Callaway Golf Company (ELY) to Post FY2017 Earnings of $0.42 Per Share, DA Davidson Forecasts
Callaway Golf Company (NYSE:ELY) – Investment analysts at DA Davidson dropped their FY2017 earnings per share estimates for Callaway Golf in a research report issued to clients and investors on Wednesday. DA Davidson analyst A. Burns now forecasts that the company will earn $0.42 per share for the year, down from their prior forecast of $0.43. DA Davidson has a “Buy” rating and a $16.00 price objective on the stock. DA Davidson also issued estimates for Callaway Golf’s Q4 2017 earnings at ($0.19) EPS.
ELY has been the topic of several other research reports. Zacks Investment Research downgraded shares of Callaway Golf from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 25th. KeyCorp reaffirmed an “overweight” rating and set a $16.00 price target on shares of Callaway Golf in a research note on Wednesday, August 30th. Compass Point downgraded shares of Callaway Golf from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $13.60 to $13.75 in a research note on Monday, August 7th. Jefferies Group LLC set a $18.00 price target on shares of Callaway Golf and gave the stock a “buy” rating in a research note on Friday, August 4th. Finally, FBR & Co lifted their price target on shares of Callaway Golf from $14.00 to $16.00 and gave the stock an “outperform” rating in a research note on Wednesday, June 21st. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $15.31.
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Callaway Golf (NYSE:ELY) opened at 14.01 on Friday. The company’s 50 day moving average is $13.38 and its 200-day moving average is $12.44. The firm has a market cap of $1.32 billion, a P/E ratio of 7.74 and a beta of 1.18. Callaway Golf has a 52 week low of $9.77 and a 52 week high of $14.16.
Callaway Golf (NYSE:ELY) last issued its earnings results on Thursday, August 3rd. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.05. The firm had revenue of $304.50 million during the quarter, compared to the consensus estimate of $295.70 million. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. The company’s revenue was up 24.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.36 earnings per share.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Tuesday, August 22nd were issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.29%. The ex-dividend date of this dividend was Friday, August 18th. Callaway Golf’s dividend payout ratio is currently 2.20%.
In other Callaway Golf news, insider Jennifer L. Thomas sold 19,349 shares of the firm’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $13.90, for a total transaction of $268,951.10. Following the completion of the transaction, the insider now directly owns 30,189 shares of the company’s stock, valued at approximately $419,627.10. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Oliver G. Brewer III sold 131,884 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $13.31, for a total transaction of $1,755,376.04. Following the transaction, the insider now directly owns 291,399 shares of the company’s stock, valued at $3,878,520.69. The disclosure for this sale can be found here. Over the last three months, insiders have sold 281,113 shares of company stock valued at $3,792,388. 2.59% of the stock is owned by company insiders.
A number of hedge funds have recently made changes to their positions in ELY. Wells Fargo & Company MN grew its holdings in Callaway Golf by 6.7% during the 1st quarter. Wells Fargo & Company MN now owns 1,272,874 shares of the company’s stock worth $14,090,000 after acquiring an additional 79,764 shares in the last quarter. Great West Life Assurance Co. Can grew its holdings in Callaway Golf by 6.1% during the 1st quarter. Great West Life Assurance Co. Can now owns 132,248 shares of the company’s stock worth $1,462,000 after acquiring an additional 7,624 shares in the last quarter. First Trust Advisors LP grew its holdings in Callaway Golf by 97.6% during the 1st quarter. First Trust Advisors LP now owns 124,061 shares of the company’s stock worth $1,373,000 after acquiring an additional 61,269 shares in the last quarter. Advisors Asset Management Inc. grew its holdings in Callaway Golf by 18.2% during the 1st quarter. Advisors Asset Management Inc. now owns 38,284 shares of the company’s stock worth $424,000 after acquiring an additional 5,886 shares in the last quarter. Finally, Suntrust Banks Inc. grew its holdings in Callaway Golf by 2.5% during the 1st quarter. Suntrust Banks Inc. now owns 18,036 shares of the company’s stock worth $199,000 after acquiring an additional 441 shares in the last quarter. 87.46% of the stock is 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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