Callaway Golf Company (ELY) Downgraded by Compass Point
Compass Point downgraded shares of Callaway Golf Company (NYSE:ELY) from a buy rating to a neutral rating in a report issued on Monday, August 7th, MarketBeat.com reports. They currently have $13.75 price target on the stock, up from their prior price target of $13.60.
Several other analysts have also commented on the company. Forward View lowered Callaway Golf to a hold rating and set a $14.00 price objective on the stock. in a report on Saturday, August 5th. Jefferies Group LLC set a $18.00 target price on Callaway Golf and gave the company a buy rating in a research report on Friday, August 4th. Zacks Investment Research downgraded Callaway Golf from a strong-buy rating to a hold rating in a research report on Tuesday, July 25th. BidaskClub downgraded Callaway Golf from a buy rating to a hold rating in a research report on Wednesday, July 19th. Finally, FBR & Co raised their target price on Callaway Golf from $14.00 to $16.00 and gave the company an outperform rating in a research report on Wednesday, June 21st. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $14.90.
Callaway Golf (NYSE:ELY) remained flat at $12.98 on Monday. The company had a trading volume of 835,875 shares. The stock has a market capitalization of $1.22 billion, a PE ratio of 7.18 and a beta of 1.20. The stock’s 50-day moving average price is $12.75 and its 200 day moving average price is $11.92. Callaway Golf has a 12-month low of $9.77 and a 12-month high of $13.70.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings data on Thursday, August 3rd. The company reported $0.34 EPS for the quarter, beating the consensus estimate of $0.29 by $0.05. Callaway Golf had a return on equity of 6.60% and a net margin of 18.09%. The company had revenue of $304.50 million for the quarter, compared to analyst estimates of $295.70 million. During the same period last year, the company earned $0.36 earnings per share. Callaway Golf’s quarterly revenue was up 24.0% 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 business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Tuesday, August 22nd will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Friday, August 18th. This represents a $0.04 dividend on an annualized basis and a yield of 0.31%. Callaway Golf’s payout ratio is 2.20%.
In related news, SVP Alan Hocknell sold 57,138 shares of Callaway Golf stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $13.30, for a total transaction of $759,935.40. Following the transaction, the senior vice president now owns 115,045 shares in the company, valued at $1,530,098.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Oliver G. Brewer III sold 131,884 shares of Callaway Golf stock in a transaction on Friday, August 4th. The shares were sold at an average price of $13.31, for a total value of $1,755,376.04. Following the completion of the sale, the insider now owns 291,399 shares in the company, valued at approximately $3,878,520.69. The disclosure for this sale can be found here. Company insiders own 2.59% of the company’s stock.
A number of large investors have recently bought and sold shares of ELY. Riverhead Capital Management LLC increased its stake in Callaway Golf by 69.9% in the second quarter. Riverhead Capital Management LLC now owns 8,326 shares of the company’s stock worth $106,000 after buying an additional 3,426 shares in the last quarter. C M Bidwell & Associates Ltd. acquired a new stake in Callaway Golf during the second quarter worth approximately $109,000. State of Alaska Department of Revenue increased its stake in Callaway Golf by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 10,440 shares of the company’s stock worth $115,000 after buying an additional 260 shares in the last quarter. Flinton Capital Management LLC increased its stake in Callaway Golf by 71.6% in the second quarter. Flinton Capital Management LLC now owns 11,322 shares of the company’s stock worth $145,000 after buying an additional 4,726 shares in the last quarter. Finally, Koch Industries Inc. acquired a new stake in Callaway Golf during the first quarter worth approximately $162,000. Institutional investors own 85.02% 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 its trademarks and service marks and sales of pre-owned golf clubs.
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