Callaway Golf Company (ELY) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research cut shares of Callaway Golf Company (NYSE:ELY) from a buy rating to a hold rating in a report published on Wednesday morning.
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 commented on ELY. BidaskClub downgraded shares of Callaway Golf from a buy rating to a hold rating in a research report on Wednesday, July 19th. Jefferies Group LLC set a $17.00 price objective on shares of Callaway Golf and gave the stock a buy rating in a research report on Tuesday, June 6th. Aegis reaffirmed a buy rating on shares of Callaway Golf in a research report on Monday, September 4th. Imperial Capital reaffirmed an outperform rating and set a $16.00 price objective (up previously from $14.50) on shares of Callaway Golf in a research report on Wednesday, August 9th. Finally, Cowen and Company started coverage on shares of Callaway Golf in a research report on Wednesday, June 14th. They set a market perform rating and a $14.00 price objective for the company. Six equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has an average rating of Buy and an average target price of $15.31.
Callaway Golf (NYSE ELY) traded up 0.69% on Wednesday, hitting $14.64. 418,473 shares of the stock traded hands. Callaway Golf has a 1-year low of $9.77 and a 1-year high of $14.75. The stock has a 50-day moving average price of $13.81 and a 200 day moving average price of $12.69. The company has a market cap of $1.38 billion, a price-to-earnings ratio of 8.09 and a beta of 1.17.
Callaway Golf (NYSE:ELY) last announced its quarterly earnings data on Thursday, August 3rd. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.29 by $0.05. The company had revenue of $304.50 million during 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%. The company’s quarterly revenue was up 24.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 EPS. On average, analysts anticipate that Callaway Golf will post $0.44 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Investors of record on Tuesday, August 22nd were given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.28%. The ex-dividend date was Friday, August 18th. Callaway Golf’s payout ratio is currently 2.20%.
In related news, insider Oliver G. Brewer III sold 131,884 shares of Callaway Golf stock in a transaction on Friday, August 4th. The shares were 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 accessible through the SEC website. Also, SVP Alan Hocknell sold 57,138 shares of Callaway Golf stock in a transaction 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 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. In the last three months, insiders sold 281,113 shares of company stock valued at $3,792,388. 2.59% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the business. Riverhead Capital Management LLC boosted its holdings in Callaway Golf by 69.9% during the 2nd 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 last quarter. C M Bidwell & Associates Ltd. purchased a new position in Callaway Golf during the 2nd quarter worth $109,000. Flinton Capital Management LLC boosted its holdings in Callaway Golf by 71.6% during the 2nd 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 last quarter. Koch Industries Inc. purchased a new position in Callaway Golf during the 1st quarter worth $162,000. Finally, Amalgamated Bank boosted its holdings in Callaway Golf by 1.3% during the 2nd quarter. Amalgamated Bank now owns 12,821 shares of the company’s stock worth $164,000 after acquiring an additional 160 shares during the last quarter. 87.46% of the stock is currently owned by hedge funds and other 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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