Callaway Golf Company (ELY) Shares Gap Up After Analyst Upgrade

Shares of Callaway Golf Company (NYSE:ELY) gapped up before the market opened on Friday after SunTrust Banks raised their price target on the stock from $16.00 to $17.00. The stock had previously closed at $14.63, but opened at $14.79. SunTrust Banks currently has a buy rating on the stock. Callaway Golf shares last traded at $14.32, with a volume of 582,780 shares trading hands.

A number of other analysts have also weighed in on ELY. KeyCorp set a $16.00 target price on shares of Callaway Golf and gave the stock a “buy” rating in a report on Saturday, October 21st. BidaskClub lowered shares of Callaway Golf from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Aegis reiterated a “buy” rating on shares of Callaway Golf in a report on Monday, September 4th. Imperial Capital reiterated an “outperform” rating and set a $16.00 target price (up from $14.50) on shares of Callaway Golf in a report on Wednesday, August 9th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $18.00 price target on shares of Callaway Golf in a research note on Thursday, October 12th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $15.52.

In related news, SVP Alan Hocknell sold 57,138 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $13.30, for a total value of $759,935.40. Following the sale, the senior vice president now owns 115,045 shares in the company, valued at $1,530,098.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jennifer L. Thomas sold 19,349 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $13.90, for a total transaction of $268,951.10. Following the completion of the sale, the insider now owns 30,189 shares in the company, valued at approximately $419,627.10. The disclosure for this sale can be found here. Insiders have sold 281,113 shares of company stock valued at $3,792,388 in the last three months. 2.59% of the stock is owned by insiders.

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in Callaway Golf by 56,247.6% in the first quarter. BlackRock Inc. now owns 11,700,569 shares of the company’s stock worth $129,526,000 after purchasing an additional 11,679,804 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Callaway Golf by 10.4% in the second quarter. Dimensional Fund Advisors LP now owns 6,392,982 shares of the company’s stock worth $81,702,000 after purchasing an additional 603,742 shares during the last quarter. Daruma Capital Management LLC purchased a new stake in Callaway Golf in the second quarter worth approximately $48,831,000. State Street Corp boosted its holdings in Callaway Golf by 2.8% in the second quarter. State Street Corp now owns 2,215,678 shares of the company’s stock worth $28,317,000 after purchasing an additional 59,853 shares during the last quarter. Finally, Bernzott Capital Advisors boosted its holdings in Callaway Golf by 5.9% in the second quarter. Bernzott Capital Advisors now owns 1,655,112 shares of the company’s stock worth $21,152,000 after purchasing an additional 91,975 shares during the last quarter. Institutional investors own 89.50% of the company’s stock.

The stock has a 50 day moving average of $14.15 and a 200 day moving average of $13.02. The company has a market cap of $1.36 billion, a P/E ratio of 7.94 and a beta of 1.17.

Callaway Golf (NYSE:ELY) last issued its quarterly earnings results on Wednesday, October 25th. The company reported $0.05 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.09. Callaway Golf had a net margin of 17.97% and a return on equity of 8.01%. The business had revenue of $243.60 million for the quarter, compared to analyst estimates of $209.52 million. During the same quarter in the prior year, the business posted ($0.06) EPS. Callaway Golf’s revenue for the quarter was up 29.7% compared to the same quarter last year. On average, equities analysts expect that Callaway Golf Company will post $0.44 EPS for the current fiscal year.

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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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