Topgolf Callaway Brands Corp. (NYSE:MODG) Director Buys $2,493,056.88 in Stock

Topgolf Callaway Brands Corp. (NYSE:MODG) Director Adebayo O. Ogunlesi bought 384,731 shares of the stock in a transaction on Friday, June 6th. The shares were bought at an average cost of $6.48 per share, for a total transaction of $2,493,056.88. Following the purchase, the director now owns 768,432 shares in the company, valued at $4,979,439.36. This trade represents a 100.27% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.

Topgolf Callaway Brands Price Performance

NYSE:MODG opened at $7.82 on Thursday. The business’s 50-day moving average price is $6.55 and its 200 day moving average price is $7.19. The firm has a market cap of $1.44 billion, a P/E ratio of -97.68 and a beta of 1.21. Topgolf Callaway Brands Corp. has a 52-week low of $5.42 and a 52-week high of $16.89. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37.

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

Hedge Funds Weigh In On Topgolf Callaway Brands

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wealthfront Advisers LLC boosted its position in shares of Topgolf Callaway Brands by 589.5% in the 4th quarter. Wealthfront Advisers LLC now owns 85,807 shares of the company’s stock valued at $674,000 after purchasing an additional 73,362 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Topgolf Callaway Brands by 14.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,286,719 shares of the company’s stock valued at $17,974,000 after purchasing an additional 291,052 shares during the period. Invesco Ltd. boosted its position in shares of Topgolf Callaway Brands by 41.9% in the 4th quarter. Invesco Ltd. now owns 1,591,742 shares of the company’s stock valued at $12,511,000 after purchasing an additional 469,728 shares during the period. Claar Advisors LLC acquired a new position in shares of Topgolf Callaway Brands in the 4th quarter valued at $4,716,000. Finally, Vanguard Group Inc. boosted its position in shares of Topgolf Callaway Brands by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 15,860,996 shares of the company’s stock valued at $124,667,000 after purchasing an additional 224,578 shares during the period. Institutional investors and hedge funds own 84.69% of the company’s stock.

Analyst Ratings Changes

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

About Topgolf Callaway Brands

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.