Callaway Golf Company (ELY) Receives Consensus Rating of “Buy” from Brokerages
Shares of Callaway Golf Company (NYSE:ELY) have received an average rating of “Buy” from the sixteen research firms that are covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and eleven have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $14.90.
A number of brokerages have issued reports on ELY. Imperial Capital reiterated an “outperform” rating and set a $16.00 price target (up previously from $14.50) on shares of Callaway Golf in a research report on Wednesday, August 9th. Jefferies Group LLC reiterated a “buy” rating and set a $18.00 price target on shares of Callaway Golf in a research report on Thursday. Compass Point downgraded Callaway Golf from a “buy” rating to a “neutral” rating and increased their price target for the stock from $13.60 to $13.75 in a research report on Monday, August 7th. Forward View downgraded Callaway Golf to a “hold” rating and set a $14.00 price target on the stock. in a research report on Saturday, August 5th. Finally, Aegis reiterated a “buy” rating on shares of Callaway Golf in a research report on Monday, September 4th.
Shares of Callaway Golf (NYSE ELY) remained flat at $13.73 during mid-day trading on Friday. 524,994 shares of the company were exchanged. The company’s 50 day moving average is $13.11 and its 200 day moving average is $12.22. The firm has a market capitalization of $1.30 billion, a P/E ratio of 7.59 and a beta of 1.18. Callaway Golf has a 12-month low of $9.77 and a 12-month high of $14.12.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.05. The company had revenue of $304.50 million for the quarter, compared to the consensus estimate of $295.70 million. Callaway Golf had a return on equity of 6.60% and a net margin of 18.09%. Callaway Golf’s revenue for the quarter was up 24.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.36 earnings per share. On average, equities research analysts predict that Callaway Golf will post $0.44 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 12th. Shareholders of record on Tuesday, August 22nd will be issued a dividend of $0.01 per share. The ex-dividend date of this dividend is Friday, August 18th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.29%. Callaway Golf’s payout ratio is currently 2.20%.
In related news, SVP Alan Hocknell sold 57,138 shares of the stock in a transaction that occurred 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 sale, the senior vice president now owns 115,045 shares of the company’s stock, valued at $1,530,098.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jennifer L. Thomas sold 19,349 shares of the stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $13.90, for a total value of $268,951.10. Following the completion of the sale, the insider now directly owns 30,189 shares of the company’s stock, valued at approximately $419,627.10. The disclosure for this sale can be found here. Insiders have sold 281,113 shares of company stock valued at $3,792,388 in the last three months. Insiders own 2.59% of the company’s stock.
Several large investors have recently bought and sold shares of ELY. Riverhead Capital Management LLC increased its holdings in shares of Callaway Golf by 69.9% in the second quarter. Riverhead Capital Management LLC now owns 8,326 shares of the company’s stock valued at $106,000 after purchasing an additional 3,426 shares during the last quarter. C M Bidwell & Associates Ltd. acquired a new stake in shares of Callaway Golf in the second quarter valued at approximately $109,000. State of Alaska Department of Revenue increased its holdings 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 valued at $115,000 after purchasing an additional 260 shares during the last quarter. Flinton Capital Management LLC increased its holdings in shares of Callaway Golf by 71.6% in the second quarter. Flinton Capital Management LLC now owns 11,322 shares of the company’s stock valued at $145,000 after purchasing an additional 4,726 shares during the last quarter. Finally, Koch Industries Inc. acquired a new stake in shares of Callaway Golf in the first quarter valued at approximately $162,000. 87.63% of the stock is owned by hedge funds and other institutional investors.
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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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