ValuEngine Upgrades Callaway Golf (NYSE:ELY) to “Buy”

Callaway Golf (NYSE:ELY) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Friday, ValuEngine reports.

ELY has been the topic of several other research reports. Zacks Investment Research lowered shares of German American Bancorp. from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Berenberg Bank restated a “buy” rating and issued a $24.00 price target on shares of Callaway Golf in a research note on Sunday, May 12th. Finally, Roth Capital set a $75.00 price objective on shares of First Solar and gave the company a “buy” rating in a report on Thursday, June 13th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $23.09.

Shares of NYSE:ELY traded up $0.41 during trading hours on Friday, hitting $18.42. The stock had a trading volume of 1,562,885 shares, compared to its average volume of 1,283,761. The firm has a fifty day moving average price of $16.81. Callaway Golf has a 1-year low of $14.44 and a 1-year high of $24.67. The firm has a market capitalization of $1.67 billion, a price-to-earnings ratio of 17.21, a price-to-earnings-growth ratio of 0.68 and a beta of 1.26. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.59 and a quick ratio of 0.85.

Callaway Golf (NYSE:ELY) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.49 by $0.14. Callaway Golf had a net margin of 6.68% and a return on equity of 13.42%. The company had revenue of $516.20 million for the quarter, compared to analyst estimates of $504.07 million. During the same quarter last year, the business earned $0.65 earnings per share. Callaway Golf’s revenue was up 28.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Callaway Golf will post 1.04 EPS for the current fiscal year.

In other Callaway Golf news, Director Russell L. Fleischer bought 5,000 shares of Callaway Golf stock in a transaction that occurred on Thursday, May 23rd. The stock was purchased at an average cost of $14.75 per share, for a total transaction of $73,750.00. Following the completion of the acquisition, the director now owns 15,859 shares of the company’s stock, valued at approximately $233,920.25. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Brian P. Lynch bought 6,575 shares of Callaway Golf stock in a transaction that occurred on Monday, May 20th. The shares were acquired at an average price of $15.13 per share, with a total value of $99,479.75. Following the completion of the acquisition, the chief financial officer now directly owns 31,967 shares of the company’s stock, valued at approximately $483,660.71. The disclosure for this purchase can be found here. Insiders bought 21,575 shares of company stock valued at $324,630 over the last quarter. Insiders own 1.97% of the company’s stock.

A number of large investors have recently modified their holdings of ELY. California Public Employees Retirement System boosted its holdings in Callaway Golf by 11.4% during the 4th quarter. California Public Employees Retirement System now owns 68,419 shares of the company’s stock valued at $1,047,000 after acquiring an additional 7,011 shares during the period. BlackRock Inc. raised its position in Callaway Golf by 0.6% during the 4th quarter. BlackRock Inc. now owns 13,292,414 shares of the company’s stock valued at $203,375,000 after purchasing an additional 80,255 shares in the last quarter. Texas Permanent School Fund raised its position in Callaway Golf by 4.1% during the 4th quarter. Texas Permanent School Fund now owns 58,131 shares of the company’s stock valued at $889,000 after purchasing an additional 2,274 shares in the last quarter. Raymond James & Associates raised its position in Callaway Golf by 13.8% during the 4th quarter. Raymond James & Associates now owns 11,046 shares of the company’s stock valued at $169,000 after purchasing an additional 1,343 shares in the last quarter. Finally, Advisor Group Inc. raised its position in Callaway Golf by 155.7% during the 4th quarter. Advisor Group Inc. now owns 9,112 shares of the company’s stock valued at $141,000 after purchasing an additional 5,548 shares in the last quarter. Hedge funds and other institutional investors own 89.33% of the company’s stock.

Callaway Golf Company Profile

Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs, golf balls, golf bags, and other golf-related accessories. The company operates through three segments: Golf Clubs; Golf Balls; and Gear, Accessories and Other. The Golf Clubs segment provides golf drivers and fairway woods, hybrids, irons and wedges, putters, packaged sets, and pre-owned golf clubs.

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Analyst Recommendations for Callaway Golf (NYSE:ELY)

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