Callaway Golf Co (NYSE:ELY) – Analysts at Jefferies Financial Group lowered their Q4 2019 earnings per share (EPS) estimates for Callaway Golf in a research report issued to clients and investors on Thursday, October 31st. Jefferies Financial Group analyst R. Konik now forecasts that the company will post earnings per share of ($0.22) for the quarter, down from their previous forecast of ($0.12).
Callaway Golf (NYSE:ELY) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.36 EPS for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.13. The business had revenue of $426.00 million during the quarter, compared to the consensus estimate of $420.43 million. Callaway Golf had a return on equity of 13.17% and a net margin of 5.10%. The company’s revenue for the quarter was up 62.2% compared to the same quarter last year. During the same period last year, the firm earned $0.10 earnings per share.
A number of other equities analysts also recently commented on the company. B. Riley set a $30.00 target price on Callaway Golf and gave the company a “buy” rating in a research note on Wednesday, October 9th. Zacks Investment Research downgraded Callaway Golf from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Raymond James upgraded Callaway Golf from a “market perform” rating to an “outperform” rating and set a $21.00 target price for the company in a research note on Wednesday, September 11th. ValuEngine downgraded Callaway Golf from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Finally, Compass Point set a $21.50 price objective on Callaway Golf and gave the stock a “buy” rating in a research report on Friday. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $22.78.
Shares of ELY stock opened at $19.78 on Monday. The company has a quick ratio of 0.92, a current ratio of 1.79 and a debt-to-equity ratio of 0.74. The business has a 50 day moving average of $19.81 and a two-hundred day moving average of $17.84. Callaway Golf has a 52 week low of $14.44 and a 52 week high of $22.69. The company has a market cap of $1.90 billion, a P/E ratio of 18.49, a PEG ratio of 0.73 and a beta of 1.25.
Several hedge funds and other institutional investors have recently modified their holdings of ELY. We Are One Seven LLC grew its holdings in Callaway Golf by 2.8% during the 3rd quarter. We Are One Seven LLC now owns 19,451 shares of the company’s stock worth $378,000 after acquiring an additional 523 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in shares of Callaway Golf by 1.7% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 35,004 shares of the company’s stock worth $601,000 after buying an additional 600 shares during the period. Meadow Creek Investment Management LLC raised its position in shares of Callaway Golf by 8.7% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 9,968 shares of the company’s stock worth $171,000 after buying an additional 800 shares during the period. First Mercantile Trust Co. raised its position in shares of Callaway Golf by 13.9% in the 3rd quarter. First Mercantile Trust Co. now owns 6,835 shares of the company’s stock worth $133,000 after buying an additional 833 shares during the period. Finally, Augustine Asset Management Inc. raised its position in shares of Callaway Golf by 0.9% in the 2nd quarter. Augustine Asset Management Inc. now owns 100,126 shares of the company’s stock worth $1,718,000 after buying an additional 916 shares during the period. Institutional investors and hedge funds own 94.57% of the company’s stock.
In other news, EVP Richard H. Arnett sold 13,137 shares of the business’s 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 completion of the transaction, the executive vice president now directly owns 31,276 shares in the company, valued at $625,520. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.97% of the company’s stock.
Callaway Golf declared that its Board of Directors has authorized a stock repurchase program on Thursday, August 8th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 5.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
About Callaway Golf
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.
