Callaway Golf Co. (ELY) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Callaway Golf Co. (NYSE:ELY) from a hold rating to a buy rating in a research report sent to investors on Monday. Zacks Investment Research currently has $13.00 target price on the stock.
According to Zacks, “Callaway Golf Company is designs, develops, manufactures and markets high quality, innovative golf clubs. The Company’s golf clubs are sold at premium prices to both average and skilled golfers on the basis of performance, ease of use and appearance. “
Several other research firms have also weighed in on ELY. KeyCorp reaffirmed a buy rating and set a $16.00 price target on shares of Callaway Golf in a research report on Friday, September 23rd. Compass Point initiated coverage on Callaway Golf in a research report on Friday, September 9th. They set a neutral rating and a $12.00 price target on the stock. Imperial Capital reaffirmed an outperform rating and set a $14.00 price target on shares of Callaway Golf in a research report on Friday, September 9th. Jefferies Group reaffirmed a buy rating and set a $14.00 price target on shares of Callaway Golf in a research report on Tuesday, August 30th. Finally, Forward View set a $14.50 price target on Callaway Golf and gave the stock a buy rating in a research report on Wednesday, August 31st. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Callaway Golf has a consensus rating of Buy and a consensus price target of $13.29.
Callaway Golf (NYSE:ELY) opened at 11.58 on Monday. The company has a market capitalization of $1.09 billion, a PE ratio of 29.32 and a beta of 1.30. The company has a 50-day moving average price of $11.55 and a 200 day moving average price of $10.31. Callaway Golf has a 12 month low of $8.00 and a 12 month high of $11.90.
Callaway Golf (NYSE:ELY) last announced its earnings results on Wednesday, July 27th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.30 by $0.06. Callaway Golf had a return on equity of 8.69% and a net margin of 4.53%. The business had revenue of $245.60 million for the quarter, compared to analyst estimates of $242.49 million. During the same quarter last year, the firm earned $0.15 EPS. Callaway Golf’s revenue for the quarter was up 6.6% compared to the same quarter last year. On average, equities research analysts forecast that Callaway Golf will post $0.44 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, August 25th were issued a dividend of $0.01 per share. The ex-dividend date was Tuesday, August 23rd. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.35%. Callaway Golf’s dividend payout ratio (DPR) is currently 10.26%.
Several institutional investors have recently bought and sold shares of the company. Silver Capital Management LLC purchased a new position in shares of Callaway Golf during the second quarter worth about $102,000. Boothbay Fund Management LLC purchased a new position in shares of Callaway Golf during the first quarter worth about $112,000. Legal & General Group Plc boosted its position in shares of Callaway Golf by 10.8% in the first quarter. Legal & General Group Plc now owns 12,987 shares of the company’s stock worth $119,000 after buying an additional 1,268 shares during the last quarter. Airain ltd purchased a new position in shares of Callaway Golf during the second quarter worth about $119,000. Finally, PineBridge Investments L.P. boosted its position in shares of Callaway Golf by 4.0% in the second quarter. PineBridge Investments L.P. now owns 11,914 shares of the company’s stock worth $121,000 after buying an additional 457 shares during the last quarter. 84.34% of the stock is owned by institutional investors.
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 the Company’s trademarks and service marks and sales of pre-owned golf clubs.
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