Zacks: Analysts Anticipate Callaway Golf Company (ELY) Will Post Quarterly Sales of $210.75 Million
Equities research analysts expect Callaway Golf Company (NYSE:ELY) to announce $210.75 million in sales for the current quarter, according to Zacks Investment Research. Nine analysts have provided estimates for Callaway Golf’s earnings. The lowest sales estimate is $204.10 million and the highest is $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 12.2%. The firm is scheduled to issue its next quarterly earnings results on Thursday, November 2nd.
On average, analysts expect that Callaway Golf will report full-year sales of $210.75 million for the current financial year, with estimates ranging from $986.89 million to $1.01 billion. For the next year, analysts expect that the firm will post sales of $1.06 billion per share, with estimates ranging from $1.01 billion to $1.10 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Callaway Golf.
Callaway Golf (NYSE:ELY) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 analysts’ expectations of $295.70 million. During the same period in the previous year, the firm posted $0.36 EPS. Callaway Golf’s revenue was up 24.0% compared to the same quarter last year.
ELY has been the topic of a number of research reports. BidaskClub raised shares of Callaway Golf from a “hold” rating to a “buy” rating in a research note on Saturday, August 26th. Aegis initiated coverage on shares of Callaway Golf in a research note on Friday, August 25th. They issued a “buy” rating and a $16.00 target price on the stock. Zacks Investment Research raised shares of Callaway Golf from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research note on Monday, August 7th. 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, KeyCorp reissued a “buy” rating and issued a $16.00 target price on shares of Callaway Golf in a research note on Thursday, August 31st. Six equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Callaway Golf currently has an average rating of “Buy” and a consensus target price of $15.31.
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In other Callaway Golf news, insider Oliver G. Brewer III sold 131,884 shares of the firm’s stock in a transaction on Friday, August 4th. The shares were sold at an average price of $13.31, for a total transaction of $1,755,376.04. Following the completion of the transaction, the insider now directly owns 291,399 shares of the company’s stock, valued at approximately $3,878,520.69. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Alan Hocknell sold 57,138 shares of the firm’s stock in a transaction 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 directly owns 115,045 shares of the company’s stock, valued at $1,530,098.50. The disclosure for this sale can be found here. Insiders have sold a total of 281,113 shares of company stock worth $3,792,388 in the last ninety days. 2.59% of the stock is currently owned by insiders.
Hedge funds have recently made changes to their positions in the business. BlackRock Inc. grew 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 in the last quarter. Scott & Selber Inc. grew its holdings in Callaway Golf by 91.7% during the 2nd quarter. Scott & Selber Inc. now owns 244,133 shares of the company’s stock worth $3,120,000 after acquiring an additional 116,786 shares in the last quarter. Dynamic Technology Lab Private Ltd grew its holdings in Callaway Golf by 6.3% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 37,917 shares of the company’s stock worth $419,000 after acquiring an additional 2,261 shares in the last quarter. UBS Group AG grew its holdings in Callaway Golf by 4.5% during the 1st quarter. UBS Group AG now owns 265,077 shares of the company’s stock worth $2,934,000 after acquiring an additional 11,350 shares in the last quarter. Finally, Kennedy Capital Management Inc. grew its holdings in Callaway Golf by 161.1% during the 1st quarter. Kennedy Capital Management Inc. now owns 973,299 shares of the company’s stock worth $10,774,000 after acquiring an additional 600,557 shares in the last quarter. 87.46% of the stock is owned by institutional investors.
Callaway Golf (ELY) traded down 1.16% during midday trading on Tuesday, reaching $14.50. The company had a trading volume of 908,568 shares. Callaway Golf has a 1-year low of $9.77 and a 1-year high of $14.75. The firm’s 50 day moving average is $13.90 and its 200 day moving average is $12.73. The stock has a market capitalization of $1.37 billion, a PE ratio of 8.02 and a beta of 1.17.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Tuesday, August 22nd were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.28%. The ex-dividend date was Friday, August 18th. 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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