Brokerages Expect Callaway Golf Company (ELY) Will Post Quarterly Sales of $198.90 Million
Equities research analysts predict that Callaway Golf Company (NYSE:ELY) will report sales of $198.90 million for the current quarter, according to Zacks. Seven analysts have made estimates for Callaway Golf’s earnings, with the highest sales estimate coming in at $207.68 million and the lowest estimate coming in at $194.20 million. Callaway Golf reported sales of $187.85 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 5.9%. The firm is expected to announce its next earnings report on Thursday, November 2nd.
On average, analysts expect that Callaway Golf will report full year sales of $198.90 million for the current year, with estimates ranging from $971.69 million to $991.80 million. For the next financial year, analysts expect that the business will post sales of $1.01 billion per share, with estimates ranging from $994.68 million to $1.04 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that cover 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, topping the Thomson Reuters’ 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 company had revenue of $304.50 million for the quarter, compared to analysts’ expectations of $295.70 million. During the same period in the previous year, the firm posted $0.36 EPS. Callaway Golf’s revenue was up 24.0% compared to the same quarter last year.
A number of research analysts have issued reports on ELY shares. Morgan Stanley cut shares of Callaway Golf from an “overweight” rating to an “equal weight” rating in a report on Monday, April 17th. Zacks Investment Research raised shares of Callaway Golf from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a report on Tuesday, April 18th. FBR & Co set a $14.00 target price on shares of Callaway Golf and gave the company a “buy” rating in a report on Saturday, May 6th. Imperial Capital increased their target price on shares of Callaway Golf from $13.00 to $14.50 and gave the company an “outperform” rating in a report on Tuesday, May 23rd. Finally, Jefferies Group LLC set a $17.00 target price on shares of Callaway Golf and gave the company a “buy” rating in a report on Tuesday, June 6th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $14.58.
Callaway Golf (ELY) opened at 12.75 on Tuesday. Callaway Golf has a one year low of $9.77 and a one year high of $13.35. The stock’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 $1.20 billion, a PE ratio of 6.89 and a beta of 1.20.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Tuesday, August 22nd will be given a $0.01 dividend. The ex-dividend date is Friday, August 18th. This represents a $0.04 annualized dividend and a dividend yield of 0.31%. Callaway Golf’s dividend payout ratio is presently 2.20%.
In related news, SVP Alan Hocknell sold 57,138 shares of the firm’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 sale, the senior vice president now owns 115,045 shares in the company, valued at $1,530,098.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Neil Howie sold 37,069 shares of the firm’s stock in a transaction that occurred 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 90 days, insiders have sold 226,091 shares of company stock worth $3,000,915. 2.59% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in ELY. AQR Capital Management LLC raised its stake in shares of Callaway Golf by 0.4% in the fourth quarter. AQR Capital Management LLC now owns 19,804 shares of the company’s stock worth $217,000 after buying an additional 77 shares during the period. Alps Advisors Inc. raised 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 worth $569,000 after buying an additional 114 shares during the period. State of Alaska Department of Revenue raised its stake in shares of Callaway Golf by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 10,440 shares of the company’s stock worth $115,000 after buying an additional 260 shares during the period. Atria Investments LLC raised its stake in shares of Callaway Golf by 1.5% in the second quarter. Atria Investments LLC now owns 19,633 shares of the company’s stock worth $251,000 after buying an additional 283 shares during the period. Finally, Municipal Employees Retirement System of Michigan raised its stake in shares of Callaway Golf by 1.3% in the first quarter. Municipal Employees Retirement System of Michigan now owns 27,960 shares of the company’s stock worth $310,000 after buying an additional 360 shares during the period. Hedge funds and other 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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