Topgolf Callaway Brands (NYSE:MODG) Stock Rating Lowered by Zacks Research

Topgolf Callaway Brands (NYSE:MODG) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

MODG has been the topic of a number of other reports. UBS Group initiated coverage on shares of Topgolf Callaway Brands in a report on Friday, October 17th. They issued a “neutral” rating and a $10.00 target price on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Topgolf Callaway Brands in a research report on Wednesday, October 8th. B. Riley reaffirmed a “neutral” rating and issued a $9.50 target price (up from $7.00) on shares of Topgolf Callaway Brands in a research note on Monday, August 11th. Truist Financial increased their price target on Topgolf Callaway Brands from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Wall Street Zen upgraded Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $10.33.

Topgolf Callaway Brands Price Performance

MODG stock opened at $9.26 on Tuesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.25 and a current ratio of 1.85. The stock’s 50 day moving average price is $9.39 and its 200 day moving average price is $8.52. The firm has a market cap of $1.70 billion, a P/E ratio of -1.14 and a beta of 1.19. Topgolf Callaway Brands has a 1 year low of $5.42 and a 1 year high of $10.74.

Topgolf Callaway Brands (NYSE:MODG) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.21. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 0.37% and a negative net margin of 36.08%.The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.42 earnings per share. On average, sell-side analysts expect that Topgolf Callaway Brands will post 0.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Topgolf Callaway Brands news, CEO Artie Starrs sold 106,734 shares of the company’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $8.64, for a total transaction of $922,181.76. Following the completion of the sale, the chief executive officer directly owned 105,823 shares in the company, valued at $914,310.72. This represents a 50.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Erik J. Anderson sold 25,704 shares of Topgolf Callaway Brands stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $9.25, for a total value of $237,762.00. Following the completion of the transaction, the director directly owned 20,607 shares in the company, valued at $190,614.75. This represents a 55.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.49% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MODG. Smartleaf Asset Management LLC grew its stake in Topgolf Callaway Brands by 42.3% during the third quarter. Smartleaf Asset Management LLC now owns 3,893 shares of the company’s stock worth $37,000 after buying an additional 1,157 shares during the period. New York State Common Retirement Fund lifted its holdings in shares of Topgolf Callaway Brands by 34.2% during the 3rd quarter. New York State Common Retirement Fund now owns 42,814 shares of the company’s stock valued at $407,000 after acquiring an additional 10,900 shares in the last quarter. Compass Wealth Management LLC acquired a new position in shares of Topgolf Callaway Brands during the 3rd quarter valued at $200,000. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Topgolf Callaway Brands during the 3rd quarter worth $769,000. Finally, Bayforest Capital Ltd acquired a new stake in Topgolf Callaway Brands in the 3rd quarter valued at $604,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

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.