Callaway Golf Company (NYSE:ELY) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Friday, October 27th. The firm currently has a $17.00 target price on the stock. Zacks Investment Research‘s price objective points to a potential upside of 21.43% from the company’s previous close.
According to Zacks, “Callaway Golf Company is designs, develops, manufactures and markets high quality, innovative golf clubs. The Company’s golf clubs are sold at premium prices to both average and skilled golfers on the basis of performance, ease of use and appearance. “
Several other brokerages also recently weighed in on ELY. KeyCorp set a $16.00 target price on Callaway Golf and gave the stock a “buy” rating in a research note on Saturday, October 21st. BidaskClub downgraded Callaway Golf from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. Aegis reiterated a “buy” rating on shares of Callaway Golf in a research note on Monday, September 4th. Imperial Capital reiterated an “outperform” rating and set a $16.00 price target (up previously from $14.50) on shares of Callaway Golf in a research note on Wednesday, August 9th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $18.00 price target on shares of Callaway Golf in a research note on Thursday, October 12th. Four equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $15.67.
Shares of Callaway Golf (NYSE ELY) opened at $14.00 on Friday. Callaway Golf has a one year low of $9.93 and a one year high of $15.63. The stock has a market capitalization of $1,323.50, a P/E ratio of 27.45, a P/E/G ratio of 1.83 and a beta of 1.10.
Callaway Golf (NYSE:ELY) last announced 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 return on equity of 7.88% and a net margin of 17.97%. The business had revenue of $243.60 million for the quarter, compared to the consensus estimate of $209.52 million. During the same period last year, the business posted ($0.06) EPS. The business’s revenue was up 29.7% compared to the same quarter last year. equities analysts anticipate that Callaway Golf will post 0.51 EPS for the current year.
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In other news, SVP Alan Hocknell sold 41,051 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The stock was sold at an average price of $13.75, for a total value of $564,451.25. Following the completion of the sale, the senior vice president now directly owns 73,227 shares in the company, valued at $1,006,871.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Jennifer L. Thomas sold 19,349 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $13.90, for a total value of $268,951.10. Following the completion of the sale, the insider now owns 30,189 shares of the company’s stock, valued at $419,627.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 113,871 shares of company stock valued at $1,601,788. 2.59% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the company. Riverhead Capital Management LLC grew its position in Callaway Golf by 69.9% in the second quarter. Riverhead Capital Management LLC now owns 8,326 shares of the company’s stock worth $106,000 after acquiring an additional 3,426 shares during the period. C M Bidwell & Associates Ltd. purchased a new position in Callaway Golf in the second quarter worth approximately $109,000. Flinton Capital Management LLC grew its position in Callaway Golf by 71.6% in the second quarter. Flinton Capital Management LLC now owns 11,322 shares of the company’s stock worth $145,000 after acquiring an additional 4,726 shares during the period. Amalgamated Bank grew its position in Callaway Golf by 1.3% in the second quarter. Amalgamated Bank now owns 12,821 shares of the company’s stock worth $164,000 after acquiring an additional 160 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. purchased a new position in Callaway Golf in the second quarter worth approximately $194,000. Institutional investors and hedge funds own 88.92% 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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