J P Morgan Chase & Co Initiates Coverage on Callaway Golf (ELY)
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.
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.
ILLEGAL ACTIVITY WARNING: This piece of content was reported by American Banking News and is the property of of American Banking News. If you are accessing this piece of content on another site, it was illegally stolen and republished in violation of US and international copyright & trademark legislation. The legal version of this piece of content can be viewed at https://www.americanbankingnews.com/2017/12/14/j-p-morgan-chase-co-initiates-coverage-on-callaway-golf-ely.html.
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.
Receive News & Ratings for Callaway Golf Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Callaway Golf and related companies with MarketBeat.com's FREE daily email newsletter.