FY2017 EPS Estimates for Callaway Golf Company Increased by Jefferies Group (ELY)
Callaway Golf Company (NYSE:ELY) – Research analysts at Jefferies Group upped their FY2017 EPS estimates for shares of Callaway Golf in a research report issued on Friday. Jefferies Group analyst R. Konik now expects that the company will post earnings per share of $0.45 for the year, up from their previous estimate of $0.37. Jefferies Group has a “Buy” rating and a $18.00 price target on the stock. Jefferies Group also issued estimates for Callaway Golf’s Q1 2018 earnings at $0.37 EPS and FY2018 earnings at $0.57 EPS.
Callaway Golf (NYSE:ELY) last issued its quarterly 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 return on equity of 6.60% and a net margin of 18.09%. The firm had revenue of $304.50 million during the quarter, compared to the consensus estimate of $295.70 million. During the same period last year, the business posted $0.36 EPS. The business’s revenue was up 24.0% compared to the same quarter last year.
A number of other equities analysts have also recently issued reports on ELY. Forward View cut shares of Callaway Golf to a “hold” rating and set a $14.00 price objective on the stock. in a research report on Saturday. FBR & Co set a $14.00 price objective on shares of Callaway Golf and gave the company a “buy” rating in a research report on Saturday, May 6th. BidaskClub cut shares of Callaway Golf from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Cowen and Company began coverage on shares of Callaway Golf in a research report on Wednesday, June 14th. They issued a “market perform” rating and a $14.00 price objective on the stock. Finally, Zacks Investment Research cut shares of Callaway Golf from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Callaway Golf has a consensus rating of “Buy” and an average price target of $14.42.
Shares of Callaway Golf (NYSE ELY) opened at 13.50 on Monday. The firm’s 50-day moving average price is $12.56 and its 200-day moving average price is $11.80. The firm has a market capitalization 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 business also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Tuesday, August 22nd will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.30%. The ex-dividend date is Friday, August 18th. Callaway Golf’s dividend payout ratio is currently 2.20%.
In related news, insider Neil Howie sold 37,069 shares of the business’s stock in a transaction dated 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 SEC, which is accessible through this link. Also, SVP Alan Hocknell sold 57,138 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $13.30, for a total transaction of $759,935.40. Following the transaction, the senior vice president now owns 115,045 shares in the company, valued at approximately $1,530,098.50. The disclosure for this sale can be found here. Insiders have sold 226,091 shares of company stock worth $3,000,915 in the last quarter. 2.59% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in shares of Callaway Golf during the fourth quarter valued at about $12,313,000. BlackRock Inc. boosted its position 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 valued at $129,526,000 after buying an additional 11,679,804 shares in the last quarter. Highbridge Capital Management LLC bought a new position in shares of Callaway Golf during the fourth quarter valued at about $451,000. Dynamic Technology Lab Private Ltd boosted its position 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 valued at $419,000 after buying an additional 2,261 shares in the last quarter. Finally, Engineers Gate Manager LP bought a new position in shares of Callaway Golf during the first quarter valued at about $1,209,000. Institutional investors own 85.99% of the company’s stock.
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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