Zacks Investment Research Lowers Callaway Golf Company (ELY) to Hold
Callaway Golf Company (NYSE:ELY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Callaway Golf Company is designs, develops, manufactures and markets high quality, innovative golf clubs. The Company’s golf clubs are sold at premium prices to both average and skilled golfers on the basis of performance, ease of use and appearance. “
A number of other research analysts have also recently weighed in on ELY. Imperial Capital reiterated an “outperform” rating and issued a $16.00 target price (up from $14.50) on shares of Callaway Golf in a research note on Wednesday, August 9th. Compass Point cut shares of Callaway Golf from a “buy” rating to a “neutral” rating and boosted their target price for the company from $13.60 to $13.75 in a research note on Monday, August 7th. Forward View cut shares of Callaway Golf to a “hold” rating and set a $14.00 target price on the stock. in a research note on Saturday, August 5th. Jefferies Group LLC set a $18.00 target price on shares of Callaway Golf and gave the company a “buy” rating in a research note on Friday, August 4th. Finally, DA Davidson reiterated a “buy” rating and issued a $16.00 target price on shares of Callaway Golf in a research note on Wednesday, September 20th. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $15.31.
Shares of Callaway Golf (ELY) traded down 0.14% during midday trading on Wednesday, hitting $14.54. 2,500,439 shares of the stock were exchanged. Callaway Golf has a 1-year low of $9.77 and a 1-year high of $14.75. The stock has a market capitalization of $1.37 billion, a price-to-earnings ratio of 8.04 and a beta of 1.17. The firm’s 50 day moving average is $13.81 and its 200-day moving average is $12.69.
Callaway Golf (NYSE:ELY) last released its earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.05. The firm had revenue of $304.50 million for the quarter, compared to analysts’ expectations of $295.70 million. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. The company’s quarterly revenue was up 24.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.36 earnings per share. On average, analysts predict that Callaway Golf will post $0.44 EPS for the current year.
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In other news, insider Oliver G. Brewer III sold 131,884 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $13.31, for a total value of $1,755,376.04. Following the sale, the insider now 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 the SEC website. Also, SVP Alan Hocknell sold 41,051 shares of the business’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $13.75, for a total transaction of $564,451.25. Following the completion of the sale, the senior vice president now directly owns 73,227 shares in the company, valued at approximately $1,006,871.25. The disclosure for this sale can be found here. In the last three months, insiders sold 281,113 shares of company stock worth $3,792,388. Insiders own 2.59% of the company’s stock.
A number of institutional investors have recently bought and sold shares of ELY. BlackRock Inc. increased its holdings in Callaway Golf by 56,247.6% during the 1st quarter. BlackRock Inc. now owns 11,700,569 shares of the company’s stock worth $129,526,000 after acquiring an additional 11,679,804 shares during the period. Daruma Capital Management LLC bought a new stake in Callaway Golf during the 2nd quarter worth approximately $48,831,000. Naya Capital Management UK Ltd. increased its holdings in Callaway Golf by 42.8% during the 1st quarter. Naya Capital Management UK Ltd. now owns 3,089,460 shares of the company’s stock worth $34,200,000 after acquiring an additional 926,385 shares during the period. Cramer Rosenthal Mcglynn LLC bought a new stake in Callaway Golf during the 2nd quarter worth approximately $10,707,000. Finally, Platinum Investment Management Ltd. increased its holdings in Callaway Golf by 41.6% during the 1st quarter. Platinum Investment Management Ltd. now owns 2,327,400 shares of the company’s stock worth $25,764,000 after acquiring an additional 683,900 shares during the period. 87.46% of the stock is currently owned by institutional investors and hedge funds.
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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