Callaway Golf (NYSE:ELY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $18.00 price objective on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 16.43% from the stock’s current price.
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. “
ELY has been the subject of a number of other reports. Roth Capital set a $17.00 target price on Callaway Golf and gave the company a “buy” rating in a research report on Monday, February 5th. FBR & Co set a $16.00 target price on Callaway Golf and gave the company a “buy” rating in a research report on Thursday, October 26th. Compass Point raised Callaway Golf from a “sell” rating to a “neutral” rating and lifted their target price for the company from $13.50 to $14.59 in a research report on Wednesday, February 7th. KeyCorp lifted their target price on Callaway Golf from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Thursday, January 25th. Finally, B. Riley reaffirmed a “buy” rating on shares of Callaway Golf in a research report on Wednesday, November 1st. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $16.61.
Callaway Golf (NYSE:ELY) last issued its earnings results on Wednesday, February 7th. The company reported ($0.15) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.02. The business had revenue of $192.00 million during the quarter, compared to analyst estimates of $184.74 million. Callaway Golf had a return on equity of 7.85% and a net margin of 3.89%. Callaway Golf’s revenue was up 17.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.09) EPS. research analysts expect that Callaway Golf will post 0.69 EPS for the current year.
In other news, insider Neil Howie sold 68,824 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $15.76, for a total value of $1,084,666.24. Following the completion of the transaction, the insider now directly owns 133,001 shares of the company’s stock, valued at approximately $2,096,095.76. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Alex Mitchell Boezeman sold 16,738 shares of the business’s stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $15.31, for a total value of $256,258.78. Following the completion of the transaction, the insider now directly owns 120,873 shares of the company’s stock, valued at $1,850,565.63. The disclosure for this sale can be found here. Over the last three months, insiders sold 146,311 shares of company stock valued at $2,268,043. Corporate insiders own 2.59% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ELY. UBS Asset Management Americas Inc. raised its position in shares of Callaway Golf by 10.7% in the 2nd quarter. UBS Asset Management Americas Inc. now owns 35,892 shares of the company’s stock worth $459,000 after acquiring an additional 3,471 shares in the last quarter. Parametric Portfolio Associates LLC raised its position in shares of Callaway Golf by 12.4% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 245,594 shares of the company’s stock worth $3,139,000 after acquiring an additional 27,062 shares in the last quarter. Voya Investment Management LLC grew its stake in Callaway Golf by 16.0% during the 2nd quarter. Voya Investment Management LLC now owns 44,233 shares of the company’s stock worth $565,000 after buying an additional 6,107 shares during the last quarter. Cornerstone Capital Management Holdings LLC. purchased a new position in Callaway Golf during the 2nd quarter worth $194,000. Finally, State Street Corp grew its stake in Callaway Golf by 2.8% during the 2nd quarter. State Street Corp now owns 2,215,678 shares of the company’s stock worth $28,317,000 after buying an additional 59,853 shares during the last quarter. 88.49% of the stock is owned by hedge funds and other institutional investors.
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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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