Cowen and Company Begins Coverage on Callaway Golf Company (ELY)
Cowen and Company began coverage on shares of Callaway Golf Company (NYSE:ELY) in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage set a “market perform” rating on the stock.
Several other research firms have also recently weighed in on ELY. FBR & Co set a $14.00 price target on shares of Callaway Golf Company and gave the company a “buy” rating in a report on Saturday, May 6th. Imperial Capital upped their price target on shares of Callaway Golf Company from $13.00 to $14.50 and gave the company an “outperform” rating in a report on Tuesday, May 23rd. Jefferies Group LLC set a $17.00 price target on shares of Callaway Golf Company and gave the company a “buy” rating in a report on Tuesday, June 6th. Zacks Investment Research upgraded shares of Callaway Golf Company from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a report on Tuesday, April 18th. Finally, Morgan Stanley cut shares of Callaway Golf Company from an “overweight” rating to an “equal weight” rating in a report on Monday, April 17th. Three investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $14.23.
Shares of Callaway Golf Company (ELY) opened at 12.70 on Wednesday. The stock has a market cap of $1.19 billion, a P/E ratio of 6.86 and a beta of 1.21. The firm has a 50-day moving average of $12.57 and a 200-day moving average of $11.53. Callaway Golf Company has a 52-week low of $9.50 and a 52-week high of $13.35.
Callaway Golf Company (NYSE:ELY) last released its quarterly earnings results on Thursday, May 4th. The company reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.22 by $0.08. The company had revenue of $309 million during the quarter, compared to analysts’ expectations of $283.68 million. Callaway Golf Company had a net margin of 19.56% and a return on equity of 7.33%. The business’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.26 earnings per share. On average, equities analysts expect that Callaway Golf Company will post $0.35 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 13th. Stockholders of record on Tuesday, May 23rd were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date was Friday, May 19th. Callaway Golf Company’s dividend payout ratio is presently 2.16%.
In other news, Director Anthony S. Thornley sold 10,698 shares of the business’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $12.75, for a total value of $136,399.50. Following the sale, the director now owns 49,790 shares of the company’s stock, valued at $634,822.50. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Neil Howie sold 37,069 shares of the business’s stock in a transaction on Thursday, May 11th. The stock was sold at an average price of $13.10, for a total transaction of $485,603.90. The disclosure for this sale can be found here. In the last three months, insiders sold 459,480 shares of company stock worth $5,340,813. 2.59% of the stock is currently owned by insiders.
Several hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Callaway Golf Company during the fourth quarter worth approximately $12,313,000. Two Sigma Investments LP raised its stake in shares of Callaway Golf Company by 102.4% in the fourth quarter. Two Sigma Investments LP now owns 782,604 shares of the company’s stock worth $8,577,000 after buying an additional 396,008 shares in the last quarter. Comerica Bank raised its stake in shares of Callaway Golf Company by 7.1% in the fourth quarter. Comerica Bank now owns 101,529 shares of the company’s stock worth $1,174,000 after buying an additional 6,766 shares in the last quarter. Highbridge Capital Management LLC acquired a new stake in shares of Callaway Golf Company during the fourth quarter worth approximately $451,000. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Callaway Golf Company during the fourth quarter worth approximately $4,563,000. 87.65% of the stock is currently owned by institutional investors and hedge funds.
About Callaway Golf Company
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 its trademarks and service marks and sales of pre-owned golf clubs.
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