Callaway Golf Co (ELY) Receives $18.42 Consensus Price Target from Brokerages

Callaway Golf Co (NYSE:ELY) has been assigned a consensus recommendation of “Buy” from the eighteen research firms that are covering the company, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and twelve have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $18.87.

ELY has been the topic of a number of research reports. Zacks Investment Research upgraded shares of Callaway Golf from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a report on Tuesday, February 20th. TheStreet upgraded shares of Callaway Golf from a “c+” rating to a “b” rating in a report on Wednesday, February 14th. DA Davidson downgraded shares of Callaway Golf from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $17.71 to $19.00 in a report on Wednesday, April 18th. They noted that the move was a valuation call. ValuEngine upgraded shares of Callaway Golf from a “buy” rating to a “strong-buy” rating in a report on Monday, April 2nd. Finally, KeyCorp boosted their target price on shares of Callaway Golf from $21.00 to $23.00 and gave the stock an “overweight” rating in a report on Monday, June 4th.

ELY stock traded up $0.19 during mid-day trading on Monday, hitting $20.35. The company had a trading volume of 33,698 shares, compared to its average volume of 933,042. The stock has a market cap of $1.89 billion, a P/E ratio of 38.43, a PEG ratio of 0.99 and a beta of 1.05. Callaway Golf has a 12-month low of $12.03 and a 12-month high of $20.29. The company has a quick ratio of 0.83, a current ratio of 1.48 and a debt-to-equity ratio of 0.01.

Callaway Golf (NYSE:ELY) last announced its quarterly earnings results on Thursday, April 26th. The company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.51 by $0.14. The business had revenue of $403.00 million for the quarter, compared to analysts’ expectations of $371.67 million. Callaway Golf had a net margin of 6.82% and a return on equity of 12.78%. The business’s quarterly revenue was up 30.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.30 EPS. analysts anticipate that Callaway Golf will post 0.81 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 12th. Investors of record on Tuesday, May 22nd were issued a dividend of $0.01 per share. The ex-dividend date was Monday, May 21st. This represents a $0.04 annualized dividend and a yield of 0.20%. Callaway Golf’s payout ratio is 7.55%.

Callaway Golf declared that its Board of Directors has approved a stock repurchase plan on Wednesday, May 9th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

In related news, SVP Brian P. Lynch sold 26,681 shares of the company’s stock in a transaction dated Thursday, March 22nd. The shares were sold at an average price of $16.50, for a total transaction of $440,236.50. Following the transaction, the senior vice president now directly owns 23,422 shares in the company, valued at approximately $386,463. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Richard H. Arnett sold 7,241 shares of the company’s stock in a transaction dated Friday, April 6th. The shares were sold at an average price of $17.00, for a total transaction of $123,097.00. Following the transaction, the senior vice president now owns 12,229 shares in the company, valued at $207,893. The disclosure for this sale can be found here. Insiders have sold a total of 204,719 shares of company stock worth $3,663,313 over the last quarter. 1.98% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of ELY. Bank of Montreal Can grew its holdings in Callaway Golf by 4,547.2% during the 4th quarter. Bank of Montreal Can now owns 81,559 shares of the company’s stock valued at $1,136,000 after purchasing an additional 79,804 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in Callaway Golf by 10.4% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 557,490 shares of the company’s stock valued at $7,766,000 after purchasing an additional 52,489 shares during the last quarter. US Bancorp DE grew its stake in Callaway Golf by 7.8% in the 4th quarter. US Bancorp DE now owns 193,640 shares of the company’s stock worth $2,698,000 after acquiring an additional 13,947 shares in the last quarter. Teacher Retirement System of Texas bought a new position in Callaway Golf in the 4th quarter worth about $450,000. Finally, California Public Employees Retirement System grew its stake in Callaway Golf by 31.0% in the 4th quarter. California Public Employees Retirement System now owns 20,775 shares of the company’s stock worth $289,000 after acquiring an additional 4,911 shares in the last quarter. Institutional investors own 88.78% of the company’s stock.

Callaway Golf Company Profile

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.

Analyst Recommendations for Callaway Golf (NYSE:ELY)

Receive News & Ratings for Callaway Golf Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Callaway Golf and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on Google Plus
share on reddit