Callaway Golf (ELY) Rating Increased to Buy at Zacks Investment Research
Callaway Golf (NYSE:ELY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Friday. The firm presently has a $15.00 price target on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 6.38% from the stock’s current price.
According to Zacks, “Callaway Golf is renowned for developing innovative products that help golfers hit longer and straighter shots from tee to green; controlled, higher-spinning shots around the green; and smooth, accurate putts. The long list of legendary Callaway products introduced across the past three decades is long, punctuated by the iconic Big Bertha driver, which drove Callaway to the top of the industry in the early 1990s, and the Great Big Bertha driver, which Golf Digest named the greatest club of all time for its combination of innovation, performance and lasting impact on the golf equipment landscape. Hundreds of tournaments, including numerous Major Championships, have been won by Tour pros playing Callaway equipment. Callaway Golf consists of four powerful brands – Callaway, Odyssey, Toulon Design and OGIO – that together offer golfers all over the world everything they need – clubs, balls, bags, apparel, footwear, bags, accessories – to play better and enjoy the game more. “
A number of other analysts also recently weighed in on ELY. B. Riley reissued a “buy” rating on shares of Callaway Golf in a report on Wednesday, November 1st. FBR & Co set a $16.00 price target on shares of Callaway Golf and gave the company a “buy” rating in a report on Thursday, October 26th. DA Davidson reissued a “buy” rating and issued a $16.00 price target on shares of Callaway Golf in a report on Wednesday, September 20th. SunTrust Banks increased their price target on shares of Callaway Golf from $16.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, October 26th. Finally, KeyCorp set a $16.00 price target on shares of Callaway Golf and gave the company a “buy” rating in a report on Saturday, October 21st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and thirteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $15.82.
Callaway Golf (NYSE:ELY) last posted its quarterly earnings data on Wednesday, October 25th. The company reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.09. The business had revenue of $243.60 million during the quarter, compared to the consensus estimate of $209.52 million. Callaway Golf had a net margin of 17.97% and a return on equity of 7.88%. Callaway Golf’s quarterly revenue was up 29.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.06) EPS. equities analysts predict that Callaway Golf will post 0.51 EPS for the current year.
In other news, SVP Brian P. Lynch sold 6,277 shares of the firm’s stock in a transaction dated Thursday, October 26th. The shares were sold at an average price of $15.42, for a total transaction of $96,791.34. Following the completion of the transaction, the senior vice president now directly owns 46,184 shares of the company’s stock, valued at approximately $712,157.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alex Mitchell Boezeman sold 16,738 shares of the firm’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $15.31, for a total transaction of $256,258.78. Following the transaction, the insider now directly owns 120,873 shares of the company’s stock, valued at $1,850,565.63. The disclosure for this sale can be found here. Insiders have sold a total of 46,588 shares of company stock valued at $694,031 over the last ninety days. 2.59% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. increased its position in shares of Callaway Golf by 8.5% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 442,368 shares of the company’s stock worth $5,654,000 after purchasing an additional 34,521 shares in the last quarter. First Trust Advisors LP increased its position in shares of Callaway Golf by 51.6% during the 2nd quarter. First Trust Advisors LP now owns 188,106 shares of the company’s stock worth $2,404,000 after purchasing an additional 64,045 shares in the last quarter. Rhumbline Advisers increased its position in shares of Callaway Golf by 1.4% during the 2nd quarter. Rhumbline Advisers now owns 193,899 shares of the company’s stock worth $2,478,000 after purchasing an additional 2,626 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Callaway Golf during the 2nd quarter worth about $284,000. Finally, Legal & General Group Plc increased its position in shares of Callaway Golf by 8.4% during the 2nd quarter. Legal & General Group Plc now owns 179,020 shares of the company’s stock worth $2,286,000 after purchasing an additional 13,809 shares in the last quarter. 88.11% of the stock is owned by institutional investors.
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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