Callaway Golf Company (ELY) Earns “Buy” Rating from Aegis
A number of other research firms have also commented on ELY. BidaskClub lowered Callaway Golf from a buy rating to a hold rating in a research note on Wednesday, July 19th. Jefferies Group LLC set a $17.00 price objective on Callaway Golf and gave the company a buy rating in a research note on Tuesday, June 6th. Imperial Capital reaffirmed an outperform rating and set a $16.00 price objective (up previously from $14.50) on shares of Callaway Golf in a research note on Wednesday, August 9th. Cowen and Company started coverage on Callaway Golf in a research note on Wednesday, June 14th. They set a market perform rating and a $14.00 price objective on the stock. Finally, Zacks Investment Research raised Callaway Golf from a hold rating to a buy rating and set a $15.00 price objective on the stock in a research note on Monday, August 7th. Five investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The company presently has a consensus rating of Buy and an average target price of $14.98.
Callaway Golf (NYSE:ELY) opened at 13.86 on Monday. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of 7.66 and a beta of 1.18. Callaway Golf has a 12-month low of $9.77 and a 12-month high of $14.11. The stock’s 50 day moving average price is $13.06 and its 200 day moving average price is $12.20.
Callaway Golf (NYSE:ELY) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05. The business had revenue of $304.50 million for the quarter, compared to analyst estimates of $295.70 million. Callaway Golf had a return on equity of 6.60% and a net margin of 18.09%. The business’s revenue for the quarter was up 24.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.36 earnings per share. Analysts forecast that Callaway Golf will post $0.44 EPS for the current fiscal year.
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The firm also recently announced 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 is Friday, August 18th. This represents a $0.04 annualized dividend and a yield of 0.29%. Callaway Golf’s dividend payout ratio (DPR) is presently 2.20%.
In other news, insider Jennifer L. Thomas sold 19,349 shares of the firm’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $13.90, for a total value of $268,951.10. Following the transaction, the insider now directly owns 30,189 shares in the company, valued at approximately $419,627.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Mark F. Leposky sold 31,691 shares of the firm’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $14.00, for a total value of $443,674.00. Following the completion of the transaction, the vice president now owns 68,343 shares in the company, valued at $956,802. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 281,113 shares of company stock worth $3,792,388. Company insiders own 2.59% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in ELY. Louisiana State Employees Retirement System raised its holdings in shares of Callaway Golf by 1.9% in the 1st quarter. Louisiana State Employees Retirement System now owns 38,500 shares of the company’s stock worth $426,000 after purchasing an additional 700 shares during the period. State of Alaska Department of Revenue raised its holdings in shares of Callaway Golf by 2.6% in the 1st quarter. State of Alaska Department of Revenue now owns 10,440 shares of the company’s stock worth $115,000 after purchasing an additional 260 shares during the period. Wells Fargo & Company MN raised its holdings in shares of Callaway Golf by 6.7% in the 1st quarter. Wells Fargo & Company MN now owns 1,272,874 shares of the company’s stock worth $14,090,000 after purchasing an additional 79,764 shares during the period. Great West Life Assurance Co. Can raised its holdings in shares of Callaway Golf by 6.1% in the 1st quarter. Great West Life Assurance Co. Can now owns 132,248 shares of the company’s stock worth $1,462,000 after purchasing an additional 7,624 shares during the period. Finally, First Trust Advisors LP raised its holdings in shares of Callaway Golf by 97.6% in the 1st quarter. First Trust Advisors LP now owns 124,061 shares of the company’s stock worth $1,373,000 after purchasing an additional 61,269 shares during the period. Institutional investors own 87.63% 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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