AllianceBernstein LP recently announced the acquisition of new stake in Callaway Golf Company (NYSE:ELY). The institutional investor has increased its shareholding in the Consumer Cyclical company by 30.45% to 6.9 million shares with purchase of 1.61 million shares. This fresh investment now brings its stake to 7.33% valued currently at $131.36 million. In addition, Dimensional Fund Advisors LP raised its holdings by 0.13 million to 6.04 million shares.
With over 1.54 million Callaway Golf Company (ELY) shares trading Tuesday and a closing price of $19.57 on the day, the dollar volume was approximately $30.17 million. The shares have shown a positive weekly performance of 4.65% and its price on 08/25/20 gained nearly 2.62%. Currently, there are 94.14M common shares owned by the public and among those 92.26M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 10 analysts who have offered their price forecasts for ELY have a consensus price objective of $22.90. The analysts have set the share’s price value over the next 12 months at a high of $25.00 and a low of $20.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Callaway Golf Company stock is 1.90 for the next 12 months. The average price target is 14.54% above its last price level and an upside to the estimated low will see the stock gain 2.15% over that period. But an upside of 21.72% will see the stock hit the forecast high price target while mean target price for the stock is $23.00.
Insiders at the company have transacted a total of 53 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 31 of these insider trades were purchases, accounting for 680,963 shares. Insider sales of the common stock occurred on 22 occasions, with total insider shares sold totaling 350,202 shares.
The top 3 mutual fund holders in Callaway Golf Company are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market Index, and AB Discovery Value Fund. iShares Core S&P Small Cap ETF owns 5.87 million shares of the company’s stock, all valued at over $111.9 million. The company bought an additional 36932.0 shares recently to bring their total holdings to about 6.24% of the shares outstanding. Vanguard Total Stock Market Index sold 2406.0 shares to see its total holdings shrink to 2.67 million shares valued at over $50.83 million and representing 2.84% of the shares outstanding. AB Discovery Value Fund sold 72320.0 shares to bring its total holdings to over 1.93 million shares at a value of $36.85 million. AB Discovery Value Fund now owns shares totaling to 2.06% of the shares outstanding.
Shares of Callaway Golf Company (NYSE: ELY) opened at $19.21, up $0.14 from a prior closing price of $19.07. However, the script later closed the day at $19.57, up 2.62%. The company’s stock has a 5-day price change of 4.65% and 21.63% over the past three months. ELY shares are trading -7.69% year to date (YTD), with the 12-month market performance up to 15.80% higher. It has a 12-month low price of $4.75 and touched a high of $22.33 over the same period. Currently, 1.54 million shares have been traded, compared to an average intraday trading volume of 1.82 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.81%, 9.30%, and 14.95% respectively.
Institutional ownership of Callaway Golf Company (NYSE: ELY) 94.14M shares outstanding. Mutual fund holders own 50.70%, while other institutional holders and individual stakeholders account for 52.52% and 3.07% respectively.
It has a market capitalization of $1.84B and a beta (3y monthly) value of 2.00. The earnings-per-share (ttm) stands at -$1.47. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.29% over the week and 3.86% over the month.
Analysts forecast that Callaway Golf Company (ELY) will achieve an EPS of $0.26 for the current quarter, -$0.21 for the next quarter and $0.91 for 2021. The lowest estimate earnings-per-share for the quarter is $0.21 while analysts give the company a high EPS estimate of $0.37. Comparatively, EPS for the current quarter was $0.36 a year ago. Earnings per share for the fiscal year are expected to decrease by -23.50%, and 109.47% over the next financial year. EPS should shrink at an annualized rate of 30.90% over the next five years, compared to 32.20% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Callaway Golf Company (ELY) as a “Strong Buy” at a consensus score of 1.90. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 1 of the 10 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ELY, a number of firms have released research notes about the stock. Compass Point stated their Neutral rating for the stock in a research note on August 07, 2020, with the firm’s price target at $20. Cowen coverage for the Callaway Golf Company (ELY) stock in a research note released on March 24, 2020 offered a Outperform rating with a price target of $10. ROTH Capital was of a view on March 05, 2020 that the stock is Buy, while Imperial Capital gave the stock Outperform rating on January 29, 2020, issuing a price target of $22- $26. Raymond James on their part issued Outperform rating on September 11, 2019.