Callaway Golf Co (NYSE:ELY) – B. Riley upped their FY2019 earnings estimates for Callaway Golf in a note issued to investors on Monday, October 21st. B. Riley analyst S. Anderson now anticipates that the company will post earnings of $1.07 per share for the year, up from their prior forecast of $1.03. B. Riley has a “Buy” rating and a $30.00 price target on the stock. B. Riley also issued estimates for Callaway Golf’s FY2020 earnings at $1.19 EPS.
A number of other analysts have also issued reports on the company. Compass Point set a $21.00 price target on Callaway Golf and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Stephens raised Callaway Golf from an “equal” rating to a “weight” rating and lifted their price target for the stock from $18.00 to $21.50 in a research note on Friday, August 9th. ValuEngine lowered Callaway Golf from a “buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Zacks Investment Research lowered Callaway Golf from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Raymond James raised Callaway Golf from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research note on Wednesday, September 11th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Callaway Golf presently has a consensus rating of “Buy” and an average price target of $23.05.
Callaway Golf (NYSE:ELY) last issued its quarterly earnings results on Thursday, August 8th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.25 by $0.12. The firm had revenue of $446.71 million for the quarter, compared to analyst estimates of $430.12 million. Callaway Golf had a return on equity of 9.95% and a net margin of 4.17%. The business’s revenue was up 12.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.63 earnings per share.
A number of institutional investors have recently made changes to their positions in ELY. We Are One Seven LLC raised its position in Callaway Golf by 2.8% in the third quarter. We Are One Seven LLC now owns 19,451 shares of the company’s stock valued at $378,000 after purchasing an additional 523 shares during the period. Oregon Public Employees Retirement Fund raised its position in Callaway Golf by 1.7% in the second quarter. Oregon Public Employees Retirement Fund now owns 35,004 shares of the company’s stock valued at $601,000 after purchasing an additional 600 shares during the period. Meadow Creek Investment Management LLC raised its position in Callaway Golf by 8.7% in the second quarter. Meadow Creek Investment Management LLC now owns 9,968 shares of the company’s stock valued at $171,000 after purchasing an additional 800 shares during the period. Augustine Asset Management Inc. raised its position in Callaway Golf by 0.9% in the second quarter. Augustine Asset Management Inc. now owns 100,126 shares of the company’s stock valued at $1,718,000 after purchasing an additional 916 shares during the period. Finally, Arabesque Asset Management Ltd raised its position in Callaway Golf by 1.8% in the second quarter. Arabesque Asset Management Ltd now owns 56,152 shares of the company’s stock valued at $964,000 after purchasing an additional 969 shares during the period. Hedge funds and other institutional investors own 94.67% of the company’s stock.
In related news, EVP Richard H. Arnett sold 13,137 shares of Callaway Golf stock in a transaction that occurred 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 owns 31,276 shares in the company, valued at $625,520. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.97% of the company’s stock.
Callaway Golf announced that its board has approved a share buyback plan on Thursday, August 8th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 5.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
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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