Adebayo O. Ogunlesi Buys 384,731 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG) Stock

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report) Director Adebayo O. Ogunlesi acquired 384,731 shares of the firm's stock in a transaction on Friday, June 6th. The stock was purchased at an average cost of $6.48 per share, with a total value of $2,493,056.88. Following the purchase, the director now owns 768,432 shares of the company's stock, valued at $4,979,439.36. The trade was a 100.27% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Topgolf Callaway Brands Stock Down 0.3%

Topgolf Callaway Brands stock traded down $0.02 during mid-day trading on Thursday, reaching $7.79. 1,106,423 shares of the company were exchanged, compared to its average volume of 3,006,787. Topgolf Callaway Brands Corp. has a 12-month low of $5.42 and a 12-month high of $16.89. The business has a fifty day moving average of $6.55 and a 200 day moving average of $7.19. The firm has a market cap of $1.43 billion, a P/E ratio of -97.36 and a beta of 1.21. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93.

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

Analyst Upgrades and Downgrades

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

Institutional Investors Weigh In On Topgolf Callaway Brands

A number of hedge funds and other institutional investors have recently bought and sold shares of MODG. Alliancebernstein L.P. grew its holdings in Topgolf Callaway Brands by 97.6% in the fourth quarter. Alliancebernstein L.P. now owns 2,152,565 shares of the company's stock worth $16,919,000 after purchasing an additional 1,063,033 shares during the last quarter. Long Focus Capital Management LLC boosted its position in shares of Topgolf Callaway Brands by 44.8% in the 1st quarter. Long Focus Capital Management LLC now owns 2,950,844 shares of the company's stock worth $19,446,000 after purchasing an additional 912,844 shares in the last quarter. Ameriprise Financial Inc. grew its stake in Topgolf Callaway Brands by 57.8% during the 4th quarter. Ameriprise Financial Inc. now owns 2,086,700 shares of the company's stock worth $16,401,000 after buying an additional 764,322 shares during the last quarter. ExodusPoint Capital Management LP acquired a new position in Topgolf Callaway Brands during the 4th quarter valued at about $4,769,000. Finally, Claar Advisors LLC purchased a new stake in Topgolf Callaway Brands in the fourth quarter valued at about $4,716,000. 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.