Callaway Golf Co (NYSE:ELY) Given Average Rating of “Buy” by Brokerages
Callaway Golf Co (NYSE:ELY) has received a consensus recommendation of “Buy” from the twelve brokerages that are presently covering the firm, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $23.28.
ELY has been the subject of several research reports. B. Riley set a $30.00 target price on Callaway Golf and gave the stock a “buy” rating in a research report on Friday, July 19th. ValuEngine lowered Callaway Golf from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Stephens upgraded Callaway Golf from an “equal” rating to a “weight” rating and lifted their target price for the stock from $18.00 to $21.50 in a research report on Friday, August 9th. Roth Capital set a $19.00 target price on Callaway Golf and gave the stock a “hold” rating in a research report on Thursday, June 13th. Finally, Zacks Investment Research upgraded Callaway Golf from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research report on Friday, July 12th.
Shares of ELY remained flat at $$17.32 during mid-day trading on Friday. The stock had a trading volume of 1,685,200 shares, compared to its average volume of 1,275,549. The stock has a market capitalization of $1.66 billion, a P/E ratio of 16.19, a PEG ratio of 0.66 and a beta of 1.24. The company’s fifty day moving average price is $17.97 and its two-hundred day moving average price is $16.86. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.85 and a current ratio of 1.70. Callaway Golf has a one year low of $14.44 and a one year high of $24.67.
Callaway Golf declared that its board has initiated a share buyback plan on Thursday, August 8th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to reacquire up to 5.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 4th. Investors of record on Tuesday, August 13th will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Monday, August 12th. This represents a $0.04 dividend on an annualized basis and a yield of 0.23%. Callaway Golf’s dividend payout ratio is currently 3.74%.
In related news, Director Russell L. Fleischer acquired 5,000 shares of Callaway Golf stock in a transaction that occurred on Thursday, May 23rd. The stock was acquired at an average price of $14.75 per share, for a total transaction of $73,750.00. Following the transaction, the director now directly owns 15,859 shares of the company’s stock, valued at approximately $233,920.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Richard H. Arnett sold 13,137 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $20.00, for a total value of $262,740.00. Following the transaction, the executive vice president now owns 31,276 shares of the company’s stock, valued at approximately $625,520. The disclosure for this sale can be found here. Insiders have purchased a total of 21,575 shares of company stock valued at $324,630 in the last 90 days. Insiders own 1.97% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in ELY. Norges Bank acquired a new position in Callaway Golf during the 4th quarter valued at approximately $23,058,000. Peregrine Capital Management LLC bought a new stake in Callaway Golf during the 1st quarter valued at $20,017,000. Rice Hall James & Associates LLC bought a new stake in Callaway Golf during the 1st quarter valued at $10,811,000. Nuveen Asset Management LLC raised its stake in Callaway Golf by 349.5% during the 2nd quarter. Nuveen Asset Management LLC now owns 806,709 shares of the company’s stock valued at $13,843,000 after acquiring an additional 627,229 shares in the last quarter. Finally, Morgan Stanley raised its stake in Callaway Golf by 184.7% during the 2nd quarter. Morgan Stanley now owns 889,224 shares of the company’s stock valued at $15,259,000 after acquiring an additional 576,838 shares in the last quarter. Institutional investors and hedge funds own 88.86% 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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