Callaway Golf Company Expected to Earn FY2017 Earnings of $0.44 Per Share (ELY)
Callaway Golf Company (NYSE:ELY) – Equities researchers at FBR & Co increased their FY2017 earnings per share (EPS) estimates for Callaway Golf in a research report issued on Thursday. FBR & Co analyst S. Anderson now anticipates that the company will post earnings per share of $0.44 for the year, up from their prior forecast of $0.43. FBR & Co also issued estimates for Callaway Golf’s FY2018 earnings at $0.53 EPS.
Callaway Golf (NYSE:ELY) last released its quarterly earnings data on Thursday, August 3rd. The company reported $0.34 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%. The company’s quarterly revenue was up 24.0% compared to the same quarter last year. During the same period last year, the business posted $0.36 EPS.
Other analysts also recently issued research reports about the company. KeyCorp reiterated a “buy” rating and set a $16.00 price target on shares of Callaway Golf in a research note on Thursday, August 31st. Zacks Investment Research upgraded Callaway Golf from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Monday, August 7th. BidaskClub upgraded Callaway Golf from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Aegis started coverage on Callaway Golf in a research note on Friday, August 25th. They set a “buy” rating and a $16.00 price target for the company. Finally, Jefferies Group LLC set a $18.00 price target on Callaway Golf and gave the stock a “buy” rating in a research note on Friday, August 4th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $15.31.
Shares of Callaway Golf (NYSE ELY) traded up 1.4072% during midday trading on Friday, hitting $14.4201. The company had a trading volume of 138,119 shares. The company’s 50 day moving average is $14.10 and its 200 day moving average is $12.92. Callaway Golf has a one year low of $9.77 and a one year high of $14.75. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of 7.9713 and a beta of 1.17.
In related news, insider Jennifer L. Thomas sold 19,349 shares of the business’s stock in a transaction dated Thursday, August 31st. The stock was 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 owns 30,189 shares of the company’s stock, valued at approximately $419,627.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Mark F. Leposky sold 31,691 shares of the business’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 of the company’s stock, valued at approximately $956,802. The disclosure for this sale can be found here. Insiders have sold a total of 281,113 shares of company stock valued at $3,792,388 in the last three months. 2.59% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Alps Advisors Inc. lifted its position in shares of Callaway Golf by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 44,544 shares of the company’s stock worth $569,000 after purchasing an additional 114 shares during the last quarter. Amalgamated Bank lifted its position in shares of Callaway Golf by 1.3% during 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 last quarter. Atria Investments LLC lifted its position in shares of Callaway Golf by 1.5% during the 2nd quarter. Atria Investments LLC now owns 19,633 shares of the company’s stock worth $251,000 after purchasing an additional 283 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its position in shares of Callaway Golf by 1.3% during the 1st quarter. Municipal Employees Retirement System of Michigan now owns 27,960 shares of the company’s stock worth $310,000 after purchasing an additional 360 shares during the last quarter. Finally, Suntrust Banks Inc. lifted its position in shares of Callaway Golf by 2.0% during the 2nd quarter. Suntrust Banks Inc. now owns 18,397 shares of the company’s stock worth $235,000 after purchasing an additional 361 shares during the last quarter. 87.46% of the stock is owned by institutional investors and hedge funds.
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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