Callaway Golf (NYSE:ELY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The brokerage currently has a $15.00 price objective on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 6.38% from the company’s previous close.
According to Zacks, “Callaway Golf is renowned for developing innovative products that help golfers hit longer and straighter shots from tee to green; controlled, higher-spinning shots around the green; and smooth, accurate putts. The long list of legendary Callaway products introduced across the past three decades is long, punctuated by the iconic Big Bertha driver, which drove Callaway to the top of the industry in the early 1990s, and the Great Big Bertha driver, which Golf Digest named the greatest club of all time for its combination of innovation, performance and lasting impact on the golf equipment landscape. Hundreds of tournaments, including numerous Major Championships, have been won by Tour pros playing Callaway equipment. Callaway Golf consists of four powerful brands – Callaway, Odyssey, Toulon Design and OGIO – that together offer golfers all over the world everything they need – clubs, balls, bags, apparel, footwear, bags, accessories – to play better and enjoy the game more. “
ELY has been the topic of several other reports. KeyCorp set a $16.00 target price on shares of Callaway Golf and gave the stock a “buy” rating in a research report on Saturday, October 21st. Jefferies Group restated a “buy” rating and set a $18.00 target price on shares of Callaway Golf in a research report on Thursday, September 7th. FBR & Co set a $16.00 target price on shares of Callaway Golf and gave the stock a “buy” rating in a research report on Thursday, October 26th. JPMorgan Chase & Co. started coverage on shares of Callaway Golf in a research report on Thursday, December 14th. They set an “overweight” rating and a $18.00 target price on the stock. Finally, Compass Point lowered shares of Callaway Golf from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $15.06 to $13.50 in a research report on Wednesday, December 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and thirteen have assigned a buy rating to the company. Callaway Golf has an average rating of “Buy” and a consensus price target of $15.82.
Callaway Golf (NYSE:ELY) last issued its earnings results on Wednesday, October 25th. The company reported $0.05 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.09. The company 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 business’s revenue was up 29.7% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.06) EPS. equities analysts anticipate that Callaway Golf will post 0.51 earnings per share for the current year.
In related news, insider Alex Mitchell Boezeman sold 16,738 shares of the business’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $15.31, for a total value of $256,258.78. Following the sale, the insider now directly owns 120,873 shares in the company, valued at approximately $1,850,565.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Brian P. Lynch sold 6,277 shares of the business’s stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $15.42, for a total transaction of $96,791.34. Following the completion of the sale, the senior vice president now owns 46,184 shares in the company, valued at $712,157.28. The disclosure for this sale can be found here. Insiders sold a total of 46,588 shares of company stock worth $694,031 over the last quarter. Insiders own 2.59% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its stake in Callaway Golf by 3.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 6,633,502 shares of the company’s stock valued at $95,720,000 after purchasing an additional 240,520 shares during the last quarter. Daruma Capital Management LLC acquired a new position in Callaway Golf in the 2nd quarter valued at about $48,831,000. State Street Corp raised its stake in Callaway Golf by 2.8% in the 2nd quarter. State Street Corp now owns 2,215,678 shares of the company’s stock valued at $28,317,000 after purchasing an additional 59,853 shares during the last quarter. Thornburg Investment Management Inc. raised its stake in Callaway Golf by 5.1% in the 3rd quarter. Thornburg Investment Management Inc. now owns 1,396,845 shares of the company’s stock valued at $20,156,000 after purchasing an additional 68,207 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in Callaway Golf by 1.7% in the 3rd quarter. Wells Fargo & Company MN now owns 1,250,888 shares of the company’s stock valued at $18,050,000 after purchasing an additional 20,382 shares during the last quarter. 88.11% of the stock is owned by hedge funds and other institutional investors.
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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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