Q1 2018 Earnings Forecast for Callaway Golf Co (ELY) Issued By Jefferies Group
Callaway Golf Co (NYSE:ELY) – Equities research analysts at Jefferies Group upped their Q1 2018 EPS estimates for shares of Callaway Golf in a research report issued on Thursday. Jefferies Group analyst R. Konik now anticipates that the company will post earnings of $0.52 per share for the quarter, up from their prior estimate of $0.37. Jefferies Group has a “Buy” rating and a $21.00 price objective on the stock. Jefferies Group also issued estimates for Callaway Golf’s Q4 2018 earnings at ($0.19) EPS.
ELY has been the topic of a number of other reports. Zacks Investment Research lowered Callaway Golf from a “buy” rating to a “hold” rating in a report on Monday, January 1st. Roth Capital set a $17.00 price target on Callaway Golf and gave the company a “buy” rating in a report on Monday, February 5th. FBR & Co set a $16.00 price target on Callaway Golf and gave the company a “buy” rating in a report on Thursday, October 26th. Compass Point raised Callaway Golf from a “sell” rating to a “neutral” rating and raised their price target for the company from $13.50 to $14.59 in a report on Wednesday, February 7th. Finally, KeyCorp raised their price target on Callaway Golf from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Thursday, January 25th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Callaway Golf presently has a consensus rating of “Buy” and a consensus price target of $16.40.
Callaway Golf (NYSE:ELY) last posted its earnings results on Wednesday, February 7th. The company reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.02. The company had revenue of $192.00 million for the quarter, compared to analysts’ expectations of $184.74 million. Callaway Golf had a return on equity of 7.85% and a net margin of 3.89%. The firm’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period last year, the business posted ($0.09) earnings per share.
The company also recently announced 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. This represents a $0.04 dividend on an annualized basis and a yield of 0.27%. The ex-dividend date of this dividend is Tuesday, February 13th. Callaway Golf’s payout ratio is currently 9.30%.
In related news, SVP Brian P. Lynch sold 25,911 shares of Callaway Golf stock in a transaction dated Friday, February 9th. The stock was sold at an average price of $14.84, for a total transaction of $384,519.24. Following the transaction, the senior vice president now directly owns 31,599 shares of the company’s stock, valued at $468,929.16. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Neil Howie sold 24,838 shares of Callaway Golf stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $15.75, for a total value of $391,198.50. Following the transaction, the insider now directly owns 95,803 shares in the company, valued at $1,508,897.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 67,487 shares of company stock worth $1,031,977. 2.59% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in ELY. Copper Rock Capital Partners LLC grew its holdings in Callaway Golf by 24.9% during the fourth quarter. Copper Rock Capital Partners LLC now owns 2,426,519 shares of the company’s stock worth $34,117,000 after acquiring an additional 483,441 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of Callaway Golf in the 4th quarter valued at $5,760,000. BlackRock Inc. boosted its position in shares of Callaway Golf by 3.0% in the 4th quarter. BlackRock Inc. now owns 12,070,025 shares of the company’s stock valued at $168,135,000 after purchasing an additional 351,863 shares during the period. Dimensional Fund Advisors LP boosted its position 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 purchasing an additional 240,520 shares during the period. Finally, New York State Common Retirement Fund boosted its position in shares of Callaway Golf by 165.2% in the 2nd quarter. New York State Common Retirement Fund now owns 333,367 shares of the company’s stock valued at $4,260,000 after purchasing an additional 207,658 shares during the period. 89.58% of the stock is currently owned by hedge funds and other institutional investors.
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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