Callaway Golf Company (ELY) Upgraded by BidaskClub to Buy
BidaskClub upgraded shares of Callaway Golf Company (NYSE:ELY) from a hold rating to a buy rating in a report published on Saturday.
Several other analysts have also issued reports on the company. Cowen and Company started coverage on Callaway Golf in a research note on Wednesday, June 14th. They issued a market perform rating and a $14.00 target price for the company. Zacks Investment Research lowered Callaway Golf from a strong-buy rating to a hold rating in a research note on Tuesday, July 25th. Jefferies Group LLC set a $17.00 target price on Callaway Golf and gave the stock a buy rating in a research note on Tuesday, June 6th. Imperial Capital upped their target price on Callaway Golf from $13.00 to $14.50 and gave the stock an outperform rating in a research note on Tuesday, May 23rd. Finally, FBR & Co upped their target price on Callaway Golf from $14.00 to $16.00 and gave the stock an outperform rating in a research note on Wednesday, June 21st. Five equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Callaway Golf presently has an average rating of Buy and an average price target of $14.98.
Callaway Golf (NYSE:ELY) traded up 1.58% during midday trading on Friday, hitting $13.49. 1,088,638 shares of the company were exchanged. The firm’s 50-day moving average price is $12.83 and its 200-day moving average price is $12.01. Callaway Golf has a one year low of $9.77 and a one year high of $13.70. The stock has a market capitalization of $1.27 billion, a PE ratio of 7.46 and a beta of 1.20.
Callaway Golf (NYSE:ELY) last issued its earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.05. The business had revenue of $304.50 million during the quarter, compared to analyst estimates of $295.70 million. Callaway Golf had a return on equity of 6.60% and a net margin of 18.09%. Callaway Golf’s revenue for the quarter was up 24.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 earnings per share. Equities research analysts anticipate that Callaway Golf will post $0.44 earnings per share for the current year.
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The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Tuesday, August 22nd 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 0.30%. The ex-dividend date is Friday, August 18th. Callaway Golf’s dividend payout ratio (DPR) is presently 2.20%.
In related news, insider Oliver G. Brewer III sold 131,884 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $13.31, for a total transaction of $1,755,376.04. Following the completion of the transaction, the insider now owns 291,399 shares in the company, valued at $3,878,520.69. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Alan Hocknell sold 57,138 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $13.30, for a total value of $759,935.40. Following the transaction, the senior vice president now owns 115,045 shares of the company’s stock, valued at approximately $1,530,098.50. The disclosure for this sale can be found here. 2.59% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in ELY. Baltimore Capital Management Inc. acquired a new position in shares of Callaway Golf during the first quarter worth approximately $350,000. Suntrust Banks Inc. increased its position in shares of Callaway Golf by 2.5% in the first quarter. Suntrust Banks Inc. now owns 18,036 shares of the company’s stock worth $199,000 after buying an additional 441 shares in the last quarter. Princeton Alpha Management LP increased its position in shares of Callaway Golf by 66.6% in the first quarter. Princeton Alpha Management LP now owns 27,639 shares of the company’s stock worth $306,000 after buying an additional 11,044 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of Callaway Golf by 18.2% in the first quarter. Advisors Asset Management Inc. now owns 38,284 shares of the company’s stock worth $424,000 after buying an additional 5,886 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of Callaway Golf by 97.6% in the first quarter. First Trust Advisors LP now owns 124,061 shares of the company’s stock worth $1,373,000 after buying an additional 61,269 shares in the last quarter. Institutional investors own 85.02% of the company’s stock.
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.
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