Callaway Golf (NYSE:ELY) Lowered to “Hold” at ValuEngine

ValuEngine lowered shares of Callaway Golf (NYSE:ELY) from a buy rating to a hold rating in a research report report published on Thursday, ValuEngine reports.

Several other equities analysts have also commented on the stock. Berenberg Bank restated a buy rating and set a $24.00 price target on shares of Callaway Golf in a research report on Sunday, May 12th. Zacks Investment Research raised shares of Callaway Golf from a hold rating to a buy rating and set a $20.00 price objective for the company in a report on Friday, July 12th. Roth Capital set a $19.00 price objective on shares of Callaway Golf and gave the stock a hold rating in a report on Thursday, June 13th. Finally, B. Riley set a $30.00 price objective on shares of Callaway Golf and gave the stock a buy rating in a report on Friday, July 19th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $22.50.

ELY traded down $0.55 during trading hours on Thursday, hitting $17.02. 41,484 shares of the company’s stock were exchanged, compared to its average volume of 916,486. Callaway Golf has a 12-month low of $14.44 and a 12-month high of $24.67. The stock’s 50 day moving average price is $18.02. The stock has a market cap of $1.65 billion, a price-to-earnings ratio of 15.92, a P/E/G ratio of 0.68 and a beta of 1.23. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.85 and a current ratio of 1.59.

Callaway Golf (NYSE:ELY) last announced its quarterly earnings data on Thursday, May 9th. The company reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.14. Callaway Golf had a net margin of 6.68% and a return on equity of 13.42%. The company had revenue of $516.20 million for the quarter, compared to the consensus estimate of $504.07 million. During the same period in the prior year, the firm posted $0.65 EPS. The company’s quarterly revenue was up 28.0% compared to the same quarter last year. Analysts predict that Callaway Golf will post 1.03 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 4th. Investors of record on Tuesday, August 13th will be issued a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.24%. The ex-dividend date is Monday, August 12th. Callaway Golf’s payout ratio is currently 3.74%.

In related news, CEO Oliver G. Brewer III acquired 10,000 shares of Callaway Golf stock in a transaction that occurred on Monday, May 20th. The stock was acquired at an average price of $15.14 per share, with a total value of $151,400.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian P. Lynch acquired 6,575 shares of Callaway Golf stock in a transaction that occurred on Monday, May 20th. The stock was bought at an average cost of $15.13 per share, with a total value of $99,479.75. Following the acquisition, the chief financial officer now directly owns 31,967 shares of the company’s stock, valued at $483,660.71. The disclosure for this purchase can be found here. Insiders purchased 21,575 shares of company stock valued at $324,630 in the last ninety days. Corporate insiders own 1.97% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Eagle Asset Management Inc. increased its stake in shares of Callaway Golf by 13.9% in the second quarter. Eagle Asset Management Inc. now owns 587,528 shares of the company’s stock valued at $10,081,000 after buying an additional 71,568 shares in the last quarter. TimesSquare Capital Management LLC increased its stake in shares of Callaway Golf by 1.3% in the second quarter. TimesSquare Capital Management LLC now owns 2,409,630 shares of the company’s stock valued at $41,349,000 after buying an additional 32,000 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Callaway Golf by 16.6% in the second quarter. Envestnet Asset Management Inc. now owns 37,669 shares of the company’s stock valued at $646,000 after buying an additional 5,375 shares in the last quarter. Rice Hall James & Associates LLC increased its stake in shares of Callaway Golf by 29.2% in the second quarter. Rice Hall James & Associates LLC now owns 876,567 shares of the company’s stock valued at $15,042,000 after buying an additional 197,927 shares in the last quarter. Finally, Johnson Financial Group LLC acquired a new stake in shares of Callaway Golf in the second quarter valued at $209,000. 89.61% of the stock is 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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Analyst Recommendations for Callaway Golf (NYSE:ELY)

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