Zacks Investment Research upgraded shares of Callaway Golf (NYSE:ELY) from a sell rating to a hold rating in a report published on Tuesday.
According to Zacks, “Callaway Golf is renowned for developing innovative products that help golfers hit longer and straighter shots from tee to green; controlled, higher-spinning shots around the green; and smooth, accurate putts. The long list of legendary Callaway products introduced across the past three decades is long, punctuated by the iconic Big Bertha driver and the Great Big Bertha driver, which Golf Digest named the greatest club of all time for its combination of innovation, performance and lasting impact on the golf equipment landscape. Huge number of tournaments, including numerous Major Championships, have been won by Tour pros playing Callaway equipment. Callaway Golf consists of four powerful brands – Callaway, Odyssey, Toulon Design and OGIO – that together offer golfers all over the world everything they need – clubs, balls, bags, apparel, footwear, bags, accessories – to play better and enjoy the game more. “
A number of other equities research analysts have also weighed in on the stock. JPMorgan Chase & Co. assumed coverage on shares of Callaway Golf in a report on Thursday, December 20th. They issued a hold rating and a $23.00 price objective on the stock. Compass Point upgraded shares of Callaway Golf from a neutral rating to a buy rating in a report on Tuesday, December 18th. Roth Capital lowered shares of Callaway Golf from a buy rating to a hold rating and reduced their price objective for the company from $24.00 to $17.00 in a report on Monday, December 17th. Raymond James restated a hold rating on shares of Callaway Golf in a report on Wednesday, December 5th. Finally, B. Riley set a $30.00 price objective on shares of Callaway Golf and gave the company a buy rating in a report on Sunday, December 2nd. Seven equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Callaway Golf presently has an average rating of Hold and an average target price of $22.91.
Shares of ELY opened at $15.30 on Tuesday. Callaway Golf has a twelve month low of $13.49 and a twelve month high of $24.67. The firm has a market capitalization of $1.44 billion, a PE ratio of 28.87, a PEG ratio of 0.58 and a beta of 1.04. The company has a current ratio of 2.28, a quick ratio of 1.14 and a debt-to-equity ratio of 0.01.
Callaway Golf (NYSE:ELY) last announced its quarterly earnings data on Wednesday, October 24th. The company reported $0.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.01 by $0.09. Callaway Golf had a net margin of 9.08% and a return on equity of 16.48%. The business had revenue of $262.65 million for the quarter, compared to analyst estimates of $250.83 million. Equities analysts expect that Callaway Golf will post 1.05 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, December 12th. Investors of record on Wednesday, November 21st were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Tuesday, November 20th. This represents a $0.04 annualized dividend and a yield of 0.26%. Callaway Golf’s dividend payout ratio is currently 7.55%.
Large investors have recently made changes to their positions in the stock. Itau Unibanco Holding S.A. acquired a new stake in Callaway Golf during the 2nd quarter worth $135,000. Campbell & CO Investment Adviser LLC purchased a new position in Callaway Golf during the 3rd quarter worth $201,000. Everence Capital Management Inc. purchased a new position in Callaway Golf during the 3rd quarter worth $211,000. NumerixS Investment Technologies Inc grew its position in Callaway Golf by 348.0% during the 2nd quarter. NumerixS Investment Technologies Inc now owns 11,200 shares of the company’s stock worth $215,000 after purchasing an additional 8,700 shares during the last quarter. Finally, Ibex Investors LLC purchased a new position in Callaway Golf during the 3rd quarter worth $218,000. Hedge funds and other institutional investors own 88.87% of the company’s stock.
About Callaway Golf
Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs, golf balls, golf bags, and other golf-related accessories in the United States and internationally. The company operates through three segments: Golf Clubs; Golf Balls; and Gear, Accessories and Other.
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