Callaway Golf Company (NYSE:ELY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “Callaway Golf Company is designs, develops, manufactures and markets high quality, innovative golf clubs. The Company’s golf clubs are sold at premium prices to both average and skilled golfers on the basis of performance, ease of use and appearance. “

ELY has been the topic of several other reports. Jefferies Group LLC restated a “buy” rating and issued a $18.00 price objective on shares of Callaway Golf in a research report on Thursday, September 7th. BidaskClub downgraded Callaway Golf from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Aegis initiated coverage on Callaway Golf in a research report on Friday, August 25th. They set a “buy” rating and a $16.00 target price on the stock. Imperial Capital reiterated an “outperform” rating and set a $16.00 target price on shares of Callaway Golf in a research report on Thursday, August 24th. Finally, FBR & Co increased their target price on Callaway Golf from $14.00 to $16.00 and gave the stock an “outperform” rating in a research report on Wednesday, June 21st. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $15.31.

Callaway Golf (NYSE ELY) traded down 0.14% on Wednesday, hitting $14.54. The stock had a trading volume of 2,500,439 shares. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of 8.04 and a beta of 1.17. Callaway Golf has a one year low of $9.77 and a one year high of $14.75. The stock’s 50 day moving average is $13.81 and its 200 day moving average is $12.69.

Callaway Golf (NYSE:ELY) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, beating 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 business had revenue of $304.50 million for the quarter, compared to the consensus estimate of $295.70 million. During the same period in the prior year, the business earned $0.36 earnings per share. The business’s revenue was up 24.0% on a year-over-year basis. Analysts anticipate that Callaway Golf will post $0.44 earnings per share for the current year.

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In other news, VP Mark F. Leposky sold 31,691 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $956,802. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Jennifer L. Thomas sold 19,349 shares of the firm’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $13.90, for a total value of $268,951.10. Following the completion of the transaction, the insider now owns 30,189 shares in the company, valued at $419,627.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 281,113 shares of company stock worth $3,792,388. Company insiders own 2.59% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in ELY. Riverhead Capital Management LLC raised its holdings in shares of Callaway Golf by 69.9% in the 2nd quarter. Riverhead Capital Management LLC now owns 8,326 shares of the company’s stock worth $106,000 after purchasing an additional 3,426 shares during the period. C M Bidwell & Associates Ltd. purchased a new position in shares of Callaway Golf in the 2nd quarter worth about $109,000. Flinton Capital Management LLC raised its holdings in shares of Callaway Golf by 71.6% in the 2nd quarter. Flinton Capital Management LLC now owns 11,322 shares of the company’s stock worth $145,000 after purchasing an additional 4,726 shares during the period. Koch Industries Inc. purchased a new position in shares of Callaway Golf in the 1st quarter worth about $162,000. Finally, Amalgamated Bank raised its holdings in shares of Callaway Golf by 1.3% in the 2nd quarter. Amalgamated Bank now owns 12,821 shares of the company’s stock worth $164,000 after purchasing an additional 160 shares during the period. Institutional investors own 87.46% of the company’s stock.

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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Analyst Recommendations for Callaway Golf (NYSE:ELY)

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