Callaway Golf Co (NYSE:ELY) Expected to Announce Earnings of $0.23 Per Share

Wall Street brokerages expect Callaway Golf Co (NYSE:ELY) to announce $0.23 earnings per share (EPS) for the current quarter, according to Zacks. Eight analysts have made estimates for Callaway Golf’s earnings, with estimates ranging from $0.21 to $0.26. Callaway Golf posted earnings per share of $0.10 during the same quarter last year, which indicates a positive year-over-year growth rate of 130%. The company is expected to report its next quarterly earnings results after the market closes on Thursday, October 24th.

According to Zacks, analysts expect that Callaway Golf will report full year earnings of $1.08 per share for the current financial year, with EPS estimates ranging from $1.05 to $1.10. For the next financial year, analysts expect that the business will report earnings of $1.22 per share, with EPS estimates ranging from $1.12 to $1.35. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of analysts that follow Callaway Golf.

Callaway Golf (NYSE:ELY) last announced its quarterly earnings results on Thursday, August 8th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.25 by $0.12. The company had revenue of $446.71 million for the quarter, compared to the consensus estimate of $430.12 million. Callaway Golf had a return on equity of 9.95% and a net margin of 4.17%. The company’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.63 earnings per share.

Several equities research analysts have recently issued reports on ELY shares. Compass Point set a $21.00 price objective on shares of Callaway Golf and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Raymond James upgraded shares of Callaway Golf from a “market perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a research note on Wednesday, September 11th. Stephens upgraded shares of Callaway Golf from an “equal” rating to a “weight” rating and raised their price objective for the stock from $18.00 to $21.50 in a research note on Friday, August 9th. B. Riley set a $30.00 price objective on shares of Callaway Golf and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Finally, Zacks Investment Research downgraded shares of Callaway Golf from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Callaway Golf presently has a consensus rating of “Buy” and an average price target of $23.05.

In other Callaway Golf news, EVP Richard H. Arnett sold 13,137 shares of Callaway Golf stock in a transaction on Friday, August 9th. The shares were sold at an average price of $20.00, for a total transaction of $262,740.00. Following the sale, the executive vice president now owns 31,276 shares in the company, valued at $625,520. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.97% of the stock is owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. FNY Investment Advisers LLC acquired a new stake in Callaway Golf during the second quarter worth $34,000. Nisa Investment Advisors LLC acquired a new stake in Callaway Golf during the second quarter worth $34,000. NEXT Financial Group Inc acquired a new stake in Callaway Golf during the third quarter worth $49,000. Massey Quick Simon & CO. LLC acquired a new stake in Callaway Golf during the third quarter worth $60,000. Finally, First Mercantile Trust Co. acquired a new stake in Callaway Golf during the second quarter worth $103,000. Hedge funds and other institutional investors own 94.67% of the company’s stock.

Shares of Callaway Golf stock opened at $20.90 on Tuesday. The company’s fifty day simple moving average is $19.38 and its 200-day simple moving average is $17.68. The company has a market cap of $1.99 billion, a price-to-earnings ratio of 19.53, a PEG ratio of 0.78 and a beta of 1.26. The company has a current ratio of 1.70, a quick ratio of 0.92 and a debt-to-equity ratio of 0.80. Callaway Golf has a 1 year low of $14.44 and a 1 year high of $22.81.

Callaway Golf announced that its board has authorized a share buyback program on Thursday, August 8th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 5.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are 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.

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Earnings History and Estimates for Callaway Golf (NYSE:ELY)

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