Wall Street brokerages expect that Callaway Golf Co (NYSE:ELY) will post sales of $510.60 million for the current quarter, Zacks Investment Research reports. Six analysts have made estimates for Callaway Golf’s earnings, with the highest sales estimate coming in at $514.00 million and the lowest estimate coming in at $506.80 million. Callaway Golf posted sales of $516.20 million during the same quarter last year, which would suggest a negative year over year growth rate of 1.1%. The business is scheduled to report its next quarterly earnings results on Thursday, May 14th.
According to Zacks, analysts expect that Callaway Golf will report full year sales of $1.77 billion for the current year, with estimates ranging from $1.75 billion to $1.78 billion. For the next financial year, analysts expect that the business will report sales of $1.86 billion, with estimates ranging from $1.83 billion to $1.89 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Callaway Golf.
Callaway Golf (NYSE:ELY) last released its earnings results on Monday, February 10th. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.23) by ($0.03). Callaway Golf had a return on equity of 13.84% and a net margin of 4.67%. The business had revenue of $312.00 million for the quarter, compared to analysts’ expectations of $305.49 million. During the same period in the previous year, the company earned ($0.32) EPS. Callaway Golf’s quarterly revenue was up 72.7% compared to the same quarter last year.
A number of research firms have recently issued reports on ELY. Stephens reaffirmed a “buy” rating and set a $25.00 target price on shares of Callaway Golf in a report on Monday, December 2nd. ValuEngine cut shares of Callaway Golf from a “hold” rating to a “sell” rating in a research report on Friday, January 3rd. Zacks Investment Research cut shares of Callaway Golf from a “hold” rating to a “sell” rating in a research report on Tuesday, January 28th. Compass Point set a $21.50 price target on shares of Callaway Golf and gave the company a “buy” rating in a research report on Friday, November 1st. Finally, Imperial Capital began coverage on shares of Callaway Golf in a research report on Wednesday, January 29th. They set an “outperform” rating and a $26.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $23.81.
Callaway Golf stock opened at $19.46 on Friday. Callaway Golf has a 52-week low of $14.49 and a 52-week high of $22.33. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 24.02, a PEG ratio of 0.68 and a beta of 1.32. The company has a fifty day simple moving average of $21.26 and a 200-day simple moving average of $19.94. The company has a quick ratio of 0.96, a current ratio of 1.79 and a debt-to-equity ratio of 0.74.
The company also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Thursday, February 13th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Wednesday, February 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.21%. Callaway Golf’s payout ratio is 3.64%.
In other news, EVP Glenn F. Hickey sold 24,595 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $21.81, for a total transaction of $536,416.95. Following the transaction, the executive vice president now owns 8,552 shares of the company’s stock, valued at approximately $186,519.12. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.97% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. lifted its position in Callaway Golf by 0.9% in the second quarter. BlackRock Inc. now owns 13,288,085 shares of the company’s stock valued at $228,025,000 after buying an additional 112,530 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Callaway Golf by 23.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,775,728 shares of the company’s stock worth $58,846,000 after purchasing an additional 518,647 shares in the last quarter. State Street Corp lifted its position in shares of Callaway Golf by 1.7% during the third quarter. State Street Corp now owns 2,694,095 shares of the company’s stock worth $52,292,000 after purchasing an additional 45,408 shares in the last quarter. Peregrine Capital Management LLC lifted its position in shares of Callaway Golf by 8.9% during the fourth quarter. Peregrine Capital Management LLC now owns 1,285,232 shares of the company’s stock worth $27,247,000 after purchasing an additional 105,012 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its position in shares of Callaway Golf by 147.1% during the fourth quarter. Point72 Asset Management L.P. now owns 1,165,717 shares of the company’s stock worth $24,713,000 after purchasing an additional 693,978 shares in the last quarter. 99.77% of the stock is currently owned by hedge funds and other institutional investors.
About Callaway Golf
Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs, golf balls, golf bags, and other golf-related accessories. The company operates through three segments: Golf Clubs; Golf Balls; and Gear, Accessories and Other. The Golf Clubs segment provides golf drivers and fairway woods, hybrids, irons and wedges, putters, packaged sets, and pre-owned golf clubs.
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