Callaway Golf Company (ELY) Expected to Earn Q3 2017 Earnings of ($0.05) Per Share
Callaway Golf Company (NYSE:ELY) – Investment analysts at FBR & Co boosted their Q3 2017 earnings estimates for Callaway Golf in a report issued on Thursday. FBR & Co analyst S. Anderson now expects that the company will post earnings of ($0.05) per share for the quarter, up from their previous forecast of ($0.07). FBR & Co also issued estimates for Callaway Golf’s Q4 2017 earnings at ($0.15) EPS.
Several other analysts have also weighed in on ELY. Imperial Capital reissued an “outperform” rating and issued a $16.00 target price (up previously from $14.50) on shares of Callaway Golf in a report on Wednesday, August 9th. KeyCorp set a $16.00 target price on Callaway Golf and gave the company a “buy” rating in a report on Saturday. Forward View lowered Callaway Golf to a “hold” rating and set a $14.00 target price on the stock. in a report on Saturday, August 5th. Compass Point lowered Callaway Golf from a “buy” rating to a “neutral” rating and upped their target price for the company from $13.60 to $13.75 in a report on Monday, August 7th. Finally, Zacks Investment Research raised Callaway Golf from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a report on Monday, August 7th. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $15.31.
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Shares of Callaway Golf (ELY) opened at 14.39 on Monday. Callaway Golf has a 1-year low of $9.77 and a 1-year high of $14.75. The firm has a market cap of $1.36 billion, a PE ratio of 7.95 and a beta of 1.17. The company has a 50-day moving average of $14.12 and a 200-day moving average of $12.94.
Callaway Golf (NYSE:ELY) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. The firm had revenue of $304.50 million for the quarter, compared to analysts’ expectations of $295.70 million. During the same quarter last year, the company earned $0.36 EPS. The firm’s revenue for the quarter was up 24.0% compared to the same quarter last year.
In related news, insider Jennifer L. Thomas sold 19,349 shares of the stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $13.90, for a total transaction of $268,951.10. Following the sale, the insider now owns 30,189 shares of the company’s stock, valued at $419,627.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Oliver G. Brewer III sold 131,884 shares of the stock in a transaction on Friday, August 4th. The shares were sold at an average price of $13.31, for a total value of $1,755,376.04. Following the sale, the insider now directly owns 291,399 shares in the company, valued at approximately $3,878,520.69. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 281,113 shares of company stock worth $3,792,388. Corporate insiders own 2.59% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Alps Advisors Inc. boosted its stake in shares of Callaway Golf by 0.3% during the second quarter. Alps Advisors Inc. now owns 44,544 shares of the company’s stock valued at $569,000 after acquiring an additional 114 shares during the last quarter. Amalgamated Bank boosted its stake in shares of Callaway Golf by 1.3% during the second quarter. Amalgamated Bank now owns 12,821 shares of the company’s stock valued at $164,000 after acquiring an additional 160 shares during the last quarter. Atria Investments LLC boosted its stake in shares of Callaway Golf by 1.5% during the second quarter. Atria Investments LLC now owns 19,633 shares of the company’s stock valued at $251,000 after acquiring an additional 283 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its stake in shares of Callaway Golf by 1.3% during the first quarter. Municipal Employees Retirement System of Michigan now owns 27,960 shares of the company’s stock valued at $310,000 after acquiring an additional 360 shares during the last quarter. Finally, Suntrust Banks Inc. boosted its stake in shares of Callaway Golf by 2.0% during the second quarter. Suntrust Banks Inc. now owns 18,397 shares of the company’s stock valued at $235,000 after acquiring an additional 361 shares during the last quarter. 87.46% of the stock is currently 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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