Trading Report: The Callaway Golf Co. (ELY) Lowered to “Hold” at Zacks Investment Research

The Callaway Golf Co. (ELY) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research downgraded shares of Callaway Golf Co. (NYSE:ELY) from a buy rating to a hold rating in a research note released on Tuesday morning.

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. “

ELY has been the subject of a number of other reports. Roth Capital set a $13.00 price objective on shares of Callaway Golf and gave the company a buy rating in a research note on Saturday, September 17th. TheStreet upgraded shares of Callaway Golf from a hold rating to a buy rating in a research note on Wednesday, July 27th. Forward View reiterated a buy rating on shares of Callaway Golf in a research note on Sunday, July 24th. Vetr upgraded shares of Callaway Golf from a buy rating to a strong-buy rating and set a $12.50 price objective for the company in a research note on Monday, June 13th. Finally, FBR & Co assumed coverage on shares of Callaway Golf in a research note on Thursday, June 30th. They issued an outperform rating and a $12.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Callaway Golf presently has a consensus rating of Buy and an average price target of $13.29.

Callaway Golf (NYSE:ELY) opened at 11.02 on Tuesday. Callaway Golf has a 12 month low of $8.00 and a 12 month high of $11.90. The firm has a market cap of $1.04 billion, a P/E ratio of 27.90 and a beta of 1.30. The firm’s 50-day moving average price is $11.47 and its 200-day moving average price is $10.40.

Callaway Golf (NYSE:ELY) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.30 by $0.06. Callaway Golf had a net margin of 4.53% and a return on equity of 8.69%. The company earned $245.60 million during the quarter, compared to analyst estimates of $242.49 million. During the same quarter last year, the business posted $0.15 EPS. Callaway Golf’s quarterly revenue was up 6.6% compared to the same quarter last year. On average, equities research analysts expect that Callaway Golf will post $0.44 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, August 25th were issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date of this dividend was Tuesday, August 23rd. Callaway Golf’s dividend payout ratio is currently 10.26%.

Several hedge funds have recently bought and sold shares of the company. Profund Advisors LLC increased its stake in Callaway Golf by 1.3% in the second quarter. Profund Advisors LLC now owns 19,089 shares of the company’s stock worth $195,000 after buying an additional 251 shares in the last quarter. Ngam Advisors L.P. increased its stake in Callaway Golf by 1.1% in the second quarter. Ngam Advisors L.P. now owns 42,393 shares of the company’s stock valued at $433,000 after buying an additional 443 shares in the last quarter. 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 valued at $121,000 after buying an additional 457 shares in the last quarter. Capstone Asset Management Co. increased its stake in Callaway Golf by 1.9% in the second quarter. Capstone Asset Management Co. now owns 25,070 shares of the company’s stock valued at $256,000 after buying an additional 460 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in Callaway Golf by 5.5% in the second quarter. Legal & General Group Plc now owns 13,698 shares of the company’s stock valued at $138,000 after buying an additional 711 shares in the last quarter. 84.34% of the stock is owned by 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 the Company’s trademarks and service marks and sales of pre-owned golf clubs.

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