Callaway Golf Company (ELY) Given Average Rating of “Buy” by Analysts
Callaway Golf Company (NYSE:ELY) has received an average recommendation of “Buy” from the sixteen analysts that are covering the stock, Marketbeat.com reports. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $15.80.
ELY has been the topic of several recent research reports. DA Davidson restated a “buy” rating and issued a $16.00 price target on shares of Callaway Golf in a research report on Wednesday, September 20th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Callaway Golf in a research note on Thursday, September 7th. Aegis reaffirmed a “buy” rating on shares of Callaway Golf in a research note on Monday, September 4th. KeyCorp reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Callaway Golf in a research note on Thursday, August 31st. Finally, BidaskClub raised shares of Callaway Golf from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th.
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Callaway Golf (NYSE:ELY) last posted its quarterly earnings results on Wednesday, October 25th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.09. The firm had revenue of $243.60 million for the quarter, compared to analyst estimates of $209.52 million. Callaway Golf had a net margin of 17.97% and a return on equity of 7.88%. The firm’s quarterly revenue was up 29.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.06) earnings per share. research analysts forecast that Callaway Golf will post 0.51 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 13th. Shareholders of record on Wednesday, November 22nd will be paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.28%. The ex-dividend date is Tuesday, November 21st. Callaway Golf’s dividend payout ratio (DPR) is currently 2.09%.
In other news, SVP Richard H. Arnett sold 8,070 shares of the firm’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $14.01, for a total transaction of $113,060.70. Following the transaction, the senior vice president now owns 5,000 shares in the company, valued at approximately $70,050. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Alan Hocknell sold 41,051 shares of the firm’s stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $13.75, for a total transaction of $564,451.25. Following the transaction, the senior vice president now owns 73,227 shares in the company, valued at approximately $1,006,871.25. The disclosure for this sale can be found here. Insiders have sold a total of 121,941 shares of company stock valued at $1,714,848 in the last three months. Company insiders own 2.59% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Algert Global LLC raised its holdings in Callaway Golf by 26.7% in the 3rd quarter. Algert Global LLC now owns 226,838 shares of the company’s stock worth $3,273,000 after acquiring an additional 47,841 shares during the period. California Public Employees Retirement System raised its holdings in Callaway Golf by 48.3% in the 3rd quarter. California Public Employees Retirement System now owns 15,864 shares of the company’s stock worth $229,000 after acquiring an additional 5,164 shares during the period. U S Global Investors Inc. bought a new position in Callaway Golf in the 3rd quarter worth $1,198,000. Cornerstone Capital Management Holdings LLC. raised its holdings in Callaway Golf by 309.8% in the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 62,700 shares of the company’s stock worth $904,000 after acquiring an additional 47,400 shares during the period. Finally, Allianz Asset Management GmbH bought a new position in Callaway Golf in the 3rd quarter worth $182,000. Hedge funds and other institutional investors own 87.15% 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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