Callaway Golf (NYSE:ELY) was upgraded by investment analysts at Stephens from an “equal” rating to a “weight” rating in a research report issued to clients and investors on Friday, August 9th, MarketBeat.com reports. The firm presently has a $21.50 price target on the stock, up from their previous price target of $18.00. Stephens’ price objective suggests a potential upside of 24.13% from the company’s previous close.
Several other research firms have also recently commented on ELY. ValuEngine cut Callaway Golf from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. B. Riley set a $30.00 price target on Callaway Golf and gave the stock a “buy” rating in a research note on Friday, July 19th. Zacks Investment Research upgraded Callaway Golf from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a research note on Friday, July 12th. Roth Capital set a $19.00 price target on Callaway Golf and gave the stock a “hold” rating in a research note on Thursday, June 13th. Finally, Berenberg Bank restated a “buy” rating and set a $24.00 price target on shares of Callaway Golf in a research note on Sunday, May 12th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $23.28.
Shares of Callaway Golf stock opened at $17.32 on Friday. Callaway Golf has a one year low of $14.44 and a one year high of $24.67. The company has a market cap of $1.73 billion, a PE ratio of 16.19, a P/E/G ratio of 0.69 and a beta of 1.24. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.85 and a current ratio of 1.70. The business has a 50-day simple moving average of $17.96 and a 200-day simple moving average of $16.86.
Callaway Golf (NYSE:ELY) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.25 by $0.12. Callaway Golf had a return on equity of 9.95% and a net margin of 4.17%. The firm had revenue of $446.71 million during the quarter, compared to the consensus estimate of $430.12 million. During the same period in the prior year, the company posted $0.63 earnings per share. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. On average, sell-side analysts predict that Callaway Golf will post 1.07 earnings per share for the current fiscal year.
Callaway Golf declared that its board has initiated a stock buyback program on Thursday, August 8th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to buy up to 5.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
In other Callaway Golf news, EVP Richard H. Arnett sold 13,137 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $20.00, for a total value of $262,740.00. Following the sale, the executive vice president now owns 31,276 shares of the company’s stock, valued at $625,520. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Oliver G. Brewer III bought 10,000 shares of the stock in a transaction on Monday, May 20th. The stock was purchased at an average cost of $15.14 per share, for a total transaction of $151,400.00. The disclosure for this purchase can be found here. Insiders acquired 21,575 shares of company stock valued at $324,630 in the last quarter. 1.97% of the stock is currently owned by company insiders.
A number of institutional investors have recently bought and sold shares of ELY. Nuveen Asset Management LLC raised its holdings in shares of Callaway Golf by 349.5% during the 2nd quarter. Nuveen Asset Management LLC now owns 806,709 shares of the company’s stock valued at $13,843,000 after buying an additional 627,229 shares during the period. Argent Capital Management LLC raised its holdings in shares of Callaway Golf by 16.1% during the 2nd quarter. Argent Capital Management LLC now owns 201,885 shares of the company’s stock valued at $3,464,000 after buying an additional 28,005 shares during the period. UBS Asset Management Americas Inc. raised its holdings in shares of Callaway Golf by 1.4% during the 2nd quarter. UBS Asset Management Americas Inc. now owns 84,289 shares of the company’s stock valued at $1,446,000 after buying an additional 1,158 shares during the period. Point72 Hong Kong Ltd raised its holdings in shares of Callaway Golf by 553.7% during the 2nd quarter. Point72 Hong Kong Ltd now owns 8,296 shares of the company’s stock valued at $142,000 after buying an additional 7,027 shares during the period. Finally, Cubist Systematic Strategies LLC raised its holdings in shares of Callaway Golf by 406.2% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 73,314 shares of the company’s stock valued at $1,258,000 after buying an additional 58,831 shares during the period. 88.86% of the stock is currently owned by institutional investors.
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. The company operates through three segments: Golf Clubs; Golf Balls; and Gear, Accessories and Other. The Golf Clubs segment provides golf drivers and fairway woods, hybrids, irons and wedges, putters, packaged sets, and pre-owned golf clubs.
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