Analysts at J P Morgan Chase & Co started coverage on shares of Callaway Golf (NYSE:ELY) in a note issued to investors on Thursday, MarketBeat.com reports. The brokerage set an “overweight” rating and a $18.00 price target on the stock. J P Morgan Chase & Co’s target price points to a potential upside of 22.95% from the stock’s current price.

ELY has been the subject of a number of other reports. 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. FBR & Co set a $16.00 price target on Callaway Golf and gave the stock a “buy” rating in a research note on Thursday, October 26th. Zacks Investment Research raised Callaway Golf from a “hold” rating to a “strong-buy” rating and set a $17.00 price target for the company in a research note on Friday, October 27th. B. Riley reaffirmed a “buy” rating on shares of Callaway Golf in a research note on Wednesday, November 1st. Finally, Jefferies Group set a $19.00 price target on Callaway Golf and gave the stock a “buy” rating in a research note on Thursday, October 26th. Four investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $15.84.

Shares of Callaway Golf (NYSE:ELY) traded up $0.51 during trading on Thursday, reaching $14.64. The company had a trading volume of 1,344,161 shares, compared to its average volume of 985,342. The stock has a market cap of $1,331.07, a P/E ratio of 27.61, a P/E/G ratio of 1.84 and a beta of 1.12. Callaway Golf has a 1 year low of $9.93 and a 1 year high of $15.63.

Callaway Golf (NYSE:ELY) last posted its quarterly earnings results on Wednesday, October 25th. The company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.09. Callaway Golf had a return on equity of 7.88% and a net margin of 17.97%. The company had revenue of $243.60 million during the quarter, compared to the consensus estimate of $209.52 million. During the same period last year, the business earned ($0.06) EPS. The business’s quarterly revenue was up 29.7% on a year-over-year basis. sell-side analysts predict that Callaway Golf will post 0.51 earnings per share for the current year.

In other news, SVP Richard H. Arnett sold 8,070 shares of the stock in a transaction dated Friday, November 10th. The stock was 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 of the company’s stock, valued at approximately $70,050. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Anthony S. Thornley sold 7,000 shares of the stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $14.40, for a total value of $100,800.00. Following the transaction, the director now directly owns 47,034 shares in the company, valued at approximately $677,289.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 29,850 shares of company stock worth $437,772. 2.59% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Scott & Selber Inc. grew its holdings in Callaway Golf by 91.7% in the 2nd quarter. Scott & Selber Inc. now owns 244,133 shares of the company’s stock valued at $3,120,000 after buying an additional 116,786 shares during the last quarter. Cramer Rosenthal Mcglynn LLC acquired a new stake in Callaway Golf in the 2nd quarter valued at approximately $10,707,000. Dimensional Fund Advisors LP grew its holdings in Callaway Golf by 10.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 6,392,982 shares of the company’s stock valued at $81,702,000 after buying an additional 603,742 shares during the last quarter. Daruma Capital Management LLC acquired a new stake in Callaway Golf in the 2nd quarter valued at approximately $48,831,000. Finally, Los Angeles Capital Management & Equity Research Inc. acquired a new stake in Callaway Golf in the 3rd quarter valued at approximately $486,000. 88.16% of the stock is currently owned by institutional investors and hedge funds.

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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.

Analyst Recommendations for Callaway Golf (NYSE:ELY)

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