Callaway Golf Co (NYSE:ELY)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $19.35, but opened at $19.28. Callaway Golf shares last traded at $19.13, with a volume of 50,508 shares traded.
Several research analysts recently weighed in on the company. ValuEngine lowered Callaway Golf from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Zacks Investment Research upgraded Callaway Golf from a “hold” rating to a “buy” rating and set a $20.00 price objective for the company in a research report on Friday, July 12th. Stephens upgraded Callaway Golf from an “equal” rating to a “weight” rating and increased their price objective for the stock from $18.00 to $21.50 in a research report on Friday, August 9th. B. Riley set a $30.00 price objective on Callaway Golf and gave the stock a “buy” rating in a research report on Friday, July 19th. Finally, Raymond James upgraded Callaway Golf from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Callaway Golf has a consensus rating of “Buy” and an average price target of $23.05.
The company has a debt-to-equity ratio of 0.80, a current ratio of 1.70 and a quick ratio of 0.92. The business has a 50 day simple moving average of $17.81 and a 200 day simple moving average of $17.04. The company has a market capitalization of $1.75 billion, a price-to-earnings ratio of 18.00, a PEG ratio of 0.70 and a beta of 1.27.
Callaway Golf (NYSE:ELY) last released its quarterly earnings results on Thursday, August 8th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.12. Callaway Golf had a return on equity of 9.95% and a net margin of 4.17%. The company had revenue of $446.71 million for the quarter, compared to analysts’ expectations of $430.12 million. During the same period in the prior year, the firm earned $0.63 earnings per share. The firm’s revenue was up 12.7% compared to the same quarter last year. On average, equities research analysts predict that Callaway Golf Co will post 1.06 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 4th. Shareholders of record on Tuesday, August 13th were paid a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.21%. The ex-dividend date of this dividend was Monday, August 12th. Callaway Golf’s dividend payout ratio (DPR) is 3.74%.
Callaway Golf declared that its board has approved a share repurchase program on Thursday, August 8th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
In other Callaway Golf news, EVP Richard H. Arnett sold 13,137 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $20.00, for a total transaction of $262,740.00. Following the transaction, the executive vice president now directly owns 31,276 shares in the company, valued at $625,520. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.97% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its stake in shares of Callaway Golf by 9.2% in the fourth quarter. Geode Capital Management LLC now owns 943,292 shares of the company’s stock valued at $14,432,000 after acquiring an additional 79,255 shares in the last quarter. Comerica Bank raised its stake in Callaway Golf by 4.9% in the first quarter. Comerica Bank now owns 90,957 shares of the company’s stock valued at $1,504,000 after buying an additional 4,259 shares in the last quarter. Texas Permanent School Fund raised its stake in Callaway Golf by 3.8% in the first quarter. Texas Permanent School Fund now owns 60,315 shares of the company’s stock valued at $961,000 after buying an additional 2,184 shares in the last quarter. Everence Capital Management Inc. acquired a new stake in Callaway Golf in the first quarter valued at $227,000. Finally, Measured Wealth Private Client Group LLC raised its stake in Callaway Golf by 48.2% in the first quarter. Measured Wealth Private Client Group LLC now owns 15,582 shares of the company’s stock valued at $248,000 after buying an additional 5,066 shares in the last quarter. Institutional investors own 95.69% of the company’s stock.
Callaway Golf Company Profile (NYSE:ELY)
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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