Callaway Golf (ELY) Shares Gap Down After Analyst Downgrade

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Callaway Golf Co (NYSE:ELY)’s share price gapped down before the market opened on Friday after Imperial Capital lowered their price target on the stock from $25.00 to $22.00. The stock had previously closed at $15.74, but opened at $15.55. Imperial Capital currently has an outperform rating on the stock. Callaway Golf shares last traded at $15.06, with a volume of 90683 shares trading hands.

A number of other equities research analysts have also recently commented on ELY. Jefferies Financial Group reissued a “buy” rating and set a $26.00 target price on shares of Callaway Golf in a research report on Monday, October 29th. ValuEngine cut shares of Callaway Golf from a “buy” rating to a “hold” rating in a research report on Wednesday, November 21st. B. Riley set a $30.00 target price on shares of Callaway Golf and gave the company a “buy” rating in a research report on Sunday, December 2nd. Raymond James reissued a “hold” rating on shares of Callaway Golf in a research report on Wednesday, December 5th. Finally, Roth Capital cut shares of Callaway Golf from a “buy” rating to a “hold” rating and decreased their target price for the company from $24.00 to $17.00 in a research report on Monday, December 17th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $22.17.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Massey Quick Simon & CO. LLC raised its holdings in shares of Callaway Golf by 50.0% in the fourth quarter. Massey Quick Simon & CO. LLC now owns 2,383 shares of the company’s stock worth $36,000 after buying an additional 794 shares during the last quarter. Pearl River Capital LLC purchased a new position in shares of Callaway Golf in the fourth quarter worth $74,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Callaway Golf by 26.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,523 shares of the company’s stock worth $100,000 after buying an additional 1,376 shares during the last quarter. Campbell & CO Investment Adviser LLC purchased a new position in shares of Callaway Golf in the third quarter worth $201,000. Finally, Everence Capital Management Inc. purchased a new position in shares of Callaway Golf in the third quarter worth $211,000. 88.27% of the stock is owned by institutional investors and hedge funds.

The firm has a market capitalization of $1.43 billion, a PE ratio of 14.18, a price-to-earnings-growth ratio of 0.62 and a beta of 1.03. The company has a current ratio of 1.73, a quick ratio of 1.14 and a debt-to-equity ratio of 0.01.

Callaway Golf (NYSE:ELY) last posted its quarterly earnings results on Wednesday, February 6th. The company reported ($0.32) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.32). The business had revenue of $181.00 million during the quarter, compared to analysts’ expectations of $176.35 million. Callaway Golf had a net margin of 8.43% and a return on equity of 14.01%. The business’s quarterly revenue was down 5.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.15) earnings per share. Analysts predict that Callaway Golf Co will post 1.01 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 7th. Shareholders of record on Thursday, February 14th will be issued a $0.01 dividend. The ex-dividend date is Wednesday, February 13th. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.26%. Callaway Golf’s dividend payout ratio is currently 3.74%.

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About Callaway Golf (NYSE:ELY)

Callaway Golf Company, together with its subsidiaries, designs, manufactures, and sells golf clubs, golf balls, golf bags, and other golf-related accessories in the United States and internationally. The company operates through three segments: Golf Clubs; Golf Balls; and Gear, Accessories and Other.

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