Investment analysts at Aegis started coverage on shares of Callaway Golf Company (NYSE:ELY) in a research note issued on Friday. The brokerage set a “buy” rating and a $16.00 price target on the stock. Aegis’ price objective suggests a potential upside of 18.61% from the stock’s current price.
A number of other research firms have also commented on ELY. FBR & Co set a $14.00 price objective on Callaway Golf and gave the stock a “buy” rating in a research note on Saturday, May 6th. Imperial Capital restated an “outperform” rating and set a $16.00 price objective (up previously from $14.50) on shares of Callaway Golf in a research note on Wednesday, August 9th. Compass Point lowered Callaway Golf from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $13.60 to $13.75 in a research note on Monday, August 7th. Forward View lowered Callaway Golf to a “hold” rating and set a $14.00 price objective on the stock. in a research note on Saturday, August 5th. Finally, Jefferies Group LLC set a $18.00 price objective on Callaway Golf and gave the stock a “buy” rating in a research note on Friday, August 4th. Five research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Callaway Golf has an average rating of “Buy” and a consensus target price of $14.98.
Shares of Callaway Golf (NYSE:ELY) opened at 13.49 on Friday. The firm has a 50-day moving average of $12.83 and a 200 day moving average of $12.01. The firm has a market cap of $1.27 billion, a P/E ratio of 7.46 and a beta of 1.20. Callaway Golf has a 12 month low of $9.77 and a 12 month high of $13.70.
Callaway Golf (NYSE:ELY) last released its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.29 by $0.05. The business had revenue of $304.50 million during the quarter, compared to analysts’ expectations of $295.70 million. Callaway Golf had a return on equity of 6.60% and a net margin of 18.09%. The firm’s revenue for the quarter was up 24.0% compared to the same quarter last year. During the same period last year, the firm posted $0.36 EPS. On average, equities research analysts anticipate that Callaway Golf will post $0.44 EPS for the current fiscal year.
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In other news, insider Oliver G. Brewer III sold 131,884 shares of Callaway Golf stock in a transaction on Friday, August 4th. The stock was sold at an average price of $13.31, for a total value of $1,755,376.04. Following the transaction, the insider now owns 291,399 shares in the company, valued at approximately $3,878,520.69. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Alan Hocknell sold 57,138 shares of Callaway Golf stock in a transaction on Friday, August 4th. The shares were sold at an average price of $13.30, for a total value of $759,935.40. Following the completion of the transaction, the senior vice president now owns 115,045 shares in the company, valued at approximately $1,530,098.50. The disclosure for this sale can be found here. Company insiders own 2.59% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. Alps Advisors Inc. raised its position in shares of Callaway Golf by 0.3% in the second quarter. Alps Advisors Inc. now owns 44,544 shares of the company’s stock valued at $569,000 after buying an additional 114 shares during the last quarter. Amalgamated Bank raised its position in shares of Callaway Golf by 1.3% in the second 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 last quarter. State of Alaska Department of Revenue raised 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 valued at $115,000 after buying an additional 260 shares during the last quarter. Atria Investments LLC raised its position in shares of Callaway Golf by 1.5% in the second quarter. Atria Investments LLC now owns 19,633 shares of the company’s stock valued at $251,000 after buying an additional 283 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan raised its position in shares of Callaway Golf by 1.3% in the first quarter. Municipal Employees Retirement System of Michigan now owns 27,960 shares of the company’s stock valued at $310,000 after buying an additional 360 shares during the last quarter. Institutional investors own 85.02% of the company’s stock.
Callaway Golf Company Profile
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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