the prior year, the firm earned ($0.29) earnings per share. Callaway Golf’s quarterly revenue was up 7.2% on a year-over-year basis. On average, equities research analysts anticipate that Callaway Golf will post $0.25 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, March 20th. Shareholders of record on Monday, February 27th will be issued a $0.01 dividend. The ex-dividend date of this dividend is Thursday, February 23rd. This represents a $0.04 dividend on an annualized basis and a yield of 0.36%. Callaway Golf’s dividend payout ratio (DPR) is 2.02%.
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Several hedge funds and other institutional investors have recently bought and sold shares of ELY. Geduld E E increased its position in Callaway Golf by 66.7% in the third quarter. Geduld E E now owns 25,000 shares of the company’s stock worth $290,000 after buying an additional 10,000 shares in the last quarter. Aperio Group LLC increased its position in Callaway Golf by 12.7% in the third quarter. Aperio Group LLC now owns 20,114 shares of the company’s stock worth $234,000 after buying an additional 2,269 shares in the last quarter. First Trust Advisors LP increased its position in Callaway Golf by 24.9% in the third quarter. First Trust Advisors LP now owns 34,564 shares of the company’s stock worth $401,000 after buying an additional 6,885 shares in the last quarter. Advisors Asset Management Inc. increased its position in Callaway Golf by 52.8% in the third quarter. Advisors Asset Management Inc. now owns 30,842 shares of the company’s stock worth $358,000 after buying an additional 10,655 shares in the last quarter. Finally, Capital Fund Management S.A. bought a new position in Callaway Golf during the third quarter worth approximately $557,000. 85.85% of the stock is owned by 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.
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