Callaway Golf (NYSE:ELY) Raised to “Buy” at ValuEngine
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 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.
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.