Callaway Golf (ELY) Lowered to “Sell” at Zacks Investment Research

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Zacks Investment Research cut shares of Callaway Golf (NYSE:ELY) from a hold rating to a sell rating in a research note issued to investors on Monday, Zacks.com reports.

According to Zacks, “Callaway Golf is renowned for developing innovative products that help golfers hit longer and straighter shots from tee to green; controlled, higher-spinning shots around the green; and smooth, accurate putts. The long list of legendary Callaway products introduced across the past three decades is long, punctuated by the iconic Big Bertha driver and the Great Big Bertha driver, which Golf Digest named the greatest club of all time for its combination of innovation, performance and lasting impact on the golf equipment landscape. Huge number of tournaments, including numerous Major Championships, have been won by Tour pros playing Callaway equipment. Callaway Golf consists of four powerful brands – Callaway, Odyssey, Toulon Design and OGIO – that together offer golfers all over the world everything they need – clubs, balls, bags, apparel, footwear, bags, accessories – to play better and enjoy the game more. “

A number of other brokerages have also issued reports on ELY. Berenberg Bank reissued a buy rating and issued a $24.00 target price on shares of Callaway Golf in a research report on Thursday, February 28th. Roth Capital lowered Callaway Golf from a buy rating to a hold rating and cut their target price for the company from $24.00 to $17.00 in a research report on Monday, December 17th. Stephens began coverage on Callaway Golf in a research report on Tuesday, January 8th. They issued an equal weight rating and a $17.00 target price on the stock. Compass Point raised Callaway Golf from a neutral rating to a buy rating in a research report on Tuesday, December 18th. Finally, ValuEngine raised Callaway Golf from a sell rating to a hold rating in a research report on Wednesday, January 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $22.58.

Shares of NYSE ELY opened at $16.98 on Monday. The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of 15.87, a PEG ratio of 0.67 and a beta of 1.04. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.62 and a current ratio of 1.73. Callaway Golf has a 52-week low of $14.44 and a 52-week high of $24.67.

Callaway Golf (NYSE:ELY) last announced its earnings results on Wednesday, February 6th. The company reported ($0.32) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.32). The company had revenue of $181.00 million for the quarter, compared to analyst estimates of $176.35 million. Callaway Golf had a return on equity of 14.01% and a net margin of 8.43%. The firm’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.15) earnings per share. Analysts predict that Callaway Golf will post 1 earnings per share for the current fiscal year.

In related news, Director Russell L. Fleischer acquired 5,000 shares of the business’s stock in a transaction dated Tuesday, February 12th. The shares were acquired at an average price of $15.50 per share, with a total value of $77,500.00. Following the completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at $77,500. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.97% of the stock is currently owned by corporate insiders.

Several institutional investors have recently bought and sold shares of the company. Massey Quick Simon & CO. LLC grew its stake in shares of Callaway Golf by 50.0% during the fourth quarter. Massey Quick Simon & CO. LLC now owns 2,383 shares of the company’s stock worth $36,000 after purchasing an additional 794 shares in the last quarter. Valeo Financial Advisors LLC acquired a new position in shares of Callaway Golf during the first quarter worth $47,000. Pearl River Capital LLC acquired a new position in shares of Callaway Golf during the fourth quarter worth $74,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Callaway Golf by 26.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,523 shares of the company’s stock worth $100,000 after purchasing an additional 1,376 shares in the last quarter. Finally, Quantamental Technologies LLC acquired a new position in shares of Callaway Golf during the fourth quarter worth $137,000. 91.51% of the stock is currently owned by institutional investors and hedge funds.

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.

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