Callaway Golf Co (NYSE:ELY) had its target price boosted by equities researchers at Imperial Capital from $13.00 to $14.50 in a report issued on Tuesday. The brokerage currently has an “outperform” rating on the stock. Imperial Capital’s price target suggests a potential upside of 14.62% from the company’s current price.
Other equities analysts have also issued research reports about the company. Jefferies Group LLC reiterated a “buy” rating and issued a $14.00 price target on shares of Callaway Golf in a research report on Wednesday, March 22nd. Wunderlich reiterated a “buy” rating and issued a $13.00 price target (down previously from $15.00) on shares of Callaway Golf in a research report on Monday, February 6th. FBR & Co reiterated a “buy” rating and issued a $14.00 price target on shares of Callaway Golf in a research report on Friday, February 3rd. DA Davidson reiterated a “buy” rating and issued a $14.00 price target on shares of Callaway Golf in a research report on Tuesday, January 31st. Finally, Compass Point upgraded Callaway Golf from a “neutral” rating to a “buy” rating in a research report on Tuesday, January 31st. Two analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Callaway Golf has an average rating of “Buy” and an average price target of $13.83.
Callaway Golf (NYSE:ELY) opened at 12.65 on Tuesday. The firm has a market cap of $1.19 billion, a P/E ratio of 6.84 and a beta of 1.33. Callaway Golf has a 52 week low of $9.50 and a 52 week high of $13.35. The company has a 50-day moving average of $12.06 and a 200 day moving average of $11.45.
Callaway Golf (NYSE:ELY) last released its quarterly earnings results on Thursday, May 4th. The company reported $0.30 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.08. Callaway Golf had a return on equity of 9.93% and a net margin of 21.80%. The business had revenue of $309 million during the quarter, compared to analyst estimates of $283.68 million. During the same quarter last year, the company posted $0.26 EPS. Callaway Golf’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, equities analysts predict that Callaway Golf will post $0.36 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 13th. Shareholders of record on Tuesday, May 23rd will be given a dividend of $0.01 per share. The ex-dividend date is Friday, May 19th. This represents a $0.04 dividend on an annualized basis and a yield of 0.32%. Callaway Golf’s payout ratio is presently 2.02%.
In other Callaway Golf news, Director Anthony S. Thornley sold 10,698 shares of the firm’s stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $12.75, for a total transaction of $136,399.50. Following the completion of the sale, the director now directly owns 49,790 shares in the company, valued at approximately $634,822.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Alan Hocknell sold 29,931 shares of the firm’s stock in a transaction dated Friday, May 5th. The stock was sold at an average price of $13.30, for a total value of $398,082.30. Following the sale, the senior vice president now owns 87,838 shares of the company’s stock, valued at $1,168,245.40. The disclosure for this sale can be found here. Insiders have sold a total of 459,480 shares of company stock valued at $5,340,813 over the last 90 days. Corporate insiders own 2.10% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. Capital Fund Management S.A. acquired a new stake in shares of Callaway Golf during the third quarter worth approximately $557,000. Geduld E E raised its stake in shares of Callaway Golf by 66.7% in the third quarter. Geduld E E now owns 25,000 shares of the company’s stock worth $290,000 after buying an additional 10,000 shares during the last quarter. BlackRock Inc. raised its stake in shares of Callaway Golf by 5.8% in the third quarter. BlackRock Inc. now owns 22,034 shares of the company’s stock worth $256,000 after buying an additional 1,203 shares during the last quarter. New York State Common Retirement Fund raised its stake in shares of Callaway Golf by 37.3% in the third quarter. New York State Common Retirement Fund now owns 132,623 shares of the company’s stock worth $1,540,000 after buying an additional 36,023 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Callaway Golf by 8.4% in the third quarter. Rhumbline Advisers now owns 140,023 shares of the company’s stock worth $1,626,000 after buying an additional 10,825 shares during the last quarter. Hedge funds and other institutional investors own 85.85% of the company’s stock.
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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