Callaway Golf (NYSE:ELY) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Callaway Golf (NYSE:ELY) from a hold rating to a buy rating in a research note published on Tuesday, Zacks.com reports. They currently have $34.00 price objective on the stock.

According to Zacks, “Callaway Golf is renowned for developing innovative products that help golfers hit longer and straighter shots from tee to green; controlled, higher-spinning shots around the green; and smooth, accurate putts. The long list of legendary Callaway products introduced across the past three decades is long, punctuated by the iconic Big Bertha driver and the Great Big Bertha driver, which Golf Digest named the greatest club of all time for its combination of innovation, performance and lasting impact on the golf equipment landscape. Huge number of tournaments, including numerous Major Championships, have been won by Tour pros playing Callaway equipment. Callaway Golf consists of four powerful brands – Callaway, Odyssey, Toulon Design and OGIO – that together offer golfers all over the world everything they need – clubs, balls, bags, apparel, footwear, bags, accessories – to play better and enjoy the game more. “

A number of other analysts have also weighed in on the stock. Truist upped their target price on shares of Callaway Golf from $32.00 to $35.00 in a report on Friday, March 5th. B. Riley lifted their price objective on Callaway Golf from $35.00 to $38.00 and gave the company a buy rating in a research note on Tuesday. Cowen lowered Callaway Golf from an outperform rating to a market perform rating and set a $28.00 target price on the stock. in a research note on Tuesday, February 16th. They noted that the move was a valuation call. KeyCorp lifted their price target on Callaway Golf from $34.00 to $36.00 and gave the company an overweight rating in a research report on Tuesday. Finally, Jefferies Financial Group upped their price objective on shares of Callaway Golf from $30.00 to $40.00 and gave the stock a buy rating in a research report on Wednesday, January 20th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Callaway Golf has a consensus rating of Buy and a consensus target price of $30.83.

Callaway Golf stock opened at $32.58 on Tuesday. The firm has a market capitalization of $3.07 billion, a P/E ratio of -26.06 and a beta of 2.16. Callaway Golf has a one year low of $10.80 and a one year high of $34.26. The company has a debt-to-equity ratio of 0.95, a current ratio of 2.49 and a quick ratio of 1.62. The business has a fifty day moving average price of $28.66 and a 200-day moving average price of $25.81.

Callaway Golf (NYSE:ELY) last issued its quarterly earnings data on Sunday, May 9th. The company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.50. The business had revenue of $651.60 million for the quarter, compared to analysts’ expectations of $603.11 million. Callaway Golf had a positive return on equity of 9.87% and a negative net margin of 7.57%. The firm’s quarterly revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.32 EPS. Sell-side analysts expect that Callaway Golf will post 0.76 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in ELY. Bank of New York Mellon Corp increased its stake in shares of Callaway Golf by 133.7% in the fourth quarter. Bank of New York Mellon Corp now owns 2,497,097 shares of the company’s stock worth $59,955,000 after buying an additional 1,428,661 shares during the period. Norges Bank purchased a new position in shares of Callaway Golf in the fourth quarter valued at about $27,225,000. BlackRock Inc. raised its stake in shares of Callaway Golf by 6.5% during the fourth quarter. BlackRock Inc. now owns 14,402,457 shares of the company’s stock valued at $345,802,000 after acquiring an additional 878,678 shares during the last quarter. Nuveen Asset Management LLC boosted its holdings in shares of Callaway Golf by 112.3% during the fourth quarter. Nuveen Asset Management LLC now owns 1,498,620 shares of the company’s stock worth $35,981,000 after purchasing an additional 792,692 shares during the period. Finally, Clearbridge Investments LLC bought a new stake in shares of Callaway Golf in the first quarter worth about $20,507,000.

About Callaway Golf

Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs and golf balls, apparel, gear, and other products. It operates through two segments, Golf Equipment; and Apparel, Gear and Other. The Golf Equipment segment provides drivers, fairway woods, hybrids, irons, wedges and packaged sets, putters, and pre-owned golf clubs under the Callaway and Odyssey brands, as well as golf balls under the Callaway Golf and Strata brand names.

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