ValuEngine upgraded shares of Callaway Golf (NYSE:ELY) from a hold rating to a buy rating in a report issued on Thursday morning, ValuEngine reports.

A number of other equities research analysts also recently weighed in on ELY. Stephens upgraded shares of Callaway Golf from an equal rating to a weight rating and lifted their price target for the stock from $18.00 to $21.50 in a research note on Friday, August 9th. B. Riley set a $30.00 price target on shares of Callaway Golf and gave the stock a buy rating in a research note on Friday, July 19th. Zacks Investment Research upgraded shares of Callaway Golf from a hold rating to a buy rating and set a $20.00 price target on the stock in a research note on Friday, July 12th. Roth Capital set a $19.00 price target on shares of Callaway Golf and gave the stock a hold rating in a research note on Thursday, June 13th. Finally, Raymond James upgraded shares of Callaway Golf from a market perform rating to an outperform rating and set a $21.00 price target on the stock in a research note on Wednesday, September 11th. Three research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of $23.05.

ELY opened at $19.63 on Thursday. Callaway Golf has a fifty-two week low of $14.44 and a fifty-two week high of $24.67. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.70 and a quick ratio of 0.92. The firm’s fifty day moving average price is $17.95 and its two-hundred day moving average price is $17.13. The company has a market capitalization of $1.87 billion, a P/E ratio of 18.35, a P/E/G ratio of 0.75 and a beta of 1.27.

Callaway Golf (NYSE:ELY) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.37 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.12. Callaway Golf had a net margin of 4.17% and a return on equity of 9.95%. The firm had revenue of $446.71 million for the quarter, compared to the consensus estimate of $430.12 million. During the same quarter in the previous year, the company earned $0.63 earnings per share. The business’s revenue was up 12.7% compared to the same quarter last year. On average, equities research analysts expect that Callaway Golf will post 1.06 EPS for the current fiscal year.

Callaway Golf announced that its Board of Directors has approved a stock buyback plan on Thursday, August 8th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 5.9% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Tuesday, August 13th were paid a $0.01 dividend. The ex-dividend date was Monday, August 12th. This represents a $0.04 annualized dividend and a dividend yield of 0.20%. Callaway Golf’s dividend payout ratio is presently 3.74%.

In other news, EVP Richard H. Arnett sold 13,137 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $20.00, for a total value of $262,740.00. Following the sale, the executive vice president now owns 31,276 shares in the company, valued at approximately $625,520. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.97% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of ELY. Zions Bancorporation N.A. acquired a new stake in shares of Callaway Golf in the 1st quarter valued at $33,000. FNY Investment Advisers LLC bought a new position in shares of Callaway Golf in the second quarter valued at about $34,000. Nisa Investment Advisors LLC bought a new position in shares of Callaway Golf in the second quarter valued at about $34,000. First Mercantile Trust Co. bought a new position in shares of Callaway Golf in the second quarter valued at about $103,000. Finally, Point72 Hong Kong Ltd raised its holdings in shares of Callaway Golf by 553.7% in the second quarter. Point72 Hong Kong Ltd now owns 8,296 shares of the company’s stock valued at $142,000 after buying an additional 7,027 shares during the last quarter. Institutional investors own 94.94% of the company’s stock.

Callaway Golf Company Profile

Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs, golf balls, golf bags, and other golf-related accessories. The company operates through three segments: Golf Clubs; Golf Balls; and Gear, Accessories and Other. The Golf Clubs segment provides golf drivers and fairway woods, hybrids, irons and wedges, putters, packaged sets, and pre-owned golf clubs.

Further Reading: What can cause a stock to outperform?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Callaway Golf (NYSE:ELY)

Receive News & Ratings for Callaway Golf Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Callaway Golf and related companies with MarketBeat.com's FREE daily email newsletter.