Imperial Capital Reaffirms Outperform Rating for Callaway Golf Company (ELY)
Imperial Capital restated their outperform rating on shares of Callaway Golf Company (NYSE:ELY) in a research report report published on Thursday. Imperial Capital currently has a $16.00 price target on the stock.
A number of other equities research analysts also recently issued reports on the stock. Zacks Investment Research raised shares of Callaway Golf from a hold rating to a buy rating and set a $15.00 price target on the stock in a research note on Monday, August 7th. Compass Point downgraded shares of Callaway Golf from a buy rating to a neutral rating and boosted their price target for the company from $13.60 to $13.75 in a research note on Monday, August 7th. Forward View downgraded shares of Callaway Golf to a hold rating and set a $14.00 price target on the stock. in a research note on Saturday, August 5th. Jefferies Group LLC set a $18.00 price target on shares of Callaway Golf and gave the company a buy rating in a research note on Friday, August 4th. Finally, BidaskClub downgraded shares of Callaway Golf from a buy rating to a hold rating in a research note on Wednesday, July 19th. Five analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The company presently has a consensus rating of Buy and a consensus price target of $14.98.
Shares of Callaway Golf (NYSE ELY) traded up 1.58% during mid-day trading on Thursday, reaching $13.49. 1,088,638 shares of the company’s stock traded hands. Callaway Golf has a 12-month low of $9.77 and a 12-month high of $13.70. The stock has a 50-day moving average price of $12.83 and a 200 day moving average price of $12.01. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of 7.46 and a beta of 1.20.
Callaway Golf (NYSE:ELY) last issued its earnings results on Thursday, August 3rd. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.05. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. The company had revenue of $304.50 million for the quarter, compared to the consensus estimate of $295.70 million. During the same period in the previous year, the firm earned $0.36 earnings per share. Callaway Golf’s quarterly revenue was up 24.0% compared to the same quarter last year. Analysts anticipate that Callaway Golf will post $0.44 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Tuesday, August 22nd will be issued a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date is Friday, August 18th. Callaway Golf’s dividend payout ratio (DPR) is currently 2.20%.
In other Callaway Golf news, SVP Alan Hocknell sold 57,138 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $13.30, for a total transaction of $759,935.40. Following the completion of the transaction, the senior vice president now owns 115,045 shares in the company, valued at approximately $1,530,098.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Oliver G. Brewer III sold 131,884 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $13.31, for a total transaction of $1,755,376.04. Following the transaction, the insider now owns 291,399 shares of the company’s stock, valued at approximately $3,878,520.69. The disclosure for this sale can be found here. Insiders own 2.59% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its position in Callaway Golf by 56,247.6% in the first quarter. BlackRock Inc. now owns 11,700,569 shares of the company’s stock valued at $129,526,000 after buying an additional 11,679,804 shares during the period. Dimensional Fund Advisors LP boosted its position in Callaway Golf by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 6,392,982 shares of the company’s stock valued at $81,702,000 after buying an additional 603,742 shares during the period. Daruma Capital Management LLC purchased a new position in Callaway Golf during the second quarter valued at approximately $48,831,000. Naya Capital Management UK Ltd. boosted its position in Callaway Golf by 42.8% in the first quarter. Naya Capital Management UK Ltd. now owns 3,089,460 shares of the company’s stock valued at $34,200,000 after buying an additional 926,385 shares during the period. Finally, Platinum Investment Management Ltd. boosted its position in Callaway Golf by 41.6% in the first quarter. Platinum Investment Management Ltd. now owns 2,327,400 shares of the company’s stock valued at $25,764,000 after buying an additional 683,900 shares during the period. Institutional investors own 85.02% of the company’s stock.
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 its trademarks and service marks and sales of pre-owned golf clubs.
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