Callaway Golf (ELY) Earns Overweight Rating from Analysts at J P Morgan Chase & Co

J P Morgan Chase & Co assumed coverage on shares of Callaway Golf (NYSE:ELY) in a report published on Thursday morning, Marketbeat Ratings reports. The brokerage issued an overweight rating and a $18.00 price target on the stock.

A number of other research analysts have also commented on ELY. B. Riley reissued a buy rating on shares of Callaway Golf in a report on Wednesday, November 1st. FBR & Co set a $16.00 target price on Callaway Golf and gave the company a buy rating in a research note on Thursday, October 26th. DA Davidson reaffirmed a buy rating and set a $16.00 target price on shares of Callaway Golf in a research note on Wednesday, September 20th. SunTrust Banks raised their target price on Callaway Golf from $16.00 to $17.00 and gave the company a buy rating in a research note on Thursday, October 26th. Finally, Zacks Investment Research raised Callaway Golf from a hold rating to a strong-buy rating and set a $17.00 target price for the company in a research note on Friday, October 27th. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Callaway Golf presently has an average rating of Buy and an average price target of $15.84.

Callaway Golf (ELY) opened at $14.79 on Thursday. The company has a market capitalization of $1,398.19, a price-to-earnings ratio of 29.00, a PEG ratio of 1.92 and a beta of 1.12. Callaway Golf has a fifty-two week low of $9.93 and a fifty-two week high of $15.63.

Callaway Golf (NYSE:ELY) last issued its quarterly earnings results on Wednesday, October 25th. The company reported $0.05 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.09. The company had revenue of $243.60 million for the quarter, compared to analyst estimates of $209.52 million. Callaway Golf had a return on equity of 7.88% and a net margin of 17.97%. The company’s quarterly revenue was up 29.7% compared to the same quarter last year. During the same period last year, the company earned ($0.06) earnings per share. research analysts anticipate that Callaway Golf will post 0.51 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 13th. Investors of record on Wednesday, November 22nd were paid a dividend of $0.01 per share. The ex-dividend date of this dividend was Tuesday, November 21st. This represents a $0.04 annualized dividend and a yield of 0.27%. Callaway Golf’s dividend payout ratio is currently 2.09%.

In related news, Director Anthony S. Thornley sold 7,000 shares of the stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $14.40, for a total value of $100,800.00. Following the completion of the transaction, the director now owns 47,034 shares in the company, valued at approximately $677,289.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Richard H. Arnett sold 8,070 shares of the stock in a transaction on Friday, November 10th. The shares were sold at an average price of $14.01, for a total value of $113,060.70. Following the completion of the transaction, the senior vice president now owns 5,000 shares of the company’s stock, valued at approximately $70,050. The disclosure for this sale can be found here. Insiders have sold 29,850 shares of company stock valued at $437,772 in the last ninety days. Company insiders own 2.59% of the company’s stock.

Several large investors have recently added to or reduced their stakes in ELY. Aperio Group LLC boosted its position in shares of Callaway Golf by 31.8% in the 2nd quarter. Aperio Group LLC now owns 28,946 shares of the company’s stock valued at $370,000 after purchasing an additional 6,976 shares during the period. Municipal Employees Retirement System of Michigan boosted its position in shares of Callaway Golf by 3.0% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 28,790 shares of the company’s stock valued at $368,000 after purchasing an additional 830 shares during the period. Great West Life Assurance Co. Can boosted its position in shares of Callaway Golf by 3.3% in the 2nd quarter. Great West Life Assurance Co. Can now owns 136,548 shares of the company’s stock valued at $1,745,000 after purchasing an additional 4,300 shares during the period. Sei Investments Co. boosted its position in shares of Callaway Golf by 1,168.4% in the 2nd quarter. Sei Investments Co. now owns 131,204 shares of the company’s stock valued at $1,677,000 after purchasing an additional 120,860 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Callaway Golf in the 2nd quarter valued at $1,342,000. Institutional investors and hedge funds own 88.16% of the company’s stock.

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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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