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 report published on Thursday. The firm currently has $12.00 price target 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. “
A number of other research firms also recently weighed in on ELY. KeyCorp restated 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 assumed 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 restated 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 restated 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 objective on Callaway Golf and gave the stock a buy rating in a report on Wednesday, August 31st. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Callaway Golf has a consensus rating of Buy and a consensus target price of $13.21.
Shares of Callaway Golf (NYSE:ELY) traded up 0.37% during midday trading on Thursday, hitting $10.97. The company had a trading volume of 217,996 shares. Callaway Golf has a 52 week low of $8.00 and a 52 week high of $11.90. The company has a market capitalization of $1.03 billion, a P/E ratio of 27.77 and a beta of 1.30. The firm’s 50 day moving average is $11.44 and its 200 day moving average is $10.41.
Callaway Golf (NYSE:ELY) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.36 earnings per share 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 the consensus estimate of $242.49 million. During the same quarter last year, the business posted $0.15 earnings per share. The company’s revenue for the quarter was up 6.6% on a year-over-year basis. Equities research analysts anticipate that Callaway Golf will post $0.44 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, August 25th were issued a $0.01 dividend. The ex-dividend date was Tuesday, August 23rd. This represents a $0.04 dividend on an annualized basis and a yield of 0.37%. Callaway Golf’s payout ratio is currently 10.26%.
A number of institutional investors have recently made changes to their positions in the company. Silver Capital Management LLC purchased a new position in shares of Callaway Golf during the second quarter worth $102,000. Boothbay Fund Management LLC bought a new stake in shares of Callaway Golf during the first quarter worth $112,000. Legal & General Group Plc raised its stake 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 in the last quarter. Airain ltd bought a new stake in shares of Callaway Golf during the second quarter worth $119,000. Finally, PineBridge Investments L.P. raised its stake 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 in the last quarter. Institutional investors own 84.34% 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 the Company’s trademarks and service marks and sales of pre-owned golf clubs.
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