Topgolf Callaway Brands (NYSE:CALY) Posts Earnings Results, Beats Estimates By $0.11 EPS

Topgolf Callaway Brands (NYSE:CALY) announced its quarterly earnings results on Thursday. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.11, FiscalAI reports. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%. The company had revenue of $436.90 million during the quarter. The company’s revenue was down 53.2% compared to the same quarter last year.

Topgolf Callaway Brands Stock Performance

Shares of NYSE CALY traded up $0.86 during midday trading on Friday, hitting $16.78. 3,266,524 shares of the stock traded hands, compared to its average volume of 1,787,600. The firm has a market capitalization of $3.00 billion, a P/E ratio of 22.08 and a beta of 0.98. Topgolf Callaway Brands has a one year low of $9.24 and a one year high of $20.28. The firm has a 50-day moving average of $14.78 and a two-hundred day moving average of $15.67.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CALY. Truist Financial raised their target price on shares of Topgolf Callaway Brands from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, September 1st. KeyCorp upped their price target on shares of Topgolf Callaway Brands from $19.00 to $22.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Weiss Ratings raised shares of Topgolf Callaway Brands from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, October 8th. B. Riley Financial reissued a “buy” rating and issued a $23.00 price target (up from $19.00) on shares of Topgolf Callaway Brands in a report on Wednesday, August 5th. Finally, The Goldman Sachs Group boosted their price objective on shares of Topgolf Callaway Brands from $17.00 to $19.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $19.83.

Institutional Trading of Topgolf Callaway Brands

Several large investors have recently modified their holdings of CALY. Park National Corp OH lifted its holdings in Topgolf Callaway Brands by 6.9% in the third quarter. Park National Corp OH now owns 12,244 shares of the company’s stock valued at $173,000 after acquiring an additional 792 shares during the period. Kestra Advisory Services LLC grew its stake in shares of Topgolf Callaway Brands by 4.5% during the 3rd quarter. Kestra Advisory Services LLC now owns 24,965 shares of the company’s stock valued at $352,000 after purchasing an additional 1,086 shares during the period. Illinois Municipal Retirement Fund increased its position in shares of Topgolf Callaway Brands by 2.3% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 71,653 shares of the company’s stock valued at $1,010,000 after purchasing an additional 1,598 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of Topgolf Callaway Brands during the 2nd quarter valued at about $31,000. Finally, ProShare Advisors LLC lifted its stake in shares of Topgolf Callaway Brands by 8.9% in the 3rd quarter. ProShare Advisors LLC now owns 21,865 shares of the company’s stock worth $308,000 after purchasing an additional 1,778 shares during the period. Institutional investors own 84.69% of the company’s stock.

About Topgolf Callaway Brands

Topgolf Callaway Brands is a golf and active-lifestyle company formed through Callaway Golf Company’s acquisition of Topgolf, which was completed in 2021. The company has combined traditional golf equipment and apparel operations with Topgolf’s technology-enabled entertainment venues.

Its golf portfolio has included Callaway and Odyssey golf clubs, golf balls, wedges, putters and accessories, along with apparel and lifestyle products sold under brands such as TravisMathew and OGIO. Topgolf venues provide golf entertainment, food and beverage service, event hosting and digitally supported play for both experienced golfers and newcomers.

Based in Carlsbad, California, the company has served customers through sporting-goods retailers, specialty golf shops, mass merchants, e-commerce platforms and direct-to-consumer channels.