Topgolf Callaway Brands (NYSE:CALY) Stock Dropped to “Hold” by Wall Street Zen

Wall Street Zen lowered shares of Topgolf Callaway Brands (NYSE:CALY) from a buy rating to a hold rating in a research report report published on Saturday,Wall Street Zen reports.

Several other analysts also recently issued reports on CALY. Zacks Research downgraded shares of Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. Weiss Ratings upgraded shares of Topgolf Callaway Brands from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday. KeyCorp raised their price objective on shares of Topgolf Callaway Brands from $19.00 to $22.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. UBS Group reduced their price objective on shares of Topgolf Callaway Brands from $19.00 to $17.00 and set a “neutral” rating for the company in a report on Monday, September 14th. Finally, The Goldman Sachs Group boosted their target price on shares of Topgolf Callaway Brands from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 5th. Three analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $19.83.

Topgolf Callaway Brands Stock Performance

Shares of NYSE:CALY opened at $13.67 on Friday. The business’s 50 day simple moving average is $15.59 and its two-hundred day simple moving average is $16.02. The firm has a market cap of $2.44 billion, a P/E ratio of 31.80 and a beta of 0.96. Topgolf Callaway Brands has a 52-week low of $8.39 and a 52-week high of $20.28.

Topgolf Callaway Brands (NYSE:CALY) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.35 by $0.04. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%. The firm had revenue of $612.20 million during the quarter. The business’s revenue for the quarter was down 44.9% compared to the same quarter last year. On average, equities analysts forecast that Topgolf Callaway Brands will post 0.75 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Oliver Brewer, III sold 1,400 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $18.00, for a total value of $25,200.00. Following the completion of the sale, the chief executive officer directly owned 200,983 shares of the company’s stock, valued at approximately $3,617,694. This represents a 0.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Glenn Hickey sold 28,843 shares of the firm’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $18.74, for a total value of $540,517.82. Following the transaction, the executive vice president owned 72,239 shares in the company, valued at approximately $1,353,758.86. This trade represents a 28.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 97,717 shares of company stock valued at $1,800,492 over the last three months. 2.91% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. O Keefe Stevens Advisory Inc. boosted its holdings in Topgolf Callaway Brands by 2.4% during the third quarter. O Keefe Stevens Advisory Inc. now owns 1,217,521 shares of the company’s stock worth $17,155,000 after purchasing an additional 28,798 shares during the last quarter. Park National Corp OH lifted its position in shares of Topgolf Callaway Brands by 6.9% during the 3rd quarter. Park National Corp OH now owns 12,244 shares of the company’s stock worth $173,000 after buying an additional 792 shares in the last quarter. Engineers Gate Manager LP bought a new position in shares of Topgolf Callaway Brands during the 2nd quarter worth approximately $5,243,000. Insight Wealth Partners LLC purchased a new position in shares of Topgolf Callaway Brands in the 2nd quarter worth approximately $611,000. Finally, Integrated Wealth Concepts LLC purchased a new position in shares of Topgolf Callaway Brands in the 2nd quarter worth approximately $31,000. 84.69% of the stock is owned by institutional investors.

Topgolf Callaway Brands Company Profile

Topgolf Callaway Brands is a golf and active-lifestyle company built around golf equipment, apparel, accessories and entertainment experiences. Its portfolio has included Callaway golf clubs and balls, Odyssey putters and wedges, OGIO bags and accessories, and TravisMathew apparel and footwear. The company has also operated Topgolf, a technology-enabled golf entertainment business combining driving ranges, games, food and beverages, and event spaces.

The company traces its roots to Callaway Golf, founded in 1982 by Ely Callaway Jr.