Callaway Golf Co (NYSE:ELY)’s share price was up 5.4% on Wednesday . The company traded as high as $19.35 and last traded at $19.28, approximately 2,050,171 shares traded hands during mid-day trading. An increase of 64% from the average daily volume of 1,253,293 shares. The stock had previously closed at $18.29.

Several analysts have issued reports on ELY shares. Stephens raised shares of Callaway Golf from an “equal” rating to a “weight” rating and raised their price objective for the stock from $18.00 to $21.50 in a research note on Friday, August 9th. ValuEngine lowered Callaway Golf from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Raymond James raised Callaway Golf from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research note on Wednesday. Zacks Investment Research upgraded Callaway Golf from a “hold” rating to a “buy” rating and set a $20.00 price target on the stock in a report on Friday, July 12th. Finally, B. Riley set a $30.00 price target on Callaway Golf and gave the stock a “buy” rating in a research note on Friday, July 19th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Callaway Golf currently has a consensus rating of “Buy” and an average target price of $23.05.

The company has a market cap of $1.75 billion, a PE ratio of 18.02, a P/E/G ratio of 0.70 and a beta of 1.27. The company’s 50 day moving average is $17.81 and its 200 day moving average is $17.04. The company has a current ratio of 1.70, a quick ratio of 0.92 and a debt-to-equity ratio of 0.80.

Callaway Golf (NYSE:ELY) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.12. The company had revenue of $446.71 million during the quarter, compared to analysts’ expectations of $430.12 million. Callaway Golf had a net margin of 4.17% and a return on equity of 9.95%. The firm’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.63 EPS. Analysts expect that Callaway Golf Co will post 1.06 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Tuesday, August 13th were paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.21%. The ex-dividend date of this dividend was Monday, August 12th. Callaway Golf’s dividend payout ratio is presently 3.74%.

Callaway Golf announced that its Board of Directors has initiated a share repurchase plan on Thursday, August 8th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 5.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

In related news, EVP Richard H. Arnett sold 13,137 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was 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 $625,520. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.97% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the business. Zions Bancorporation N.A. bought a new position in shares of Callaway Golf during the 1st quarter worth $33,000. Nisa Investment Advisors LLC purchased a new stake in Callaway Golf in the second quarter worth about $34,000. FNY Investment Advisers LLC bought a new position in Callaway Golf during the 2nd quarter worth about $34,000. First Mercantile Trust Co. bought a new position in Callaway Golf during the 2nd quarter worth about $103,000. Finally, Point72 Hong Kong Ltd increased its position in Callaway Golf by 553.7% during the 2nd quarter. Point72 Hong Kong Ltd now owns 8,296 shares of the company’s stock valued at $142,000 after purchasing an additional 7,027 shares during the period. 95.69% of the stock is owned by institutional investors and hedge funds.

Callaway Golf Company Profile (NYSE:ELY)

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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