Topgolf Callaway Brands Corp. (NYSE:MODG) Director Acquires $294,355.38 in Stock

Topgolf Callaway Brands Corp. (NYSE:MODG) Director Adebayo O. Ogunlesi bought 38,782 shares of the company’s stock in a transaction on Tuesday, June 10th. The shares were acquired at an average price of $7.59 per share, with a total value of $294,355.38. Following the transaction, the director now directly owns 845,284 shares of the company’s stock, valued at approximately $6,415,705.56. This trade represents a 4.81% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Topgolf Callaway Brands Stock Performance

Shares of MODG stock opened at $7.82 on Thursday. The business’s fifty day simple moving average is $6.55 and its 200-day simple moving average is $7.19. The company has a market cap of $1.44 billion, a PE ratio of -97.68 and a beta of 1.21. The company has a current ratio of 1.93, a quick ratio of 1.14 and a debt-to-equity ratio of 0.37. Topgolf Callaway Brands Corp. has a 12-month low of $5.42 and a 12-month high of $16.89.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings results on Monday, May 12th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.15. The business had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The business’s quarterly revenue was down 4.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.08 earnings per share. Analysts expect that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MODG. Roth Mkm restated a “buy” rating and set a $11.00 target price (down previously from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. Truist Financial lowered their price target on Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating for the company in a report on Monday, April 14th. Wall Street Zen lowered Topgolf Callaway Brands from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. JPMorgan Chase & Co. lowered their price target on Topgolf Callaway Brands from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Tuesday, May 27th. Finally, B. Riley began coverage on Topgolf Callaway Brands in a report on Friday, May 16th. They issued a “neutral” rating and a $7.00 price target for the company. Three research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Topgolf Callaway Brands currently has a consensus rating of “Hold” and an average price target of $10.30.

Hedge Funds Weigh In On Topgolf Callaway Brands

A number of large investors have recently made changes to their positions in the business. Asset Planning Inc purchased a new stake in shares of Topgolf Callaway Brands during the fourth quarter valued at $33,000. Sterling Capital Management LLC grew its holdings in shares of Topgolf Callaway Brands by 821.5% during the fourth quarter. Sterling Capital Management LLC now owns 4,543 shares of the company’s stock valued at $36,000 after buying an additional 4,050 shares during the last quarter. KBC Group NV grew its holdings in shares of Topgolf Callaway Brands by 81.8% during the fourth quarter. KBC Group NV now owns 8,330 shares of the company’s stock valued at $65,000 after buying an additional 3,749 shares during the last quarter. Covestor Ltd grew its holdings in shares of Topgolf Callaway Brands by 147.2% during the fourth quarter. Covestor Ltd now owns 9,286 shares of the company’s stock valued at $73,000 after buying an additional 5,530 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC purchased a new stake in shares of Topgolf Callaway Brands during the first quarter valued at $66,000. 84.69% of the stock is owned by institutional investors and hedge funds.

Topgolf Callaway Brands Company Profile

Topgolf Callaway Brands Corp. designs, manufactures, and sells golf equipment, golf and lifestyle apparel, and other accessories in the United States, Europe, Asia, and Internationally. The Topgolf segment operates Topgolf venues equipped with technology-enabled hitting bays, bars, dining areas, and event spaces, as well as Toptracer ball-flight tracking technology; and World Golf Tour digital golf game.