Jefferies Group LLC Reaffirms “Buy” Rating for Callaway Golf Company (ELY)

Jefferies Group LLC reiterated their buy rating on shares of Callaway Golf Company (NYSE:ELY) in a report released on Thursday. The firm currently has a $18.00 price target on the stock.

Other analysts also recently issued research reports about the stock. Cowen and Company began coverage on shares of Callaway Golf in a report on Wednesday, June 14th. They issued a market perform rating and a $14.00 price target on the stock. Imperial Capital reaffirmed an outperform rating and issued a $16.00 price target (up previously from $14.50) on shares of Callaway Golf in a report on Wednesday, August 9th. Aegis reaffirmed a buy rating on shares of Callaway Golf in a report on Monday, September 4th. Compass Point downgraded shares of Callaway Golf from a buy rating to a neutral rating and upped their price target for the company from $13.60 to $13.75 in a report on Monday, August 7th. Finally, Forward View downgraded shares of Callaway Golf to a hold rating and set a $14.00 price target on the stock. in a report on Saturday, August 5th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The company presently has a consensus rating of Buy and an average price target of $14.98.

Callaway Golf (NYSE:ELY) remained flat at $13.73 during mid-day trading on Thursday. 524,994 shares of the stock were exchanged. Callaway Golf has a one year low of $9.77 and a one year high of $14.12. The company has a market capitalization of $1.30 billion, a PE ratio of 7.59 and a beta of 1.18. The company’s 50-day moving average is $13.11 and its 200-day moving average is $12.22.

Callaway Golf (NYSE:ELY) last announced its quarterly earnings results on Thursday, August 3rd. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.05. Callaway Golf had a net margin of 18.09% and a return on equity of 6.60%. The company had revenue of $304.50 million for the quarter, compared to the consensus estimate of $295.70 million. During the same quarter in the prior year, the firm earned $0.36 earnings per share. The company’s revenue for the quarter was up 24.0% compared to the same quarter last year. Equities analysts forecast that Callaway Golf will post $0.44 earnings per share for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 12th. Investors of record on Tuesday, August 22nd will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.29%. The ex-dividend date of this dividend is Friday, August 18th. Callaway Golf’s payout ratio is 2.20%.

In related news, SVP Alan Hocknell sold 41,051 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $13.75, for a total transaction of $564,451.25. Following the transaction, the senior vice president now owns 73,227 shares of the company’s stock, valued at $1,006,871.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Oliver G. Brewer III sold 131,884 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $13.31, for a total transaction of $1,755,376.04. Following the transaction, the insider now directly owns 291,399 shares in the company, valued at approximately $3,878,520.69. The disclosure for this sale can be found here. Insiders have sold 281,113 shares of company stock worth $3,792,388 in the last three months. Insiders own 2.59% of the company’s stock.

A number of hedge funds have recently modified their holdings of ELY. BlackRock Inc. increased its position in Callaway Golf by 56,247.6% during the first quarter. BlackRock Inc. now owns 11,700,569 shares of the company’s stock worth $129,526,000 after purchasing an additional 11,679,804 shares during the last quarter. Dynamic Technology Lab Private Ltd increased its position in Callaway Golf by 6.3% during the first quarter. Dynamic Technology Lab Private Ltd now owns 37,917 shares of the company’s stock worth $419,000 after purchasing an additional 2,261 shares during the last quarter. Engineers Gate Manager LP acquired a new position in Callaway Golf during the first quarter worth approximately $1,209,000. UBS Group AG increased its position in Callaway Golf by 4.5% during the first quarter. UBS Group AG now owns 265,077 shares of the company’s stock worth $2,934,000 after purchasing an additional 11,350 shares during the last quarter. Finally, Kennedy Capital Management Inc. increased its position in Callaway Golf by 161.1% during the first quarter. Kennedy Capital Management Inc. now owns 973,299 shares of the company’s stock worth $10,774,000 after purchasing an additional 600,557 shares during the last quarter. 87.63% of the stock is owned by hedge funds and other institutional investors.

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

Analyst Recommendations for Callaway Golf (NYSE:ELY)

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