Callaway Golf Co. (ELY) Downgraded by Compass Point
Callaway Golf Co. (NYSE:ELY) was downgraded by investment analysts at Compass Point from a “buy” rating to a “neutral” rating in a note issued to investors on Wednesday.
Several other analysts also recently issued reports on ELY. Imperial Capital upped their price target on Callaway Golf from $13.00 to $14.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 2nd. Jefferies Group reiterated a “buy” rating and set a $14.00 price target on shares of Callaway Golf in a research note on Friday, August 5th. DA Davidson set a $14.00 price target on Callaway Golf and gave the stock a “buy” rating in a research note on Monday, August 29th. Forward View set a $14.50 price target on Callaway Golf and gave the stock a “buy” rating in a research note on Wednesday, August 31st. Finally, Roth Capital set a $13.00 price target on Callaway Golf and gave the stock a “buy” rating in a research note on Saturday, September 17th. Two analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $13.39.
Shares of Callaway Golf (NYSE:ELY) traded down 1.14% during midday trading on Wednesday, hitting $12.15. The stock had a trading volume of 1,029,101 shares. The firm has a 50-day moving average of $11.25 and a 200 day moving average of $10.90. Callaway Golf has a 12-month low of $8.00 and a 12-month high of $12.56. The firm has a market cap of $1.14 billion, a PE ratio of 36.71 and a beta of 1.39.
Callaway Golf (NYSE:ELY) last released its quarterly earnings results on Thursday, November 3rd. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.12) by $0.06. The company earned $188 million during the quarter, compared to the consensus estimate of $177.39 million. Callaway Golf had a return on equity of 7.84% and a net margin of 4.20%. The firm’s revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.04) EPS. On average, analysts expect that Callaway Golf will post $0.51 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 21st. Stockholders of record on Wednesday, November 30th will be issued a $0.01 dividend. The ex-dividend date of this dividend is Monday, November 28th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.33%. Callaway Golf’s payout ratio is presently 10.81%.
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Several institutional investors have recently modified their holdings of ELY. KBC Group NV boosted its position in shares of Callaway Golf by 106.6% in the second quarter. KBC Group NV now owns 75,432 shares of the company’s stock worth $770,000 after buying an additional 38,915 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of Callaway Golf by 19.6% in the second quarter. California State Teachers Retirement System now owns 197,730 shares of the company’s stock worth $2,019,000 after buying an additional 32,377 shares during the last quarter. Ngam Advisors L.P. boosted its position in shares of Callaway Golf by 1.1% in the second quarter. Ngam Advisors L.P. now owns 42,393 shares of the company’s stock worth $433,000 after buying an additional 443 shares during the last quarter. Chicago Equity Partners LLC bought a new position in shares of Callaway Golf during the second quarter worth about $1,108,000. Finally, Northpointe Capital LLC boosted its position in shares of Callaway Golf by 52.5% in the second quarter. Northpointe Capital LLC now owns 1,344,771 shares of the company’s stock worth $13,730,000 after buying an additional 463,215 shares during the last quarter. 85.83% of the stock is owned by institutional investors and hedge funds.
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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