KeyCorp Reaffirms Overweight Rating for Callaway Golf Company (ELY)
Callaway Golf Company (NYSE:ELY)‘s stock had its “overweight” rating restated by research analysts at KeyCorp in a report released on Wednesday. They currently have a $16.00 price objective on the stock. KeyCorp’s price target points to a potential upside of 16.36% from the company’s current price.
Other analysts also recently issued reports about the stock. FBR & Co set a $14.00 price target on shares of Callaway Golf and gave the company a “buy” rating in a research report on Saturday, May 6th. Imperial Capital reissued an “outperform” rating and set a $16.00 target price (up from $14.50) on shares of Callaway Golf in a research note on Wednesday, August 9th. Cowen and Company assumed coverage on Callaway Golf in a research note on Wednesday, June 14th. They set a “market perform” rating and a $14.00 target price for the company. Compass Point cut Callaway Golf from a “buy” rating to a “neutral” rating and increased their target price for the stock from $13.60 to $13.75 in a research note on Monday, August 7th. Finally, Forward View cut Callaway Golf to a “hold” rating and set a $14.00 target price for the company. in a research note on Saturday, August 5th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $14.98.
Callaway Golf (ELY) traded up 1.709% on Wednesday, hitting $13.985. 962,814 shares of the stock traded hands. Callaway Golf has a 12-month low of $9.77 and a 12-month high of $14.12. The stock has a market capitalization of $1.32 billion, a P/E ratio of 7.731 and a beta of 1.20. The company’s 50 day moving average price is $12.83 and its 200-day moving average price is $12.01.
Callaway Golf (NYSE:ELY) last announced its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.05. The business had revenue of $304.50 million for the quarter, compared to the consensus estimate of $295.70 million. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. Callaway Golf’s revenue for the quarter was up 24.0% on a year-over-year basis. During the same period last year, the company posted $0.36 EPS. Analysts predict that Callaway Golf will post $0.44 EPS for the current year.
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In other news, insider Oliver G. Brewer III sold 131,884 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $13.31, for a total value of $1,755,376.04. Following the completion of the sale, the insider now owns 291,399 shares of the company’s stock, valued at approximately $3,878,520.69. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Alan Hocknell sold 57,138 shares of the 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 completion of the sale, the senior vice president now directly owns 115,045 shares of the company’s stock, valued at approximately $1,530,098.50. The disclosure for this sale can be found here. Corporate insiders own 2.59% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the stock. Riverhead Capital Management LLC increased its stake in Callaway Golf by 69.9% in 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 last quarter. C M Bidwell & Associates Ltd. bought a new stake in Callaway Golf during the second quarter valued at approximately $109,000. State of Alaska Department of Revenue increased its stake in 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 valued at $115,000 after buying an additional 260 shares during the last quarter. Flinton Capital Management LLC increased its stake in Callaway Golf by 71.6% in 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 last quarter. Finally, Koch Industries Inc. bought a new stake in Callaway Golf during the first quarter valued at approximately $162,000. 87.63% of the stock is owned by institutional investors.
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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