Callaway Golf’s (ELY) “Buy” Rating Reaffirmed at Jefferies Group LLC
Callaway Golf Company (NYSE:ELY)‘s stock had its “buy” rating reiterated by Jefferies Group LLC in a research report issued to clients and investors on Thursday. They currently have a $18.00 target price on the stock. Jefferies Group LLC’s price target points to a potential upside of 29.87% from the company’s previous close.
Other equities analysts have also recently issued reports about the company. Cowen and Company began coverage on Callaway Golf in a report on Wednesday, June 14th. They set a “market perform” rating and a $14.00 price target on the stock. Imperial Capital reissued an “outperform” rating and set a $16.00 price target (up from $14.50) on shares of Callaway Golf in a report on Wednesday, August 9th. Aegis reissued a “buy” rating on shares of Callaway Golf in a report on Monday. Forward View cut Callaway Golf to a “hold” rating and set a $14.00 price target on the stock. in a report on Saturday, August 5th. Finally, Compass Point cut Callaway Golf from a “buy” rating to a “neutral” rating and increased their price target for the company from $13.60 to $13.75 in a report on Monday, August 7th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Callaway Golf has a consensus rating of “Buy” and an average target price of $14.98.
Shares of Callaway Golf (NYSE:ELY) traded down 0.325% during mid-day trading on Thursday, hitting $13.815. The company’s stock had a trading volume of 451,926 shares. Callaway Golf has a 52-week low of $9.77 and a 52-week high of $14.12. The company has a market cap of $1.30 billion, a price-to-earnings ratio of 7.637 and a beta of 1.18. The stock’s 50 day moving average price is $13.06 and its 200 day moving average price is $12.20.
Callaway Golf (NYSE:ELY) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.05. The firm had revenue of $304.50 million for the quarter, compared to analysts’ expectations of $295.70 million. Callaway Golf had a return on equity of 6.60% and a net margin of 18.09%. The company’s revenue was up 24.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.36 EPS. Equities analysts forecast that Callaway Golf will post $0.44 EPS for the current year.
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In related news, VP Mark F. Leposky sold 31,691 shares of the firm’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $14.00, for a total value of $443,674.00. Following the transaction, the vice president now directly owns 68,343 shares of the company’s stock, valued at approximately $956,802. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Alan Hocknell sold 57,138 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $13.30, for a total value of $759,935.40. Following the completion of the transaction, the senior vice president now directly owns 115,045 shares in the company, valued at $1,530,098.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 281,113 shares of company stock worth $3,792,388. 2.59% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in the stock. Verition Fund Management LLC bought a new position in Callaway Golf in the 2nd quarter worth $204,000. Piedmont Investment Advisors LLC bought a new stake in Callaway Golf during the second quarter valued at about $259,000. C M Bidwell & Associates Ltd. bought a new stake in Callaway Golf during the second quarter valued at about $109,000. Cubist Systematic Strategies LLC bought a new stake in Callaway Golf during the second quarter valued at about $432,000. Finally, Daruma Capital Management LLC bought a new stake in Callaway Golf during the second quarter valued at about $48,831,000. 87.63% of the stock is currently owned by institutional investors.
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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