Callaway Golf Company (ELY) Expected to Post Quarterly Sales of $210.75 Million
Analysts predict that Callaway Golf Company (NYSE:ELY) will post sales of $210.75 million for the current fiscal quarter, Zacks reports. Nine analysts have provided estimates for Callaway Golf’s earnings. The highest sales estimate is $219.00 million and the lowest is $204.10 million. Callaway Golf reported sales of $187.85 million in the same quarter last year, which would suggest a positive year over year growth rate of 12.2%. The firm is expected to issue its next earnings report on Thursday, November 2nd.
On average, analysts expect that Callaway Golf will report full-year sales of $210.75 million for the current financial year, with estimates ranging from $986.89 million to $1.01 billion. For the next year, analysts expect that the firm will report sales of $1.06 billion per share, with estimates ranging from $1.01 billion to $1.10 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Callaway Golf.
Callaway Golf (NYSE:ELY) last released its quarterly earnings data on Thursday, August 3rd. The company reported $0.34 EPS for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.05. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. The company had revenue of $304.50 million during the quarter, compared to the consensus estimate of $295.70 million. During the same quarter in the prior year, the firm earned $0.36 EPS. Callaway Golf’s quarterly revenue was up 24.0% on a year-over-year basis.
ELY has been the topic of a number of analyst reports. Jefferies Group LLC set a $17.00 target price on Callaway Golf and gave the company a “buy” rating in a report on Tuesday, June 6th. Cowen and Company initiated coverage on Callaway Golf in a research report on Wednesday, June 14th. They set a “market perform” rating and a $14.00 price target for the company. FBR & Co boosted their price target on Callaway Golf from $14.00 to $16.00 and gave the stock an “outperform” rating in a report on Wednesday, June 21st. BidaskClub raised Callaway Golf from a “hold” rating to a “buy” rating in a report on Saturday, July 1st. Finally, Zacks Investment Research downgraded Callaway Golf from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $15.31.
In other news, SVP Alan Hocknell sold 57,138 shares of Callaway Golf stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $13.30, for a total value of $759,935.40. Following the transaction, the senior vice president now directly owns 115,045 shares of the company’s stock, valued at approximately $1,530,098.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Oliver G. Brewer III sold 131,884 shares of Callaway Golf stock in a transaction dated 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 transaction, the insider now directly owns 291,399 shares in the company, valued at $3,878,520.69. The disclosure for this sale can be found here. Insiders have sold 281,113 shares of company stock valued at $3,792,388 over the last 90 days. 2.59% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. raised its holdings in Callaway Golf by 56,247.6% in the first quarter. BlackRock Inc. now owns 11,700,569 shares of the company’s stock valued at $129,526,000 after buying an additional 11,679,804 shares during the period. Daruma Capital Management LLC acquired a new position in Callaway Golf during the second quarter valued at approximately $48,831,000. Naya Capital Management UK Ltd. lifted its position in Callaway Golf by 42.8% during the first quarter. Naya Capital Management UK Ltd. now owns 3,089,460 shares of the company’s stock valued at $34,200,000 after buying an additional 926,385 shares in the last quarter. Cramer Rosenthal Mcglynn LLC acquired a new position in Callaway Golf during the second quarter valued at approximately $10,707,000. Finally, Platinum Investment Management Ltd. lifted its position in Callaway Golf by 41.6% during the first quarter. Platinum Investment Management Ltd. now owns 2,327,400 shares of the company’s stock valued at $25,764,000 after buying an additional 683,900 shares in the last quarter. 87.46% of the stock is owned by hedge funds and other institutional investors.
Callaway Golf (NYSE ELY) opened at 14.67 on Tuesday. The firm has a market capitalization of $1.38 billion, a PE ratio of 8.11 and a beta of 1.17. The stock’s 50 day moving average price is $13.71 and its 200 day moving average price is $12.65. Callaway Golf has a one year low of $9.77 and a one year high of $14.67.
The company also recently declared a quarterly dividend, which was paid on Tuesday, September 12th. Shareholders of record on Tuesday, August 22nd were given a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.27%. The ex-dividend date of this dividend was Friday, August 18th. Callaway Golf’s dividend payout ratio (DPR) is presently 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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