Callaway Golf (ELY) Downgraded by Zacks Investment Research to Hold

Callaway Golf (NYSE:ELY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

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. “

Several other brokerages have also recently weighed in on ELY. Compass Point cut shares of Callaway Golf from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $15.06 to $13.50 in a research note on Wednesday, December 27th. Raymond James Financial reiterated 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 shares of Callaway Golf and gave the stock a “buy” rating in a research note on Wednesday, December 27th. Cowen upgraded shares of 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. Finally, SunTrust Banks lifted their price objective on shares of Callaway Golf from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, October 26th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $16.61.

Callaway Golf (NYSE ELY) traded up $0.16 during midday trading on Wednesday, hitting $15.62. 561,711 shares of the stock were exchanged, compared to its average volume of 1,020,000. The firm has a market cap of $1,480.00, a PE ratio of 37.19, a PEG ratio of 1.53 and a beta of 1.15. Callaway Golf has a one year low of $9.99 and a one year high of $16.01.

Callaway Golf (NYSE:ELY) last issued its quarterly earnings data on Wednesday, February 7th. The company reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.02. Callaway Golf had a net margin of 3.89% and a return on equity of 7.85%. The business had revenue of $192.00 million during the quarter, compared to analysts’ expectations of $184.74 million. During the same quarter in the previous year, the company earned ($0.09) EPS. The business’s revenue was up 17.1% on a year-over-year basis. equities research analysts forecast that Callaway Golf will post 0.69 EPS for the current fiscal year.

In other news, SVP Brian P. Lynch sold 25,911 shares of the business’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $14.84, for a total value of $384,519.24. Following the completion of the transaction, the senior vice president now directly owns 31,599 shares in the company, valued at approximately $468,929.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Alex Mitchell Boezeman sold 16,738 shares of the business’s stock in a transaction that occurred on Thursday, December 21st. The shares were sold at an average price of $15.31, for a total transaction of $256,258.78. Following the completion of the transaction, the insider now owns 120,873 shares of the company’s stock, valued at $1,850,565.63. The disclosure for this sale can be found here. Insiders sold a total of 146,311 shares of company stock valued at $2,268,043 over the last 90 days. Corporate insiders own 2.59% of the company’s stock.

Large investors have recently modified their holdings of the company. Copper Rock Capital Partners LLC raised its position in shares of Callaway Golf by 24.9% in the 4th quarter. Copper Rock Capital Partners LLC now owns 2,426,519 shares of the company’s stock valued at $34,117,000 after buying an additional 483,441 shares in the last quarter. U S Global Investors Inc. bought a new stake in shares of Callaway Golf during the 3rd quarter valued at approximately $1,198,000. Nationwide Fund Advisors grew its holdings in shares of Callaway Golf by 5.4% during the 3rd quarter. Nationwide Fund Advisors now owns 236,614 shares of the company’s stock valued at $3,414,000 after purchasing an additional 12,226 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Callaway Golf by 1.7% during the 3rd quarter. Wells Fargo & Company MN now owns 1,250,888 shares of the company’s stock valued at $18,050,000 after purchasing an additional 20,382 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of Callaway Golf during the 3rd quarter valued at approximately $486,000. Institutional investors own 88.49% 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.

Analyst Recommendations for Callaway Golf (NYSE:ELY)

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