Brokers Issue Forecasts for Callaway Golf Company’s Q3 2017 Earnings (ELY)
Callaway Golf Company (NYSE:ELY) – Stock analysts at SunTrust Banks reduced their Q3 2017 EPS estimates for Callaway Golf in a research report issued on Thursday. SunTrust Banks analyst M. Swartz now forecasts that the company will post earnings per share of ($0.04) for the quarter, down from their previous forecast of ($0.03). SunTrust Banks also issued estimates for Callaway Golf’s Q4 2017 earnings at ($0.16) EPS and FY2017 earnings at $0.44 EPS.
Callaway Golf (NYSE:ELY) last posted its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.05. Callaway Golf had a return on equity of 6.60% and a net margin of 18.09%. The company had revenue of $304.50 million for the quarter, compared to analysts’ expectations of $295.70 million. During the same period last year, the firm earned $0.36 earnings per share. Callaway Golf’s quarterly revenue was up 24.0% on a year-over-year basis. ILLEGAL ACTIVITY WARNING: “Brokers Issue Forecasts for Callaway Golf Company’s Q3 2017 Earnings (ELY)” was first posted by Watch List News and is the property of of Watch List News. If you are accessing this piece of content on another domain, it was illegally copied and republished in violation of United States and international trademark and copyright law. The correct version of this piece of content can be read at https://www.watchlistnews.com/brokers-issue-forecasts-for-callaway-golf-companys-q3-2017-earnings-ely/1528652.html.
A number of other equities analysts also recently commented on the stock. Cowen and Company initiated coverage on shares of Callaway Golf in a report on Wednesday, June 14th. They set a “market perform” rating and a $14.00 price objective for the company. BidaskClub raised shares of Callaway Golf from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. Zacks Investment Research downgraded shares of Callaway Golf from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 25th. Jefferies Group LLC set a $17.00 price target on shares of Callaway Golf and gave the company a “buy” rating in a report on Tuesday, June 6th. Finally, Imperial Capital lifted their price target on shares of Callaway Golf from $13.00 to $14.50 and gave the company an “outperform” rating in a report on Tuesday, May 23rd. Five investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $14.98.
Shares of Callaway Golf (ELY) opened at 13.67 on Monday. Callaway Golf has a 52-week low of $9.77 and a 52-week high of $13.70. The stock’s 50 day moving average price is $12.83 and its 200-day moving average price is $12.01. The firm has a market cap of $1.29 billion, a PE ratio of 7.56 and a beta of 1.20.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Riverhead Capital Management LLC boosted its position in shares of 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 buying an additional 3,426 shares in the last quarter. C M Bidwell & Associates Ltd. purchased a new position in shares of Callaway Golf during the second quarter worth about $109,000. State of Alaska Department of Revenue boosted its position in shares of Callaway Golf by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 10,440 shares of the company’s stock worth $115,000 after buying an additional 260 shares in the last quarter. Flinton Capital Management LLC boosted its position in shares of 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 buying an additional 4,726 shares in the last quarter. Finally, Koch Industries Inc. purchased a new position in shares of Callaway Golf during the first quarter worth about $162,000. Hedge funds and other institutional investors own 87.63% of the company’s stock.
In related news, SVP Alan Hocknell sold 57,138 shares of the business’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 transaction of $759,935.40. Following the completion of the transaction, 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 SEC, which can be accessed through the SEC website. Also, insider Oliver G. Brewer III sold 131,884 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $13.31, for a total transaction of $1,755,376.04. Following the transaction, the insider now owns 291,399 shares of the company’s stock, valued at approximately $3,878,520.69. The disclosure for this sale can be found here. 2.59% of the stock is owned by insiders.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 12th. Stockholders of record on Tuesday, August 22nd will be given a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.29%. The ex-dividend date of this dividend is Friday, August 18th. Callaway Golf’s dividend payout ratio is 2.20%.
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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