$1.10 billion in sales expected for Callaway Golf (NYSE:ELY) this quarter
Analysts predict Callaway Golf (NYSE:ELY – Get Rating) will report $1.10 billion in sales for the current fiscal quarter, Zacks reports. Seven analysts made Callaway Golf earnings estimates. The highest sales estimate is $1.11 billion and the lowest is $1.09 billion. Callaway Golf recorded sales of $913.64 million in the same quarter last year, which would indicate a positive growth rate of 20.4% year over year. The company is due to announce its next earnings report on Monday, January 1.
According to Zacks, analysts expect Callaway Golf to report annual sales of $3.95 billion for the current fiscal year, with estimates ranging from $3.94 billion to $3.97 billion. For the next fiscal year, analysts expect the company to report sales of $4.31 billion, with estimates ranging from $4.24 billion to $4.46 billion. Zacks sales averages are an average average based on a survey of research analysts who cover Callaway Golf.
Callaway Golf (NYSE:ELY – Get Rating) last released its results on Tuesday, May 10. The company reported EPS of $0.36 for the quarter, beating analyst consensus estimates of $0.24 by $0.12. The company posted revenue of $1.04 billion in the quarter, versus $1.02 billion expected by analysts. Callaway Golf had a net margin of 3.87% and a return on equity of 3.56%. The company’s quarterly revenue increased 59.6% year over year. In the same quarter of the previous year, the company had earned earnings per share of $0.62.
A number of stock analysts have recently commented on the company. KeyCorp reduced its price target on Callaway Golf from $40.00 to $30.00 in a Thursday, May 12 research report. Truist Financial lowered its price target on Callaway Golf from $42.00 to $36.00 and set a “buy” rating for the company in a research note on Monday, April 11. Raymond James lowered his price target on Callaway Golf from $40.00 to $35.00 and set an “outperform” rating for the company in a Friday, Feb. 11 research note. Berenberg Bank reissued a “buy” rating and set a target price of $34.00 on Callaway Golf shares in a research note on Friday. Finally, Zacks Investment Research upgraded Callaway Golf from a “sell” rating to a “hold” rating in a Monday, February 14 research report. One research analyst rated the stock with a sell rating, two assigned a hold rating and eight assigned the company a buy rating. According to data from MarketBeat.com, Callaway Golf currently has an average rating of “Buy” and an average target price of $38.18.
In other Callaway Golf news, Director Erik J. Anderson sold 9,992 shares of the company in a trade on Monday, May 16. The shares were sold at an average price of $20.81, for a total transaction of $207,933.52. As a result of the sale, the administrator now directly owns 651,821 shares of the company, valued at approximately $13,564,395.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. 13.46% of the shares are currently held by insiders.
Major investors have recently increased or reduced their stake in the company. Victory Capital Management Inc. increased its stake in Callaway Golf shares by 1.0% during the 4th quarter. Victory Capital Management Inc. now owns 321,195 shares of the company worth $8,814,000 after buying 3,028 additional shares in the last quarter. Assenagon Asset Management SA increased its stake in Callaway Golf by 52.5% in the 4th quarter. Assenagon Asset Management SA now owns 140,114 shares of the company valued at $3,845,000 after purchasing an additional 48,213 shares in the last quarter. Segall Bryant & Hamill LLC increased its stake in Callaway Golf by 19.9% in the third quarter. Segall Bryant & Hamill LLC now owns 296,942 shares of the company valued at $8,204,000 after purchasing an additional 49,235 shares in the last quarter. Retirement Systems of Alabama increased its stake in Callaway Golf by 1.2% in the fourth quarter. Retirement Systems of Alabama now owns 153,456 shares of the company valued at $4,211,000 after purchasing an additional 1,782 shares in the last quarter. Finally, HBK Investments LP acquired a new position in Callaway Golf in Q3 valued at approximately $276,000. 87.20% of the shares are held by institutional investors and hedge funds.
ELY stock opened at $21.99 on Friday. The stock has a market capitalization of $4.06 billion, a P/E ratio of 32.34, a P/E/G ratio of 1.50 and a beta of 1.84. The company has a 50-day simple moving average of $22.04 and a 200-day simple moving average of $24.42. Callaway Golf has a 52-week minimum of $17.78 and a 52-week maximum of $37.75. The company has a quick ratio of 0.74, a current ratio of 1.21 and a debt ratio of 0.29.
Callaway Golf Company Profile (Get a rating)
Callaway Golf Company, together with its subsidiaries, designs, manufactures and sells golf equipment, golf and lifestyle apparel and other accessories. It operates through three segments: Topgolf; golf equipment; and clothing, equipment and others. The Topgolf segment operates Topgolf venues equipped with technology hitting bays, multiple bars, dining and event spaces, as well as Toptracer ball flight tracking technology used by independent driving ranges and the broadcast television; and the digital golf game World Golf Tour.
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