Callaway Golf is expected to post earnings of $0.43 per share in the second quarter of 2022 (NYSE:ELY)
Callaway Golf (NYSE:ELY – Get Rating) – Investment analysts B. Riley cut their second quarter 2022 earnings per share (EPS) estimates for Callaway Golf in a report released Friday, July 15. B. Riley analyst S. Anderson now expects the company to earn $0.43 per share for the quarter, down from its previous forecast of $0.44. The consensus estimate for Callaway Golf’s current annual earnings is $0.79 per share. B. Riley also released estimates for Callaway Golf Q3 2022 earnings at $0.26 EPS, fiscal year 2022 earnings at $0.83 EPS and fiscal year 2023 earnings at $1.12 EPS.
Several other equity research analysts also commented on ELY. KeyCorp lowered its price target on Callaway Golf from $40.00 to $30.00 in a Thursday, May 12 research report. Roth Capital reiterated a “buy” rating on Callaway Golf shares in a Wednesday, April 27 research report. StockNews.com downgraded Callaway Golf from a “hold” rating to a “sell” rating in a Thursday, May 19 research report. Truist Financial lowered its price target on Callaway Golf from $42.00 to $36.00 and set a “buy” rating on the stock in a research report on Monday, April 11. Finally, Berenberg Bank reworded a “buy” rating and issued a $34.00 price target on Callaway Golf shares in a research report on Friday, May 27. One research analyst rated the stock with a sell rating, one gave the company a hold rating and eight gave the company a buy rating. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $38.70.
Callaway Golf Price Performance
NYSE ELY shares opened at $21.26 on Monday. The company has a quick ratio of 0.74, a current ratio of 1.21 and a debt ratio of 0.29. Callaway Golf has a 52-week minimum of $17.78 and a 52-week maximum of $34.24. The company’s 50-day moving average price is $20.88 and its 200-day moving average price is $22.76. The company has a market capitalization of $3.93 billion, a P/E ratio of 31.26, a P/E/G ratio of 1.34 and a beta of 1.78.
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 consensus analyst estimates of $0.24 by $0.12. The company posted revenue of $1.04 billion for the quarter, versus analyst estimates of $1.02 billion. Callaway Golf achieved a return on equity of 3.56% and a net margin of 3.87%. Callaway Golf revenue for the quarter increased 59.6% year over year. In the same quarter of the previous year, the company had earned earnings per share of $0.62.
Insider Trading at Callaway Golf
Separately, director Erik J. Anderson sold 9,992 shares in a trade on Monday, May 16. The stock was sold at an average price of $20.81, for a total value of $207,933.52. Following completion of the transaction, the administrator now directly owns 651,821 shares of the company, valued at approximately $13,564,395.01. The transaction was disclosed in a filing with the SEC, accessible via the SEC’s website. Company insiders hold 13.46% of the company’s shares.
Institutional entries and exits
Several hedge funds have recently increased or reduced their stakes in the company. Parkside Financial Bank & Trust increased its stake in Callaway Golf by 16.8% in the second quarter. Parkside Financial Bank & Trust now owns 3,609 shares of the company valued at $73,000 after buying an additional 519 shares in the last quarter. Carnegie Capital Asset Management LLC increased its stake in Callaway Golf by 54.7% in the second quarter. Carnegie Capital Asset Management LLC now owns 325,470 shares of the company valued at $10,978,000 after purchasing an additional 115,100 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Callaway Golf by 6.4% in Q2. Cambridge Investment Research Advisors Inc. now owns 10,033 shares of the company valued at $205,000 after buying 607 additional shares in the last quarter. Nkcfo LLC acquired a new position in Callaway Golf in Q2 worth $82,000. Finally, Bank of America Corp DE increased its stake in Callaway Golf shares by 12.1% in the 1st quarter. Bank of America Corp DE now owns 1,620,092 shares of the company worth $37,942,000 after acquiring an additional 174,238 shares in the last quarter. 87.20% of the shares are held by institutional investors and hedge funds.
About Callaway Golf
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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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