Callaway Golf Company Forecasted to Earn FY2017 Earnings of $0.38 Per Share (ELY)
Callaway Golf Company (NYSE:ELY) – Investment analysts at Imperial Capital upped their FY2017 EPS estimates for Callaway Golf in a research report issued on Monday. Imperial Capital analyst G. Kelly now forecasts that the company will post earnings of $0.38 per share for the year, up from their prior estimate of $0.31. Imperial Capital has a “Outperform” rating and a $14.50 price objective on the stock. Imperial Capital also issued estimates for Callaway Golf’s FY2018 earnings at $0.43 EPS.
Callaway Golf (NYSE:ELY) last posted its quarterly earnings data 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. The firm had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $295.70 million. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. The firm’s quarterly revenue was up 24.0% on a year-over-year basis. During the same quarter last year, the company posted $0.36 EPS.
TRADEMARK VIOLATION WARNING: “Callaway Golf Company Forecasted to Earn FY2017 Earnings of $0.38 Per Share (ELY)” was published by American Banking News and is the property of of American Banking News. If you are accessing this report on another publication, it was illegally copied and reposted in violation of U.S. & international copyright & trademark laws. The original version of this report can be read at https://www.americanbankingnews.com/2017/08/08/callaway-golf-company-forecasted-to-earn-fy2017-earnings-of-0-38-per-share-ely.html.
ELY has been the subject of several other research reports. Zacks Investment Research raised shares of Callaway Golf from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research report on Tuesday, April 18th. BidaskClub lowered shares of Callaway Golf from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. FBR & Co upped their price target 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. Jefferies Group LLC set a $18.00 price target on shares of Callaway Golf and gave the stock a “buy” rating in a research report on Friday. Finally, Morgan Stanley lowered shares of Callaway Golf from an “overweight” rating to an “equal weight” rating in a research report on Monday, April 17th. 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 $14.58.
Callaway Golf (NYSE ELY) opened at 12.75 on Tuesday. The stock has a market cap of $1.20 billion, a PE ratio of 6.89 and a beta of 1.20. Callaway Golf has a 52-week low of $9.77 and a 52-week high of $13.35. The company’s 50 day moving average is $12.56 and its 200-day moving average is $11.80.
A number of institutional investors have recently added to or reduced their stakes in ELY. BlackRock Inc. boosted its position in 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 during the last quarter. Norges Bank bought a new position in Callaway Golf during the fourth quarter valued at approximately $12,313,000. Naya Capital Management UK Ltd. boosted its position in Callaway Golf by 42.8% in the first quarter. Naya Capital Management UK Ltd. now owns 3,089,460 shares of the company’s stock valued at $34,200,000 after buying an additional 926,385 shares during the last quarter. Platinum Investment Management Ltd. boosted its position in Callaway Golf by 41.6% in the first quarter. Platinum Investment Management Ltd. now owns 2,327,400 shares of the company’s stock valued at $25,764,000 after buying an additional 683,900 shares during the last quarter. Finally, Kennedy Capital Management Inc. boosted its position in Callaway Golf by 161.1% in the first quarter. Kennedy Capital Management Inc. now owns 973,299 shares of the company’s stock valued at $10,774,000 after buying an additional 600,557 shares during the last quarter. 85.99% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider Oliver G. Brewer III sold 131,884 shares of the stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $13.31, for a total value of $1,755,376.04. Following the sale, the insider now owns 291,399 shares of the company’s stock, valued at approximately $3,878,520.69. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Alan Hocknell sold 57,138 shares of the stock in a transaction dated Friday, August 4th. The stock was 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 directly owns 115,045 shares in the company, valued at approximately $1,530,098.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 226,091 shares of company stock worth $3,000,915. Corporate insiders own 2.59% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Tuesday, August 22nd will be issued a $0.01 dividend. The ex-dividend date is Friday, August 18th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.31%. Callaway Golf’s dividend payout ratio (DPR) is presently 2.20%.
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.
Receive News & Ratings for Callaway Golf Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Callaway Golf Company and related companies with MarketBeat.com's FREE daily email newsletter.