Jefferies Group LLC reiterated their buy rating on shares of Callaway Golf Company (NYSE:ELY) in a research note issued to investors on Thursday, September 7th. They currently have a $18.00 price objective on the stock.
A number of other research firms also recently issued reports on ELY. BidaskClub downgraded shares of Callaway Golf from a buy rating to a hold rating in a research note on Wednesday, July 19th. Aegis reissued a buy rating on shares of Callaway Golf in a research note on Monday, September 4th. Imperial Capital reissued an outperform rating and issued a $16.00 price target (up from $14.50) on shares of Callaway Golf in a research note on Wednesday, August 9th. Cowen and Company began coverage on shares of Callaway Golf in a research note on Wednesday, June 14th. They issued a market perform rating and a $14.00 price target for the company. Finally, Zacks Investment Research raised shares of Callaway Golf from a hold rating to a buy rating and set a $15.00 target price for the company in a research note on Monday, August 7th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Callaway Golf has a consensus rating of Buy and a consensus price target of $15.15.
Shares of Callaway Golf (NYSE ELY) opened at 14.02 on Thursday. Callaway Golf has a 12 month low of $9.77 and a 12 month high of $14.13. The company has a 50-day moving average price of $13.30 and a 200-day moving average price of $12.35. The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of 7.75 and a beta of 1.18.
Callaway Golf (NYSE:ELY) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.05. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. The company had revenue of $304.50 million during the quarter, compared to the consensus estimate of $295.70 million. During the same period in the prior year, the firm earned $0.36 earnings per share. Callaway Golf’s revenue was up 24.0% on a year-over-year basis. On average, equities analysts anticipate that Callaway Golf will post $0.44 EPS for the current year.
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The company also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Stockholders of record on Tuesday, August 22nd were issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date of this dividend was Friday, August 18th. Callaway Golf’s payout ratio is 2.20%.
In other news, insider Jennifer L. Thomas sold 19,349 shares of the stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $13.90, for a total transaction of $268,951.10. Following the sale, the insider now owns 30,189 shares in the company, valued at $419,627.10. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Oliver G. Brewer III sold 131,884 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $13.31, for a total transaction of $1,755,376.04. Following the sale, the insider now owns 291,399 shares in the company, valued at approximately $3,878,520.69. The disclosure for this sale can be found here. In the last quarter, insiders have sold 281,113 shares of company stock worth $3,792,388. Corporate insiders own 2.59% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Verition Fund Management LLC purchased a new stake in shares of Callaway Golf during the second quarter valued at approximately $204,000. Piedmont Investment Advisors LLC purchased a new stake in Callaway Golf in the second quarter worth approximately $259,000. C M Bidwell & Associates Ltd. purchased a new stake in Callaway Golf in the second quarter worth approximately $109,000. Cubist Systematic Strategies LLC purchased a new stake in Callaway Golf in the second quarter worth approximately $432,000. Finally, Daruma Capital Management LLC purchased a new stake in Callaway Golf in the second quarter worth approximately $48,831,000. Hedge funds and other institutional investors own 87.46% of the company’s stock.
Callaway Golf Company Profile
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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