Zacks Investment Research lowered shares of Callaway Golf Company (NYSE:ELY) from a strong-buy rating to a hold rating in a report issued on Tuesday.
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. “
Other analysts also recently issued research reports about the stock. BidaskClub upgraded shares of Callaway Golf from a hold rating to a buy rating in a research report on Saturday, July 1st. 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. FBR & Co set a $14.00 price objective on shares of Callaway Golf and gave the stock a buy rating in a research report on Saturday, May 6th. Morgan Stanley downgraded shares of Callaway Golf from an overweight rating to an equal weight rating in a research report on Monday, April 17th. Finally, Cowen and Company initiated 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. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $14.38.
Shares of Callaway Golf (NYSE ELY) traded down 0.08% on Tuesday, reaching $12.61. 265,467 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $12.55 and a 200 day moving average of $11.76. Callaway Golf has a one year low of $9.77 and a one year high of $13.35. The firm has a market capitalization of $1.18 billion, a P/E ratio of 6.82 and a beta of 1.20.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings data on Thursday, May 4th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.08. The business had revenue of $309 million during the quarter, compared to the consensus estimate of $283.68 million. Callaway Golf had a net margin of 19.56% and a return on equity of 7.33%. The company’s revenue was up 12.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.26 EPS. On average, equities research analysts predict that Callaway Golf will post $0.36 EPS for the current year.
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In other news, SVP Richard H. Arnett sold 30,204 shares of Callaway Golf stock in a transaction on Monday, May 8th. The shares were sold at an average price of $12.68, for a total value of $382,986.72. Following the transaction, the senior vice president now directly owns 13,070 shares of the company’s stock, valued at approximately $165,727.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Neil Howie sold 37,069 shares of Callaway Golf stock in a transaction on Thursday, May 11th. The shares were sold at an average price of $13.10, for a total transaction of $485,603.90. The disclosure for this sale can be found here. Insiders sold a total of 107,902 shares of company stock worth $1,403,072 over the last ninety days. Corporate insiders own 2.59% of the company’s stock.
Several institutional investors have recently made changes to their positions in ELY. State of Alaska Department of Revenue boosted its position in shares of Callaway Golf by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 10,440 shares of the company’s stock worth $115,000 after buying an additional 260 shares during the last quarter. Tudor Investment Corp Et Al acquired a new position in shares of Callaway Golf during the fourth quarter worth approximately $149,000. Koch Industries Inc. acquired a new position in shares of Callaway Golf during the first quarter worth approximately $162,000. First Citizens Bank & Trust Co. acquired a new position in shares of Callaway Golf during the first quarter worth approximately $169,000. Finally, Suntrust Banks Inc. boosted its position in shares of Callaway Golf by 2.5% in the first quarter. Suntrust Banks Inc. now owns 18,036 shares of the company’s stock worth $199,000 after buying an additional 441 shares during the last quarter. 87.10% of the stock is currently owned by institutional investors and hedge funds.
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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