Callaway Golf Company (ELY) Receives Buy Rating from Jefferies Group LLC

Callaway Golf Company (NYSE:ELY)‘s stock had its “buy” rating reaffirmed by research analysts at Jefferies Group LLC in a report issued on Thursday. They currently have a $18.00 target price on the stock. Jefferies Group LLC’s price target suggests a potential upside of 27.66% from the stock’s previous close.

Several other research firms also recently weighed in on ELY. BidaskClub downgraded shares of Callaway Golf from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Aegis restated a “buy” rating on shares of Callaway Golf in a research report on Monday, September 4th. Imperial Capital restated an “outperform” rating and set a $16.00 price target (up previously from $14.50) on shares of Callaway Golf in a research report on Wednesday, August 9th. Cowen and Company started 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 target for the company. Finally, Zacks Investment Research raised shares of Callaway Golf from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research note on Monday, August 7th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $15.31.

Shares of Callaway Golf (ELY) opened at 14.10 on Thursday. The firm’s 50-day moving average price is $14.00 and its 200-day moving average price is $12.80. Callaway Golf has a 12-month low of $9.77 and a 12-month high of $14.75. The company has a market capitalization of $1.33 billion, a PE ratio of 7.79 and a beta of 1.17.

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 consensus estimate of $0.29 by $0.05. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. The firm had revenue of $304.50 million during the quarter, compared to the consensus estimate of $295.70 million. During the same quarter in the prior year, the firm earned $0.36 EPS. The company’s revenue for the quarter was up 24.0% on a year-over-year basis. On average, analysts expect that Callaway Golf will post $0.44 EPS for the current fiscal year.

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In other Callaway Golf news, VP Mark F. Leposky sold 31,691 shares of the stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $14.00, for a total transaction of $443,674.00. Following the sale, the vice president now directly owns 68,343 shares in the company, valued at approximately $956,802. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jennifer L. Thomas sold 19,349 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $13.90, for a total transaction of $268,951.10. Following the sale, the insider now owns 30,189 shares in the company, valued at $419,627.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 281,113 shares of company stock worth $3,792,388. 2.59% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in ELY. Riverhead Capital Management LLC lifted its holdings in Callaway Golf by 69.9% during the 2nd quarter. Riverhead Capital Management LLC now owns 8,326 shares of the company’s stock worth $106,000 after buying an additional 3,426 shares in the last quarter. C M Bidwell & Associates Ltd. acquired a new stake in Callaway Golf during the 2nd quarter worth approximately $109,000. Flinton Capital Management LLC lifted its holdings in Callaway Golf by 71.6% during the 2nd quarter. Flinton Capital Management LLC now owns 11,322 shares of the company’s stock worth $145,000 after buying an additional 4,726 shares in the last quarter. Amalgamated Bank lifted its holdings in Callaway Golf by 1.3% during the 2nd quarter. Amalgamated Bank now owns 12,821 shares of the company’s stock worth $164,000 after buying an additional 160 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. acquired a new stake in Callaway Golf during the 2nd quarter worth approximately $194,000. Institutional investors own 87.46% 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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