Wall Street brokerages expect that Callaway Golf Co (NYSE:ELY) will report sales of $181.42 million for the current fiscal quarter, Zacks Investment Research reports. Ten analysts have provided estimates for Callaway Golf’s earnings, with the lowest sales estimate coming in at $174.58 million and the highest estimate coming in at $191.00 million. Callaway Golf posted sales of $163.70 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 10.8%. The firm is scheduled to report its next quarterly earnings results after the market closes on Wednesday, February 7th.
According to Zacks, analysts expect that Callaway Golf will report full year sales of $181.42 million for the current year, with estimates ranging from $1.03 billion to $1.05 billion. For the next year, analysts forecast that the firm will report sales of $1.11 billion per share, with estimates ranging from $1.06 billion to $1.16 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Callaway Golf.
A number of brokerages have commented on ELY. B. Riley restated a “buy” rating on shares of Callaway Golf in a research report on Wednesday, November 1st. DA Davidson set a $18.00 price objective on Callaway Golf and gave the stock a “buy” rating in a research report on Wednesday, December 27th. Raymond James Financial reaffirmed a “hold” rating on shares of Callaway Golf in a research note on Wednesday, December 27th. Jefferies Group reaffirmed a “buy” rating and set a $18.00 price target on shares of Callaway Golf in a research note on Thursday, October 12th. Finally, Forward View reaffirmed a “hold” rating on shares of Callaway Golf in a research note on Saturday, October 28th. One analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the company. Callaway Golf currently has an average rating of “Buy” and an average target price of $15.89.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 7th. Stockholders of record on Wednesday, February 14th 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, February 13th. Callaway Golf’s dividend payout ratio (DPR) is presently 2.09%.
In related news, SVP Richard H. Arnett sold 8,070 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $14.01, for a total value of $113,060.70. Following the transaction, the senior vice president now directly owns 5,000 shares of the company’s stock, valued at approximately $70,050. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Alex Mitchell Boezeman sold 16,738 shares of the firm’s stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $15.31, for a total value of $256,258.78. Following the completion of the transaction, the insider now directly owns 120,873 shares in the company, valued at $1,850,565.63. The disclosure for this sale can be found here. 2.59% of the stock is owned by company insiders.
Several hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP raised its stake in shares of 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 acquiring an additional 240,520 shares in the last quarter. Copper Rock Capital Partners LLC raised its stake in shares of Callaway Golf by 24.9% in the 4th quarter. Copper Rock Capital Partners LLC now owns 2,426,519 shares of the company’s stock valued at $34,117,000 after acquiring an additional 483,441 shares in the last quarter. State Street Corp raised its stake in shares of 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 acquiring an additional 59,853 shares in the last quarter. Thornburg Investment Management Inc. increased its position 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 worth $20,156,000 after buying an additional 68,207 shares during the period. Finally, Wells Fargo & Company MN increased its position 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 worth $18,050,000 after buying an additional 20,382 shares during the period. 89.58% of the stock is currently owned by institutional investors and hedge funds.
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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