Callaway Golf Company (ELY) Expected to Post Earnings of -$0.07 Per Share
Wall Street brokerages forecast that Callaway Golf Company (NYSE:ELY) will post ($0.07) earnings per share for the current quarter, Zacks Investment Research reports. Seven analysts have made estimates for Callaway Golf’s earnings. The highest EPS estimate is ($0.04) and the lowest is ($0.09). Callaway Golf posted earnings of ($0.06) per share in the same quarter last year, which would indicate a negative year over year growth rate of 16.7%. The company is scheduled to announce its next earnings report on Thursday, November 2nd.
On average, analysts expect that Callaway Golf will report full-year earnings of $0.45 per share for the current year, with EPS estimates ranging from $0.45 to $0.46. For the next year, analysts anticipate that the firm will report earnings of $0.46 per share, with EPS estimates ranging from $0.37 to $0.57. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Callaway Golf.
Callaway Golf (NYSE:ELY) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.05. The business had revenue of $304.50 million for the quarter, compared to the consensus estimate of $295.70 million. Callaway Golf had a net margin of 18.09% and a return on equity of 6.85%. The company’s revenue was up 24.0% compared to the same quarter last year. During the same period last year, the firm posted $0.36 earnings per share.
Several brokerages have commented on ELY. Forward View lowered shares of Callaway Golf to a “hold” rating and set a $14.00 target price on the stock. in a research report on Saturday. Jefferies Group LLC set a $18.00 target price on shares of Callaway Golf and gave the stock a “buy” rating in a research report on Friday. Zacks Investment Research lowered shares of Callaway Golf from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 25th. BidaskClub lowered shares of Callaway Golf from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Finally, FBR & Co boosted their target price on shares of Callaway Golf from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 21st. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $14.42.
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In other Callaway Golf news, SVP Richard H. Arnett sold 30,204 shares of the company’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $12.68, for a total value of $382,986.72. Following the transaction, the senior vice president now directly owns 13,070 shares in the company, valued at approximately $165,727.60. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Oliver G. Brewer III sold 131,884 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $13.31, for a total transaction of $1,755,376.04. Following the completion of the transaction, the insider now owns 291,399 shares in the company, valued at $3,878,520.69. The disclosure for this sale can be found here. Insiders sold a total of 266,993 shares of company stock worth $3,520,302 over the last quarter. Insiders own 2.59% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN raised its position in Callaway Golf by 6.7% in the first quarter. Wells Fargo & Company MN now owns 1,272,874 shares of the company’s stock worth $14,090,000 after buying an additional 79,764 shares during the period. Essex Investment Management Co. LLC raised its position in Callaway Golf by 24.9% in the first quarter. Essex Investment Management Co. LLC now owns 122,861 shares of the company’s stock worth $1,360,000 after buying an additional 24,524 shares during the period. Punch & Associates Investment Management Inc. raised its position in Callaway Golf by 2.0% in the first quarter. Punch & Associates Investment Management Inc. now owns 1,209,808 shares of the company’s stock worth $13,393,000 after buying an additional 24,236 shares during the period. Scott & Selber Inc. purchased a new position in Callaway Golf during the first quarter worth about $1,410,000. Finally, First Citizens Bank & Trust Co. purchased a new position in Callaway Golf during the first quarter worth about $169,000. Institutional investors own 86.26% of the company’s stock.
Callaway Golf (NYSE:ELY) traded up 8.26% during trading on Friday, reaching $13.50. 3,842,350 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $12.56 and its 200-day moving average price is $11.80. The stock has a market cap of $1.27 billion, a P/E ratio of 7.30 and a beta of 1.20. Callaway Golf has a one year low of $9.77 and a one year high of $13.70.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Tuesday, August 22nd will be given a $0.01 dividend. The ex-dividend date of this dividend is Friday, August 18th. This represents a $0.04 annualized dividend and a dividend yield of 0.30%. Callaway Golf’s dividend payout ratio is presently 2.20%.
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 its trademarks and service marks and sales of pre-owned golf clubs.
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