Zacks Investment Research downgraded shares of Callaway Golf (NYSE:ELY) from a buy rating to a hold rating in a research report sent to investors on Thursday morning.

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 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. Huge number 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. “

Several other brokerages also recently weighed in on ELY. Compass Point downgraded Callaway Golf from a neutral rating to a sell rating and lowered their target price for the company from $15.06 to $13.50 in a research note on Wednesday, December 27th. KeyCorp set a $16.00 target price on Callaway Golf and gave the company a buy rating in a research note on Saturday, October 21st. Raymond James Financial reiterated a hold rating on shares of Callaway Golf in a research note on Wednesday, December 27th. DA Davidson set a $18.00 price target on Callaway Golf and gave the company a buy rating in a research note on Wednesday, December 27th. Finally, Cowen upgraded Callaway Golf from a sell rating to a neutral rating and set a $14.00 price target on the stock in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $16.40.

Callaway Golf (NYSE:ELY) opened at $14.80 on Thursday. Callaway Golf has a 12 month low of $9.99 and a 12 month high of $15.95. The firm has a market capitalization of $1,399.13, a P/E ratio of 34.42, a price-to-earnings-growth ratio of 1.46 and a beta of 1.15.

Callaway Golf (NYSE:ELY) last announced its earnings results on Wednesday, February 7th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.17) by $0.02. Callaway Golf had a return on equity of 7.85% and a net margin of 3.89%. The company had revenue of $192.00 million for the quarter, compared to the consensus estimate of $184.74 million. During the same period last year, the business posted ($0.09) EPS. The company’s revenue was up 17.1% on a year-over-year basis. analysts expect that Callaway Golf will post 0.69 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 7th. Investors of record on Wednesday, February 14th will be issued a dividend of $0.01 per share. The ex-dividend date is Tuesday, February 13th. This represents a $0.04 annualized dividend and a yield of 0.27%. Callaway Golf’s dividend payout ratio is presently 9.30%.

In related news, insider Neil Howie sold 24,838 shares of Callaway Golf stock in a transaction on Thursday, February 8th. The stock was sold at an average price of $15.75, for a total transaction of $391,198.50. Following the completion of the transaction, the insider now directly owns 95,803 shares of the company’s stock, valued at $1,508,897.25. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Alex Mitchell Boezeman sold 16,738 shares of Callaway Golf stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $15.31, for a total value of $256,258.78. Following the transaction, the insider now directly owns 120,873 shares of the company’s stock, valued at $1,850,565.63. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 67,487 shares of company stock valued at $1,031,977. 2.59% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of ELY. Fox Run Management L.L.C. acquired a new position in Callaway Golf during the fourth quarter worth $142,000. Flinton Capital Management LLC raised its holdings in Callaway Golf by 71.6% during the second quarter. Flinton Capital Management LLC now owns 11,322 shares of the company’s stock worth $145,000 after purchasing an additional 4,726 shares during the last quarter. Amalgamated Bank raised its holdings in Callaway Golf by 1.3% during the second quarter. Amalgamated Bank now owns 12,821 shares of the company’s stock worth $164,000 after purchasing an additional 160 shares during the last quarter. Allianz Asset Management GmbH acquired a new position in Callaway Golf during the third quarter worth $182,000. Finally, Cornerstone Capital Management Holdings LLC. acquired a new position in shares of Callaway Golf in the second quarter worth $194,000. 89.58% of the stock is owned by hedge funds and other institutional investors.

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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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