Callaway Golf Co. (ELY) Lowered to “Hold” at Zacks Investment Research
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. “
ELY has been the subject of several other research reports. Jefferies Group restated a buy rating and set a $14.00 target price on shares of Callaway Golf in a research note on Thursday, July 28th. TheStreet upgraded Callaway Golf from a hold rating to a buy rating in a research note on Wednesday, July 27th. Compass Point assumed coverage on Callaway Golf in a research note on Friday, September 9th. They set a neutral rating and a $12.00 target price for the company. Vetr upgraded Callaway Golf from a buy rating to a strong-buy rating and set a $12.50 target price for the company in a research note on Monday, June 13th. Finally, DA Davidson set a $14.00 target price on Callaway Golf and gave the company a buy rating in a research note on Monday, August 29th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of Buy and an average price target of $13.29.
Callaway Golf (NYSE:ELY) opened at 11.02 on Tuesday. Callaway Golf has a 1-year low of $8.00 and a 1-year high of $11.90. The stock has a 50 day moving average price of $11.47 and a 200 day moving average price of $10.40. The firm has a market capitalization of $1.04 billion, a price-to-earnings ratio of 27.90 and a beta of 1.30.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings data on Wednesday, July 27th. The company reported $0.36 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 in the prior year, the firm posted $0.15 EPS. The firm’s revenue for the quarter was up 6.6% on a year-over-year basis. Analysts predict that Callaway Golf will post $0.44 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, August 25th were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date of this dividend was Tuesday, August 23rd. Callaway Golf’s dividend payout ratio is currently 10.26%.
Several hedge funds have recently added to or reduced their stakes in ELY. Silver Capital Management LLC bought a new stake in Callaway Golf during the second quarter worth about $102,000. Amalgamated Bank acquired a new position in shares of Callaway Golf during the second quarter worth $129,000. Airain ltd acquired a new position in shares of Callaway Golf during the second quarter worth $119,000. PineBridge Investments L.P. increased 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 period. Finally, Boothbay Fund Management LLC acquired a new position in shares of Callaway Golf during the first quarter worth $112,000. 84.34% of the stock is currently owned by institutional investors and hedge funds.
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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