Zacks Investment Research upgraded shares of Callaway Golf (NYSE:ELY) from a hold rating to a buy rating in a report issued on Friday, January 5th. Zacks Investment Research currently has $15.00 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, which drove Callaway to the top of the industry in the early 1990s, 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. Hundreds 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. “
ELY has been the topic of several other reports. FBR & Co set a $16.00 target price on shares of Callaway Golf and gave the company a buy rating in a report on Thursday, October 26th. B. Riley reissued a buy rating on shares of Callaway Golf in a report on Wednesday, November 1st. Jefferies Group set a $19.00 price target on shares of Callaway Golf and gave the company a buy rating in a report on Thursday, October 26th. JPMorgan Chase & Co. started coverage on shares of Callaway Golf in a report on Thursday, December 14th. They set an overweight rating and a $18.00 price target on the stock. Finally, Cowen set a $14.00 target price on shares of Callaway Golf and gave the stock a hold rating in a research report on Tuesday, October 24th. One analyst has rated the stock with a sell rating, four have issued a hold rating and thirteen have assigned a buy rating to the stock. Callaway Golf has an average rating of Buy and a consensus price target of $15.82.
Shares of Callaway Golf (NYSE:ELY) opened at $14.29 on Friday. The company has a market cap of $1,339.58, a price-to-earnings ratio of 27.78, a price-to-earnings-growth ratio of 1.60 and a beta of 1.12. Callaway Golf has a 12 month low of $9.93 and a 12 month high of $15.63.
Callaway Golf (NYSE:ELY) last posted its earnings results on Wednesday, October 25th. The company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.09. Callaway Golf had a net margin of 17.97% and a return on equity of 7.88%. The company had revenue of $243.60 million during the quarter, compared to analysts’ expectations of $209.52 million. During the same quarter last year, the company posted ($0.06) EPS. Callaway Golf’s quarterly revenue was up 29.7% compared to the same quarter last year. equities research analysts expect that Callaway Golf will post 0.51 earnings per share for the current fiscal year.
In other news, SVP Brian P. Lynch sold 6,277 shares of the company’s stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $15.42, for a total value of $96,791.34. Following the completion of the sale, the senior vice president now owns 46,184 shares in the company, valued at approximately $712,157.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Alex Mitchell Boezeman sold 16,738 shares of the company’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $15.31, for a total transaction of $256,258.78. Following the completion of the sale, the insider now owns 120,873 shares of the company’s stock, valued at approximately $1,850,565.63. The disclosure for this sale can be found here. Insiders have sold a total of 46,588 shares of company stock valued at $694,031 in the last 90 days. 2.59% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Riverhead Capital Management LLC grew its position in Callaway Golf by 69.9% during the second quarter. Riverhead Capital Management LLC now owns 8,326 shares of the company’s stock valued at $106,000 after buying an additional 3,426 shares during the period. C M Bidwell & Associates Ltd. bought a new position in Callaway Golf during the second quarter valued at about $109,000. Flinton Capital Management LLC grew its position in Callaway Golf by 71.6% during the second quarter. Flinton Capital Management LLC now owns 11,322 shares of the company’s stock valued at $145,000 after buying an additional 4,726 shares during the period. Amalgamated Bank grew its position in Callaway Golf by 1.3% during the second quarter. Amalgamated Bank now owns 12,821 shares of the company’s stock valued at $164,000 after buying an additional 160 shares during the period. Finally, Allianz Asset Management GmbH bought a new position in Callaway Golf during the third quarter valued at about $182,000. Institutional investors own 88.11% of the company’s stock.
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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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