Zacks Investment Research downgraded shares of Callaway Golf (NYSE:ELY) from a buy rating to a hold rating in a report released on Tuesday.
According to Zacks, “Callaway Golf is renowned for developing innovative products that help golfers hit longer and straighter shots from tee to green; controlled, higher-spinning shots around the green; and smooth, accurate putts. The long list of legendary Callaway products introduced across the past three decades is long, punctuated by the iconic Big Bertha driver and the Great Big Bertha driver, which Golf Digest named the greatest club of all time for its combination of innovation, performance and lasting impact on the golf equipment landscape. Huge number of tournaments, including numerous Major Championships, have been won by Tour pros playing Callaway equipment. Callaway Golf consists of four powerful brands – Callaway, Odyssey, Toulon Design and OGIO – that together offer golfers all over the world everything they need – clubs, balls, bags, apparel, footwear, bags, accessories – to play better and enjoy the game more. “
Other equities research analysts have also issued reports about the company. Jefferies Financial Group restated a buy rating and issued a $26.00 price objective on shares of Callaway Golf in a research note on Monday, October 29th. B. Riley set a $30.00 price objective on Callaway Golf and gave the stock a buy rating in a research note on Sunday, December 2nd. Compass Point upgraded Callaway Golf from a neutral rating to a buy rating in a research note on Tuesday, December 18th. JPMorgan Chase & Co. restated a buy rating and issued a $27.00 price objective on shares of Callaway Golf in a research note on Thursday, September 27th. Finally, Roth Capital lowered Callaway Golf from a buy rating to a hold rating and reduced their price objective for the stock from $24.00 to $17.00 in a research note on Monday, December 17th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Callaway Golf currently has an average rating of Hold and a consensus target price of $22.91.
NYSE:ELY opened at $15.28 on Tuesday. The company has a quick ratio of 1.14, a current ratio of 2.28 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $1.44 billion, a PE ratio of 28.83, a P/E/G ratio of 0.58 and a beta of 1.03. Callaway Golf has a one year low of $13.49 and a one year high of $24.67.
Callaway Golf (NYSE:ELY) last posted its quarterly earnings data on Wednesday, October 24th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.01 by $0.09. The firm had revenue of $262.65 million during the quarter, compared to analyst estimates of $250.83 million. Callaway Golf had a return on equity of 16.48% and a net margin of 9.08%. Sell-side analysts expect that Callaway Golf will post 1.05 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 12th. Shareholders of record on Wednesday, November 21st were paid a $0.01 dividend. The ex-dividend date was Tuesday, November 20th. This represents a $0.04 dividend on an annualized basis and a yield of 0.26%. Callaway Golf’s payout ratio is presently 7.55%.
A number of hedge funds have recently modified their holdings of the business. MetLife Investment Advisors LLC increased its stake in Callaway Golf by 7.8% in the 2nd quarter. MetLife Investment Advisors LLC now owns 43,200 shares of the company’s stock worth $820,000 after buying an additional 3,144 shares in the last quarter. Riverhead Capital Management LLC boosted its holdings in shares of Callaway Golf by 30.8% during the 3rd quarter. Riverhead Capital Management LLC now owns 14,456 shares of the company’s stock valued at $351,000 after purchasing an additional 3,400 shares during the last quarter. Systematic Financial Management LP boosted its holdings in shares of Callaway Golf by 10.7% during the 3rd quarter. Systematic Financial Management LP now owns 37,755 shares of the company’s stock valued at $917,000 after purchasing an additional 3,635 shares during the last quarter. Paloma Partners Management Co boosted its holdings in shares of Callaway Golf by 35.4% during the 2nd quarter. Paloma Partners Management Co now owns 14,738 shares of the company’s stock valued at $280,000 after purchasing an additional 3,855 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Callaway Golf by 0.3% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,611,484 shares of the company’s stock valued at $39,143,000 after purchasing an additional 4,130 shares during the last quarter. Institutional investors and hedge funds own 88.87% of the company’s stock.
About Callaway Golf
Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs, golf balls, golf bags, and other golf-related accessories in the United States and internationally. The company operates through three segments: Golf Clubs; Golf Balls; and Gear, Accessories and Other.
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