Zacks Investment Research upgraded shares of Callaway Golf Co. (NYSE:ELY) from a hold rating to a buy rating in a research note published on Thursday morning. The firm currently has $12.00 target price on the stock.
According to Zacks, “Callaway Golf Company is designs, develops, manufactures and markets high quality, innovative golf clubs. The Company’s golf clubs are sold at premium prices to both average and skilled golfers on the basis of performance, ease of use and appearance. “
A number of other analysts have also issued reports on ELY. Roth Capital set a $13.00 target price on Callaway Golf and gave the company a buy rating in a research report on Saturday, September 17th. TheStreet raised Callaway Golf from a hold rating to a buy rating in a research report on Wednesday, July 27th. Forward View reissued a buy rating on shares of Callaway Golf in a research report on Sunday, July 24th. FBR & Co began coverage on Callaway Golf in a research report on Thursday, June 30th. They issued an outperform rating and a $12.00 target price on the stock. Finally, Compass Point started coverage on Callaway Golf in a research report on Friday, September 9th. They issued a neutral rating and a $12.00 target price on the stock. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. The company currently has a consensus rating of Buy and an average target price of $13.21.
Shares of Callaway Golf (NYSE:ELY) opened at 11.08 on Thursday. The stock’s 50 day moving average price is $11.41 and its 200 day moving average price is $10.47. The stock has a market cap of $1.04 billion, a price-to-earnings ratio of 28.05 and a beta of 1.30. Callaway Golf has a one year low of $8.00 and a one year high of $11.90.
Callaway Golf (NYSE:ELY) last announced its earnings results on Wednesday, July 27th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.30 by $0.06. The company had revenue of $245.60 million for the quarter, compared to analyst estimates of $242.49 million. Callaway Golf had a return on equity of 8.69% and a net margin of 4.53%. The firm’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.15 earnings per share. Analysts forecast that Callaway Golf will post $0.44 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in ELY. Silver Capital Management LLC acquired a new stake in Callaway Golf during the second quarter worth approximately $102,000. Boothbay Fund Management LLC acquired a new stake in Callaway Golf during the first quarter worth approximately $112,000. Legal & General Group Plc increased its stake in Callaway Golf by 10.8% in the first quarter. Legal & General Group Plc now owns 12,987 shares of the company’s stock worth $119,000 after buying an additional 1,268 shares during the last quarter. Airain ltd acquired a new stake in Callaway Golf during the second quarter worth approximately $119,000. Finally, PineBridge Investments L.P. increased its stake in Callaway Golf by 4.0% in the second quarter. PineBridge Investments L.P. now owns 11,914 shares of the company’s stock worth $121,000 after buying an additional 457 shares during the last quarter. Institutional investors and hedge funds own 84.29% of the company’s stock.
Callaway Golf Company Profile
Callaway Golf Company designs, manufactures and sells golf clubs, golf balls, golf bags and other golf-related accessories. The Company has two segments: the golf clubs segment and golf balls segment. The golf clubs segment consists of its woods, hybrids, irons and wedges and Odyssey putters. This segment also includes other golf-related accessories, royalties from licensing of the Company’s trademarks and service marks and sales of pre-owned golf clubs.
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