Callaway Golf Co (ELY) Receives Average Recommendation of “Buy” from Brokerages

Shares of Callaway Golf Co (NYSE:ELY) have earned a consensus rating of “Buy” from the eighteen brokerages that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and thirteen have given a buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $15.96.

Several equities analysts recently weighed in on ELY shares. Compass Point cut shares of Callaway Golf from a “neutral” rating to a “sell” rating and cut their target price for the company from $15.06 to $13.50 in a research note on Wednesday, December 27th. JPMorgan Chase & Co. assumed coverage on shares of Callaway Golf in a research note on Thursday, December 14th. They set an “overweight” rating and a $18.00 target price for the company. Forward View reissued a “hold” rating on shares of Callaway Golf in a research note on Saturday, October 28th. Cowen set a $14.00 price objective on shares of Callaway Golf and gave the stock a “hold” rating in a research note on Tuesday, October 24th. Finally, Raymond James Financial reissued a “hold” rating on shares of Callaway Golf in a research note on Wednesday, December 27th.

Callaway Golf (NYSE:ELY) opened at $14.17 on Friday. The firm has a market cap of $1,330.00, a price-to-earnings ratio of 7.42, a P/E/G ratio of 1.59 and a beta of 1.11. Callaway Golf has a 52 week low of $9.93 and a 52 week high of $15.63.

Callaway Golf (NYSE:ELY) last posted its earnings results on Wednesday, October 25th. The company reported $0.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.09. The company had revenue of $243.60 million during the quarter, compared to analysts’ expectations of $209.52 million. Callaway Golf had a net margin of 17.97% and a return on equity of 7.88%. Callaway Golf’s quarterly revenue was up 29.7% on a year-over-year basis. During the same period last year, the company posted ($0.06) earnings per share. analysts predict that Callaway Golf will post 0.51 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 13th. Shareholders of record on Wednesday, November 22nd were paid a $0.01 dividend. The ex-dividend date of this dividend was Tuesday, November 21st. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.28%. Callaway Golf’s payout ratio is currently 2.09%.

In other news, Director Anthony S. Thornley sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $14.40, for a total value of $100,800.00. Following the completion of the sale, the director now owns 47,034 shares in the company, valued at approximately $677,289.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alex Mitchell Boezeman sold 16,738 shares of the firm’s stock in a transaction dated Thursday, December 21st. The stock was sold at an average price of $15.31, for a total transaction of $256,258.78. Following the completion of the sale, the insider now owns 120,873 shares of the company’s stock, valued at approximately $1,850,565.63. The disclosure for this sale can be found here. Insiders sold a total of 46,588 shares of company stock valued at $694,031 over the last three months. Corporate insiders own 2.59% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in ELY. Schwab Charles Investment Management Inc. lifted its holdings in shares of Callaway Golf by 8.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 442,368 shares of the company’s stock worth $5,654,000 after acquiring an additional 34,521 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Callaway Golf in the 2nd quarter worth about $284,000. Legal & General Group Plc lifted its holdings in shares of Callaway Golf by 8.4% in the 2nd quarter. Legal & General Group Plc now owns 179,020 shares of the company’s stock worth $2,286,000 after acquiring an additional 13,809 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in shares of Callaway Golf by 56.3% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 34,661 shares of the company’s stock worth $443,000 after acquiring an additional 12,483 shares during the last quarter. Finally, Riverhead Capital Management LLC lifted its holdings in shares of Callaway Golf by 69.9% in the 2nd quarter. Riverhead Capital Management LLC now owns 8,326 shares of the company’s stock worth $106,000 after acquiring an additional 3,426 shares during the last quarter. Hedge funds and other institutional investors own 88.11% of the company’s stock.

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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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