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 Tuesday morning. The brokerage currently has $18.00 target price 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. “
Other analysts also recently issued reports about the company. Cowen raised Callaway Golf from a sell rating to a neutral rating and set a $14.00 price objective for the company in a research note on Wednesday, February 7th. Roth Capital set a $17.00 price objective on Callaway Golf and gave the company a buy rating in a research note on Monday, February 5th. Raymond James Financial reaffirmed a hold rating on shares of Callaway Golf in a research note on Wednesday, December 27th. DA Davidson set a $18.00 price objective on Callaway Golf and gave the company a buy rating in a research note on Wednesday, December 27th. Finally, Jefferies Group reaffirmed a buy rating and set a $21.00 price objective on shares of Callaway Golf in a research note on Thursday, February 8th. Five analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Callaway Golf presently has a consensus rating of Buy and a consensus price target of $16.61.
Callaway Golf (NYSE:ELY) last posted its quarterly earnings data on Wednesday, February 7th. The company reported ($0.15) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.17) by $0.02. The firm had revenue of $192.00 million during the quarter, compared to the consensus estimate of $184.74 million. Callaway Golf had a return on equity of 7.85% and a net margin of 3.89%. The firm’s revenue was up 17.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.09) EPS. equities research analysts predict that Callaway Golf will post 0.7 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 7th. Stockholders of record on Wednesday, February 14th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.25%. The ex-dividend date of this dividend was Tuesday, February 13th. Callaway Golf’s dividend payout ratio (DPR) is 8.00%.
In other news, SVP Richard H. Arnett sold 8,193 shares of the stock in a transaction that occurred on Tuesday, March 6th. The stock was sold at an average price of $16.00, for a total transaction of $131,088.00. Following the completion of the transaction, the senior vice president now directly owns 20,241 shares of the company’s stock, valued at approximately $323,856. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Brian P. Lynch sold 25,911 shares of the stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $14.84, for a total value of $384,519.24. Following the transaction, the senior vice president now directly owns 31,599 shares of the company’s stock, valued at $468,929.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 194,504 shares of company stock valued at $3,039,131. Company insiders own 2.59% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. American International Group Inc. increased its stake in Callaway Golf by 5.8% in the 3rd quarter. American International Group Inc. now owns 74,179 shares of the company’s stock valued at $1,070,000 after purchasing an additional 4,087 shares in the last quarter. California Public Employees Retirement System increased its stake in Callaway Golf by 31.0% in the 4th quarter. California Public Employees Retirement System now owns 20,775 shares of the company’s stock valued at $289,000 after purchasing an additional 4,911 shares in the last quarter. Swiss National Bank increased its stake in Callaway Golf by 3.4% in the 4th quarter. Swiss National Bank now owns 160,800 shares of the company’s stock valued at $2,240,000 after purchasing an additional 5,300 shares in the last quarter. UBS Asset Management Americas Inc. increased its stake in Callaway Golf by 9.9% in the 4th quarter. UBS Asset Management Americas Inc. now owns 64,530 shares of the company’s stock valued at $899,000 after purchasing an additional 5,821 shares in the last quarter. Finally, HL Financial Services LLC increased its stake in Callaway Golf by 3.5% in the 4th quarter. HL Financial Services LLC now owns 250,698 shares of the company’s stock valued at $3,492,000 after purchasing an additional 8,485 shares in the last quarter. 89.07% of the stock is owned by hedge funds and other institutional investors.
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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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