Adebayo O. Ogunlesi Purchases 322,816 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG) Stock

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report) Director Adebayo O. Ogunlesi bought 322,816 shares of the stock in a transaction on Thursday, June 5th. The stock was purchased at an average price of $6.46 per share, with a total value of $2,085,391.36. Following the completion of the acquisition, the director now directly owns 383,701 shares in the company, valued at approximately $2,478,708.46. This trade represents a 530.21% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Topgolf Callaway Brands Stock Down 0.1%

Shares of MODG stock traded down $0.01 during mid-day trading on Friday, hitting $6.44. 1,955,967 shares of the stock traded hands, compared to its average volume of 2,767,595. Topgolf Callaway Brands Corp. has a 52-week low of $5.42 and a 52-week high of $16.89. The stock has a market cap of $1.18 billion, a P/E ratio of -80.43 and a beta of 1.21. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14. The stock's fifty day moving average is $6.47 and its two-hundred day moving average is $7.22.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.15. The company had revenue of $1.09 billion during the quarter, compared to analysts' expectations of $1.08 billion. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. Topgolf Callaway Brands's revenue for the quarter was down 4.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.08 earnings per share. Equities analysts predict that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On Topgolf Callaway Brands

Large investors have recently made changes to their positions in the business. Augustine Asset Management Inc. grew its stake in Topgolf Callaway Brands by 7.4% during the 4th quarter. Augustine Asset Management Inc. now owns 21,843 shares of the company's stock worth $172,000 after buying an additional 1,500 shares during the last quarter. Boyar Asset Management Inc. boosted its holdings in Topgolf Callaway Brands by 1.7% in the first quarter. Boyar Asset Management Inc. now owns 109,984 shares of the company's stock worth $725,000 after acquiring an additional 1,857 shares in the last quarter. Jump Financial LLC boosted its holdings in Topgolf Callaway Brands by 3.1% in the first quarter. Jump Financial LLC now owns 75,685 shares of the company's stock worth $499,000 after acquiring an additional 2,265 shares in the last quarter. MetLife Investment Management LLC grew its stake in shares of Topgolf Callaway Brands by 2.9% during the fourth quarter. MetLife Investment Management LLC now owns 82,820 shares of the company's stock worth $651,000 after acquiring an additional 2,303 shares during the last quarter. Finally, Covestor Ltd increased its holdings in shares of Topgolf Callaway Brands by 26.9% during the first quarter. Covestor Ltd now owns 11,785 shares of the company's stock valued at $78,000 after acquiring an additional 2,499 shares in the last quarter. 84.69% of the stock is owned by institutional investors and hedge funds.

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.

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