Callaway Golf Company Expected to Earn FY2017 Earnings of $0.45 Per Share (NYSE:ELY)
Callaway Golf Company (NYSE:ELY) – Analysts at SunTrust Banks raised their FY2017 earnings per share (EPS) estimates for shares of Callaway Golf in a note issued to investors on Friday. SunTrust Banks analyst M. Swartz now expects that the company will post earnings of $0.45 per share for the year, up from their prior estimate of $0.36. SunTrust Banks also issued estimates for Callaway Golf’s FY2018 earnings at $0.52 EPS.
Callaway Golf (NYSE:ELY) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.05. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. The company had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $295.70 million. During the same period in the prior year, the company earned $0.36 earnings per share. The business’s quarterly revenue was up 24.0% compared to the same quarter last year. ILLEGAL ACTIVITY NOTICE: This piece of content was originally posted by American Banking News and is the sole property of of American Banking News. If you are reading this piece of content on another site, it was illegally stolen and reposted in violation of US & international copyright & trademark legislation. The original version of this piece of content can be viewed at https://www.americanbankingnews.com/2017/08/07/callaway-golf-company-expected-to-earn-fy2017-earnings-of-0-45-per-share-nyseely.html.
Several other research analysts have also weighed in on the stock. Forward View lowered shares of Callaway Golf to a “hold” rating and set a $14.00 price objective on the stock. in a research note on Saturday. Jefferies Group LLC set a $18.00 price objective on shares of Callaway Golf and gave the stock a “buy” rating in a research note on Friday. Zacks Investment Research lowered shares of Callaway Golf from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 25th. BidaskClub lowered shares of Callaway Golf from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Finally, FBR & Co boosted their price objective on shares of Callaway Golf from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 21st. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $14.42.
Shares of Callaway Golf (NYSE ELY) opened at 13.50 on Monday. The company has a market capitalization of $1.27 billion, a PE ratio of 7.30 and a beta of 1.20. The firm’s 50-day moving average is $12.56 and its 200-day moving average is $11.80. Callaway Golf has a 12-month low of $9.77 and a 12-month high of $13.70.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Tuesday, August 22nd will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date is Friday, August 18th. Callaway Golf’s dividend payout ratio (DPR) is presently 2.20%.
In other news, SVP Alan Hocknell sold 57,138 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $13.30, for a total transaction of $759,935.40. Following the completion of the sale, the senior vice president now owns 115,045 shares of the company’s stock, valued at approximately $1,530,098.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Oliver G. Brewer III sold 131,884 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $13.31, for a total transaction of $1,755,376.04. Following the sale, the insider now directly owns 291,399 shares of the company’s stock, valued at approximately $3,878,520.69. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 226,091 shares of company stock valued at $3,000,915. 2.59% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Callaway Golf during the fourth quarter worth $12,313,000. BlackRock Inc. increased its stake in shares of Callaway Golf by 56,247.6% in the first quarter. BlackRock Inc. now owns 11,700,569 shares of the company’s stock worth $129,526,000 after buying an additional 11,679,804 shares during the period. Highbridge Capital Management LLC purchased a new stake in shares of Callaway Golf during the fourth quarter worth $451,000. Dynamic Technology Lab Private Ltd increased its stake in shares of Callaway Golf by 6.3% in the first quarter. Dynamic Technology Lab Private Ltd now owns 37,917 shares of the company’s stock worth $419,000 after buying an additional 2,261 shares during the period. Finally, Engineers Gate Manager LP purchased a new stake in shares of Callaway Golf during the first quarter worth $1,209,000. 85.99% of the stock is owned by institutional investors.
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 its trademarks and service marks and sales of pre-owned golf clubs.
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