Callaway Golf Co (ELY) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Callaway Golf Co (NYSE:ELY) from a hold rating to a buy rating in a report published on Tuesday, April 18th. The firm currently has $13.00 price objective 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. “

Several other analysts have also recently issued reports on the stock. Morgan Stanley cut shares of Callaway Golf from an overweight rating to an equal weight rating in a research note on Monday, April 17th. Jefferies Group LLC restated a buy rating and set a $14.00 price objective on shares of Callaway Golf in a research report on Wednesday, March 22nd. Imperial Capital restated an outperform rating and set a $13.00 price objective on shares of Callaway Golf in a research report on Tuesday, March 21st. Pacific Crest restated a positive rating and set a $16.00 price objective on shares of Callaway Golf in a research report on Tuesday, March 21st. Finally, KeyCorp reaffirmed a positive rating and set a $16.00 target price on shares of Callaway Golf in a report on Tuesday, March 21st. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $13.71.

Callaway Golf (NYSE:ELY) traded up 0.834% on Tuesday, reaching $12.695. The company’s stock had a trading volume of 704,186 shares. The firm’s 50 day moving average is $11.97 and its 200-day moving average is $11.39. The firm has a market cap of $1.19 billion, a P/E ratio of 6.862 and a beta of 1.33. Callaway Golf has a 12 month low of $9.10 and a 12 month high of $13.35.

Callaway Golf (NYSE:ELY) last announced its quarterly earnings results on Thursday, May 4th. The company reported $0.30 EPS for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.08. The company had revenue of $309 million for the quarter, compared to analysts’ expectations of $283.68 million. Callaway Golf had a net margin of 21.80% and a return on equity of 9.93%. Callaway Golf’s revenue was up 12.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.26 EPS. On average, equities research analysts anticipate that Callaway Golf will post $0.36 EPS for the current year.

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The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 13th. Investors of record on Tuesday, May 23rd will be given a dividend of $0.01 per share. The ex-dividend date of this dividend is Friday, May 19th. This represents a $0.04 annualized dividend and a yield of 0.32%. Callaway Golf’s dividend payout ratio (DPR) is 2.02%.

In other Callaway Golf news, Director Alex Mitchell Boezeman sold 54,810 shares of the company’s stock in a transaction that occurred on Monday, April 17th. The shares were sold at an average price of $11.75, for a total value of $644,017.50. Following the completion of the transaction, the director now directly owns 158,950 shares in the company, valued at $1,867,662.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Neil Howie sold 70,089 shares of the business’s stock in a transaction on Tuesday, March 21st. The stock was sold at an average price of $11.50, for a total transaction of $806,023.50. Following the completion of the transaction, the insider now directly owns 90,173 shares in the company, valued at approximately $1,036,989.50. The disclosure for this sale can be found here. Insiders have sold 459,480 shares of company stock valued at $5,340,813 over the last 90 days. 2.10% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue increased its position in Callaway Golf by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 10,440 shares of the company’s stock valued at $115,000 after buying an additional 260 shares during the period. Tudor Investment Corp Et Al acquired a new stake in Callaway Golf during the fourth quarter worth about $149,000. Koch Industries Inc. acquired a new stake in Callaway Golf during the first quarter worth about $162,000. First Citizens Bank & Trust Co. acquired a new stake in Callaway Golf during the first quarter worth about $169,000. Finally, Suntrust Banks Inc. increased its stake in Callaway Golf by 2.5% in the first quarter. Suntrust Banks Inc. now owns 18,036 shares of the company’s stock worth $199,000 after buying an additional 441 shares during the last quarter. 85.85% of the stock is currently owned by hedge funds and other institutional investors.

About Callaway Golf

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 its trademarks and service marks and sales of pre-owned golf clubs.

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