Topgolf Callaway Brands (NYSE:CALY) Downgraded by Wall Street Zen to "Hold"

Key Points

• Wall Street Zen downgraded Topgolf Callaway Brands to “Hold” from “Buy.” The broader analyst consensus is also “Hold,” with three Buy ratings, five Hold ratings and an average price target of $19.83.
• CALY opened at $13.67, below its 50-day and 200-day moving averages of $15.59 and $16.02, respectively. The stock has traded between $8.39 and $20.28 over the past year.
• The company exceeded quarterly EPS estimates, reporting $0.39 versus the $0.35 consensus, but revenue fell 44.9% year over year to $612.2 million. Insiders sold 97,717 shares worth approximately $1.8 million during the last quarter.

Topgolf Callaway Brands (NYSE:CALY - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a report issued on Saturday, Wall Street Zen reports.

A number of other brokerages have also issued reports on CALY. Weiss Ratings raised shares of Topgolf Callaway Brands from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday. B. Riley Financial reaffirmed a "buy" rating and issued a $23.00 price target (up from $19.00) on shares of Topgolf Callaway Brands in a research note on Wednesday, August 5th. KeyCorp increased their price objective on Topgolf Callaway Brands from $19.00 to $22.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. UBS Group reduced their price objective on Topgolf Callaway Brands from $19.00 to $17.00 and set a "neutral" rating for the company in a research report on Monday, September 14th. Finally, The Goldman Sachs Group boosted their target price on Topgolf Callaway Brands from $17.00 to $19.00 and gave the company a "neutral" rating in a research note on Wednesday, August 5th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Topgolf Callaway Brands presently has a consensus rating of "Hold" and a consensus target price of $19.83.

Topgolf Callaway Brands Price Performance

NYSE:CALY opened at $13.67 on Friday. The stock has a market cap of $2.44 billion, a PE ratio of 31.80 and a beta of 0.96. Topgolf Callaway Brands has a fifty-two week low of $8.39 and a fifty-two week high of $20.28. The stock's 50-day moving average is $15.59 and its two-hundred day moving average is $16.02.

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

Insider Activity at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, EVP Glenn F. Hickey sold 28,843 shares of the business's stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $18.74, for a total transaction of $540,517.82. Following the completion of the transaction, the executive vice president owned 72,239 shares of the company's stock, valued at $1,353,758.86. The trade was a 28.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Oliver G. Brewer III sold 67,474 shares of Topgolf Callaway Brands stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $18.30, for a total value of $1,234,774.20. Following the completion of the transaction, the chief executive officer owned 201,276 shares in the company, valued at $3,683,350.80. The trade was a 25.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 97,717 shares of company stock worth $1,800,492. Corporate insiders own 2.91% of the company's stock.

Institutional Trading of Topgolf Callaway Brands

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Park National Corp OH boosted its position 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 buying an additional 792 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in Topgolf Callaway Brands during the 2nd quarter worth about $31,000. Nykredit A S acquired a new stake in Topgolf Callaway Brands in the 2nd quarter valued at about $43,000. NewEdge Advisors LLC bought a new position in shares of Topgolf Callaway Brands in the second quarter worth about $113,000. Finally, Hsbc Holdings PLC acquired a new position in shares of Topgolf Callaway Brands during the second quarter worth approximately $256,000. Institutional investors and hedge funds own 84.69% of the company's stock.

About Topgolf Callaway Brands

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.

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