Callaway Golf (ELY) Upgraded at Cowen

Cowen upgraded shares of Callaway Golf (NYSE:ELY) from a sell rating to a neutral rating in a research note released on Wednesday. The brokerage currently has $14.00 price target on the stock.

Other equities research analysts have also issued reports about the stock. B. Riley reaffirmed a buy rating on shares of Callaway Golf in a report on Wednesday, November 1st. Compass Point raised shares of Callaway Golf from a sell rating to a neutral rating and upped their price target for the company from $13.50 to $14.59 in a report on Wednesday. Roth Capital set a $17.00 price target on shares of Callaway Golf and gave the company a buy rating in a report on Monday. DA Davidson set a $18.00 price target on shares of Callaway Golf and gave the company a buy rating in a report on Wednesday, December 27th. Finally, Forward View reaffirmed a hold rating on shares of Callaway Golf in a report on Saturday, October 28th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. The company has a consensus rating of Buy and an average price target of $16.40.

Shares of Callaway Golf (NYSE ELY) opened at $14.77 on Wednesday. Callaway Golf has a 1-year low of $9.99 and a 1-year high of $15.63. The company has a market cap of $1,379.29, a price-to-earnings ratio of 28.61, a price-to-earnings-growth ratio of 1.58 and a beta of 1.15.

Callaway Golf (NYSE:ELY) last posted its quarterly earnings results on Wednesday, February 7th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.02. Callaway Golf had a net margin of 17.97% and a return on equity of 7.88%. The company had revenue of $192.00 million for the quarter, compared to analyst estimates of $184.74 million. During the same period in the prior year, the company earned ($0.09) earnings per share. The firm’s revenue was up 17.1% on a year-over-year basis. analysts predict that Callaway Golf will post 0.52 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 7th. Investors of record on Wednesday, February 14th will be paid a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a yield of 0.27%. The ex-dividend date of this dividend is Tuesday, February 13th. Callaway Golf’s dividend payout ratio is presently 2.09%.

In related news, insider Alex Mitchell Boezeman sold 16,738 shares of the firm’s stock in a transaction dated Thursday, December 21st. The shares were sold at an average price of $15.31, for a total value of $256,258.78. Following the transaction, the insider now directly owns 120,873 shares of the company’s stock, valued at approximately $1,850,565.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Richard H. Arnett sold 8,070 shares of the firm’s stock in a transaction dated Friday, November 10th. The shares were sold at an average price of $14.01, for a total transaction of $113,060.70. Following the completion of the transaction, the senior vice president now directly owns 5,000 shares in the company, valued at $70,050. The disclosure for this sale can be found here. Company insiders own 2.59% of the company’s stock.

A number of institutional investors have recently modified their holdings of ELY. Schwab Charles Investment Management Inc. lifted its stake in Callaway Golf by 8.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 442,368 shares of the company’s stock valued at $5,654,000 after buying an additional 34,521 shares in the last quarter. Amalgamated Bank lifted its stake in Callaway Golf by 1.3% in the 2nd quarter. Amalgamated Bank now owns 12,821 shares of the company’s stock valued at $164,000 after buying an additional 160 shares in the last quarter. New York State Common Retirement Fund lifted its stake in Callaway Golf by 165.2% in the 2nd quarter. New York State Common Retirement Fund now owns 333,367 shares of the company’s stock valued at $4,260,000 after buying an additional 207,658 shares in the last quarter. UBS Asset Management Americas Inc. lifted its stake in Callaway Golf by 10.7% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 35,892 shares of the company’s stock valued at $459,000 after buying an additional 3,471 shares in the last quarter. Finally, Suntrust Banks Inc. lifted its stake in Callaway Golf by 2.0% in the 2nd quarter. Suntrust Banks Inc. now owns 18,397 shares of the company’s stock valued at $235,000 after buying an additional 361 shares in the last quarter. 89.58% of the stock is currently owned by hedge funds and other institutional investors.

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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.

Analyst Recommendations for Callaway Golf (NYSE:ELY)

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