Brokerages Expect Callaway Golf Company (ELY) Will Post Quarterly Sales of $210.00 Million
Equities analysts predict that Callaway Golf Company (NYSE:ELY) will announce $210.00 million in sales for the current quarter, according to Zacks Investment Research. Nine analysts have provided estimates for Callaway Golf’s earnings, with the lowest sales estimate coming in at $204.10 million and the highest estimate coming in at $219.00 million. Callaway Golf reported sales of $187.85 million during the same quarter last year, which suggests a positive year over year growth rate of 11.8%. The business is scheduled to announce its next earnings report on Thursday, November 2nd.
On average, analysts expect that Callaway Golf will report full year sales of $210.00 million for the current financial year, with estimates ranging from $986.89 million to $1.01 billion. For the next fiscal year, analysts anticipate that the company will post sales of $1.05 billion per share, with estimates ranging from $1.00 billion to $1.10 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Callaway Golf.
Callaway Golf (NYSE:ELY) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.05. The firm had revenue of $304.50 million for the quarter, compared to analyst estimates of $295.70 million. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. The business’s revenue for the quarter was up 24.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 EPS.
Several equities analysts recently issued reports on the stock. Cowen and Company assumed coverage on shares of 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. KeyCorp reissued an “overweight” rating and set a $16.00 price objective on shares of Callaway Golf in a research note on Wednesday, August 30th. BidaskClub raised shares of Callaway Golf from a “hold” rating to a “buy” rating in a research note on Saturday, July 1st. Aegis assumed coverage on shares of Callaway Golf in a research note on Friday, August 25th. They set a “buy” rating and a $16.00 price objective on the stock. Finally, Zacks Investment Research downgraded shares of Callaway Golf from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 25th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Callaway Golf presently has a consensus rating of “Buy” and a consensus price target of $14.98.
In other news, insider Oliver G. Brewer III sold 131,884 shares of Callaway Golf stock in a transaction that occurred 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 transaction, the insider now directly owns 291,399 shares of the company’s stock, valued at $3,878,520.69. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Alan Hocknell sold 41,051 shares of Callaway Golf stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $13.75, for a total transaction of $564,451.25. Following the completion of the transaction, the senior vice president now directly owns 73,227 shares in the company, valued at $1,006,871.25. The disclosure for this sale can be found here. Insiders sold a total of 281,113 shares of company stock worth $3,792,388 in the last ninety days. Corporate insiders own 2.59% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Riverhead Capital Management LLC boosted its holdings in shares of Callaway Golf by 69.9% during the second quarter. Riverhead Capital Management LLC now owns 8,326 shares of the company’s stock worth $106,000 after purchasing an additional 3,426 shares during the period. C M Bidwell & Associates Ltd. acquired a new stake in shares of Callaway Golf during the second quarter worth approximately $109,000. State of Alaska Department of Revenue boosted its holdings in shares of Callaway Golf by 2.6% during the first 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. Flinton Capital Management LLC boosted its holdings in shares of Callaway Golf by 71.6% during the second quarter. Flinton Capital Management LLC now owns 11,322 shares of the company’s stock worth $145,000 after purchasing an additional 4,726 shares during the period. Finally, Amalgamated Bank boosted its holdings in shares of Callaway Golf by 1.3% during the second quarter. Amalgamated Bank now owns 12,821 shares of the company’s stock worth $164,000 after purchasing an additional 160 shares during the period. 87.63% of the stock is currently owned by institutional investors and hedge funds.
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Shares of Callaway Golf (NYSE ELY) opened at 14.05 on Thursday. The stock’s 50 day moving average is $13.18 and its 200 day moving average is $12.30. Callaway Golf has a 52-week low of $9.77 and a 52-week high of $14.12. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of 7.77 and a beta of 1.18.
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Tuesday, August 22nd were given a dividend of $0.01 per share. The ex-dividend date of this dividend was Friday, August 18th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.28%. Callaway Golf’s dividend payout ratio (DPR) is 2.20%.
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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