Zacks Investment Research upgraded shares of Callaway Golf (NYSE:ELY) from a hold rating to a buy rating in a research report report published on Friday morning, Zacks.com reports. The brokerage currently has $20.00 price objective on the stock.

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 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. Huge number 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. “

Several other equities research analysts have also recently commented on the company. Berenberg Bank reaffirmed a buy rating and issued a $24.00 price target on shares of Callaway Golf in a report on Sunday, May 12th. ValuEngine raised Valmont Industries from a sell rating to a hold rating in a report on Friday. Finally, Roth Capital set a $75.00 price target on First Solar and gave the company a buy rating in a report on Thursday, June 13th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $22.83.

Shares of Callaway Golf stock opened at $18.42 on Friday. The firm’s 50 day moving average price is $16.81. Callaway Golf has a 12 month low of $14.44 and a 12 month high of $24.67. The firm has a market capitalization of $1.73 billion, a PE ratio of 17.21, a P/E/G ratio of 0.71 and a beta of 1.26. The company has a quick ratio of 0.85, a current ratio of 1.59 and a debt-to-equity ratio of 0.76.

Callaway Golf (NYSE:ELY) last posted its quarterly earnings results on Thursday, May 9th. The company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.49 by $0.14. Callaway Golf had a return on equity of 13.42% and a net margin of 6.68%. The firm had revenue of $516.20 million during the quarter, compared to analysts’ expectations of $504.07 million. During the same quarter last year, the firm earned $0.65 earnings per share. The business’s revenue for the quarter was up 28.0% on a year-over-year basis. As a group, equities analysts forecast that Callaway Golf will post 1.04 EPS for the current fiscal year.

In related news, CEO Oliver G. Brewer III bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was purchased at an average cost of $15.14 per share, for a total transaction of $151,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Russell L. Fleischer bought 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The stock was bought at an average price of $14.75 per share, with a total value of $73,750.00. Following the completion of the acquisition, the director now owns 15,859 shares of the company’s stock, valued at approximately $233,920.25. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 21,575 shares of company stock valued at $324,630. 1.97% of the stock is currently owned by company insiders.

A number of institutional investors have recently bought and sold shares of ELY. California Public Employees Retirement System raised its position in Callaway Golf by 11.4% during the 4th quarter. California Public Employees Retirement System now owns 68,419 shares of the company’s stock valued at $1,047,000 after purchasing an additional 7,011 shares in the last quarter. BlackRock Inc. raised its position in Callaway Golf by 0.6% during the 4th quarter. BlackRock Inc. now owns 13,292,414 shares of the company’s stock valued at $203,375,000 after purchasing an additional 80,255 shares in the last quarter. Texas Permanent School Fund raised its position in Callaway Golf by 4.1% during the 4th quarter. Texas Permanent School Fund now owns 58,131 shares of the company’s stock valued at $889,000 after purchasing an additional 2,274 shares in the last quarter. Raymond James & Associates raised its position in Callaway Golf by 13.8% during the 4th quarter. Raymond James & Associates now owns 11,046 shares of the company’s stock valued at $169,000 after purchasing an additional 1,343 shares in the last quarter. Finally, Advisor Group Inc. raised its position in Callaway Golf by 155.7% during the 4th quarter. Advisor Group Inc. now owns 9,112 shares of the company’s stock valued at $141,000 after purchasing an additional 5,548 shares in the last quarter. Institutional investors own 89.70% of the company’s stock.

About Callaway Golf

Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs, golf balls, golf bags, and other golf-related accessories. The company operates through three segments: Golf Clubs; Golf Balls; and Gear, Accessories and Other. The Golf Clubs segment provides golf drivers and fairway woods, hybrids, irons and wedges, putters, packaged sets, and pre-owned golf clubs.

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