Callaway Golf (ELY) Earns “Buy” Rating from Jefferies Group
Jefferies Group restated their buy rating on shares of Callaway Golf (NYSE:ELY) in a research report report published on Thursday. The firm currently has a $21.00 price target on the stock. Jefferies Group also issued estimates for Callaway Golf’s Q2 2018 earnings at $0.35 EPS, Q3 2018 earnings at $0.02 EPS, FY2018 earnings at $0.70 EPS and FY2019 earnings at $0.85 EPS.
A number of other research firms also recently weighed in on ELY. Compass Point downgraded shares of Callaway Golf from a neutral rating to a sell rating and dropped their price target for the stock from $15.06 to $13.50 in a research note on Wednesday, December 27th. KeyCorp set a $16.00 target price on shares of Callaway Golf and gave the stock a buy rating in a report on Saturday, October 21st. Raymond James Financial restated a hold rating on shares of Callaway Golf in a report on Wednesday, December 27th. DA Davidson set a $18.00 target price on shares of Callaway Golf and gave the stock a buy rating in a report on Wednesday, December 27th. Finally, Cowen upgraded shares of Callaway Golf from a sell rating to a neutral rating and set a $14.00 target price for the company in a report on Wednesday. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and a consensus price target of $16.40.
Shares of Callaway Golf (NYSE:ELY) traded down $0.60 during mid-day trading on Thursday, hitting $14.52. 754,603 shares of the stock were exchanged, compared to its average volume of 958,336. The firm has a market capitalization of $1,396.30, a price-to-earnings ratio of 34.50, a price-to-earnings-growth ratio of 1.55 and a beta of 1.15. Callaway Golf has a 12 month low of $9.99 and a 12 month high of $15.95.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 7th. Shareholders of record on Wednesday, February 14th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.28%. The ex-dividend date is Tuesday, February 13th. Callaway Golf’s dividend payout ratio is currently 9.30%.
In other news, insider Neil Howie sold 24,838 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $15.75, for a total value of $391,198.50. Following the transaction, the insider now directly owns 95,803 shares of the company’s stock, valued at $1,508,897.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alex Mitchell Boezeman sold 16,738 shares of the stock in a transaction dated 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 directly owns 120,873 shares in the company, valued at $1,850,565.63. The disclosure for this sale can be found here. Company insiders own 2.59% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Amalgamated Bank increased its holdings in Callaway Golf by 1.3% in the 2nd quarter. Amalgamated Bank now owns 12,821 shares of the company’s stock valued at $164,000 after buying an additional 160 shares during the period. Suntrust Banks Inc. boosted its position in Callaway Golf by 2.0% during the 2nd quarter. Suntrust Banks Inc. now owns 18,397 shares of the company’s stock worth $235,000 after buying an additional 361 shares during the period. UBS Asset Management Americas Inc. boosted its position in Callaway Golf by 10.7% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 35,892 shares of the company’s stock worth $459,000 after buying an additional 3,471 shares during the period. American International Group Inc. boosted its position in Callaway Golf by 5.8% during the 3rd quarter. American International Group Inc. now owns 74,179 shares of the company’s stock worth $1,070,000 after buying an additional 4,087 shares during the period. Finally, Flinton Capital Management LLC boosted its position 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 buying an additional 4,726 shares during the period. 89.58% of the stock is currently 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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