Callaway Golf (NYSE:ELY) Shares Gap Up to $18.83

Shares of Callaway Golf Co (NYSE:ELY) gapped up prior to trading on Monday . The stock had previously closed at $18.00, but opened at $18.83. Callaway Golf shares last traded at $18.38, with a volume of 75,580 shares trading hands.

A number of brokerages have recently weighed in on ELY. ValuEngine lowered Callaway Golf from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. B. Riley set a $30.00 price objective on Callaway Golf and gave the company a “buy” rating in a report on Friday, July 19th. Stephens raised Callaway Golf from an “equal” rating to a “weight” rating and increased their price objective for the company from $18.00 to $21.50 in a report on Friday. Berenberg Bank reissued a “buy” rating and issued a $24.00 price objective on shares of Callaway Golf in a report on Sunday, May 12th. Finally, Roth Capital set a $19.00 price objective on Callaway Golf and gave the company a “hold” rating in a report on Thursday, June 13th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $23.28.

The firm’s fifty day moving average price is $17.96. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.59 and a quick ratio of 0.85. The stock has a market capitalization of $1.65 billion, a price-to-earnings ratio of 16.85, a price-to-earnings-growth ratio of 0.68 and a beta of 1.24.

Callaway Golf (NYSE:ELY) last posted its earnings results on Thursday, August 8th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.25 by $0.12. The firm had revenue of $446.71 million for the quarter, compared to analyst estimates of $430.12 million. Callaway Golf had a return on equity of 10.00% and a net margin of 4.17%. Callaway Golf’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same period last year, the company earned $0.63 earnings per share. On average, analysts forecast that Callaway Golf Co will post 1.06 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 4th. Investors of record on Tuesday, August 13th will be issued a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.22%. The ex-dividend date is Monday, August 12th. Callaway Golf’s dividend payout ratio (DPR) is 3.74%.

In related news, EVP Richard H. Arnett sold 13,137 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $20.00, for a total transaction of $262,740.00. Following the sale, the executive vice president now directly owns 31,276 shares of the company’s stock, valued at $625,520. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Russell L. Fleischer bought 5,000 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were bought at an average cost of $14.75 per share, for a total transaction of $73,750.00. Following the completion of the acquisition, the director now owns 15,859 shares of the company’s stock, valued at $233,920.25. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 21,575 shares of company stock worth $324,630. 1.97% of the stock is owned by corporate insiders.

Institutional investors have recently bought and sold shares of the stock. Raymond James & Associates increased its stake in shares of Callaway Golf by 13.8% in the 4th quarter. Raymond James & Associates now owns 11,046 shares of the company’s stock valued at $169,000 after acquiring an additional 1,343 shares in the last quarter. Legal & General Group Plc increased its stake in shares of Callaway Golf by 0.3% in the 4th quarter. Legal & General Group Plc now owns 211,822 shares of the company’s stock valued at $3,240,000 after acquiring an additional 738 shares in the last quarter. Amalgamated Bank increased its stake in shares of Callaway Golf by 61.7% in the 4th quarter. Amalgamated Bank now owns 14,352 shares of the company’s stock valued at $220,000 after acquiring an additional 5,477 shares in the last quarter. FMR LLC increased its stake in shares of Callaway Golf by 0.7% in the 4th quarter. FMR LLC now owns 3,809,347 shares of the company’s stock valued at $58,283,000 after acquiring an additional 27,426 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Callaway Golf in the 4th quarter valued at $23,058,000. 89.61% of the stock is currently owned by hedge funds and other institutional investors.

Callaway Golf Company Profile (NYSE:ELY)

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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