Callaway Golf Company (NYSE:ELY) Upgraded at Zacks Investment Research
Callaway Golf Company (NYSE:ELY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The brokerage presently has a $15.00 price objective on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 17.65% from the stock’s previous close.
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. “
A number of other brokerages also recently weighed in on ELY. Compass Point downgraded shares of Callaway Golf from a “buy” rating to a “neutral” rating in a research note on Monday. Forward View downgraded shares of Callaway Golf to a “hold” rating and set a $14.00 target price for the company. in a research note 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 note on Friday. FBR & Co set a $14.00 target price on shares of Callaway Golf and gave the stock a “buy” rating in a research note on Saturday, May 6th. Finally, BidaskClub downgraded shares of Callaway Golf from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Callaway Golf presently has a consensus rating of “Buy” and an average price target of $14.58.
Callaway Golf (NYSE ELY) traded down 5.56% on Monday, hitting $12.75. 1,516,363 shares of the stock traded hands. The stock has a 50-day moving average price of $12.56 and a 200 day moving average price of $11.80. Callaway Golf has a 12-month low of $9.77 and a 12-month high of $13.35. The stock has a market cap of $1.20 billion, a P/E ratio of 6.89 and a beta of 1.20.
Callaway Golf (NYSE:ELY) last announced its earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share for the quarter, topping 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 the consensus estimate of $295.70 million. During the same period in the previous year, the firm posted $0.36 earnings per share. The company’s revenue was up 24.0% on a year-over-year basis. On average, equities analysts expect that Callaway Golf will post $0.36 EPS for the current fiscal year.
In other news, insider Neil Howie sold 37,069 shares of Callaway Golf stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $13.10, for a total transaction of $485,603.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Alan Hocknell sold 57,138 shares of Callaway Golf stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $13.30, for a total transaction of $759,935.40. Following the sale, the senior vice president now owns 115,045 shares of the company’s stock, valued at approximately $1,530,098.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 226,091 shares of company stock valued at $3,000,915. 2.59% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of ELY. BNP Paribas Arbitrage SA boosted its stake in shares of Callaway Golf by 56.3% in the second quarter. BNP Paribas Arbitrage SA now owns 34,661 shares of the company’s stock valued at $443,000 after buying an additional 12,483 shares in the last quarter. Bernzott Capital Advisors boosted its stake in shares of Callaway Golf by 5.9% in the second quarter. Bernzott Capital Advisors now owns 1,655,112 shares of the company’s stock valued at $21,152,000 after buying an additional 91,975 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Callaway Golf by 8.4% in the second quarter. Legal & General Group Plc now owns 179,020 shares of the company’s stock valued at $2,286,000 after buying an additional 13,809 shares in the last quarter. Alps Advisors Inc. boosted its stake in shares of Callaway Golf by 0.3% in the second quarter. Alps Advisors Inc. now owns 44,544 shares of the company’s stock valued at $569,000 after buying an additional 114 shares in the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of Callaway Golf during the second quarter valued at approximately $284,000. Institutional investors own 85.99% of the company’s stock.
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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