Morgan Stanley Initiates Coverage on Topgolf Callaway Brands (NYSE:MODG)

Equities researchers at Morgan Stanley assumed coverage on shares of Topgolf Callaway Brands (NYSE:MODG - Get Free Report) in a research report issued to clients and investors on Friday. The brokerage set an "equal weight" rating and a $9.50 price target on the stock. Morgan Stanley's price objective indicates a potential downside of 0.23% from the stock's current price.

Several other analysts also recently commented on the company. JPMorgan Chase & Co. reduced their target price on Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating for the company in a research note on Tuesday, May 27th. Cfra reiterated a "hold" rating and set a $9.00 price target on shares of Topgolf Callaway Brands in a research note on Friday, July 11th. B. Riley initiated coverage on 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. Wall Street Zen downgraded Topgolf Callaway Brands from a "hold" rating to a "sell" rating in a research note on Sunday, July 6th. Finally, Truist Financial cut their price target on Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $10.14.

Topgolf Callaway Brands Trading Up 1.3%

NYSE:MODG traded up $0.12 during trading hours on Friday, hitting $9.52. 520,258 shares of the company were exchanged, compared to its average volume of 2,933,167. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of -1.21 and a beta of 1.27. The company has a current ratio of 2.12, a quick ratio of 1.41 and a debt-to-equity ratio of 0.60. Topgolf Callaway Brands has a one year low of $5.42 and a one year high of $16.89. The company has a fifty day simple moving average of $7.66 and a 200 day simple moving average of $7.28.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.15. The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 1.51% and a negative net margin of 34.68%. The firm's revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period last year, the business posted $0.08 EPS. Sell-side analysts expect that Topgolf Callaway Brands will post 0.16 EPS for the current fiscal year.

Insider Buying and Selling at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, EVP Glenn F. Hickey bought 10,000 shares of the stock in a transaction on Monday, May 19th. The shares were acquired at an average price of $6.86 per share, with a total value of $68,600.00. Following the acquisition, the executive vice president directly owned 10,000 shares of the company's stock, valued at $68,600. The trade was a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Russell L. Fleischer bought 30,000 shares of the stock in a transaction on Wednesday, May 14th. The shares were acquired at an average cost of $6.41 per share, for a total transaction of $192,300.00. Following the acquisition, the director directly owned 116,187 shares in the company, valued at approximately $744,758.67. This trade represents a 34.81% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 905,284 shares of company stock worth $5,922,500. 2.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Signaturefd LLC grew its position in shares of Topgolf Callaway Brands by 1,669.0% during the 2nd quarter. Signaturefd LLC now owns 3,078 shares of the company's stock valued at $25,000 after purchasing an additional 2,904 shares in the last quarter. GAMMA Investing LLC purchased a new position in Topgolf Callaway Brands in the second quarter worth $36,000. Sterling Capital Management LLC raised its stake in shares of Topgolf Callaway Brands by 821.5% during the fourth quarter. Sterling Capital Management LLC now owns 4,543 shares of the company's stock valued at $36,000 after acquiring an additional 4,050 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in shares of Topgolf Callaway Brands by 24.6% during the second quarter. Public Employees Retirement System of Ohio now owns 6,275 shares of the company's stock valued at $51,000 after acquiring an additional 1,240 shares during the last quarter. Finally, Covestor Ltd raised its stake in Topgolf Callaway Brands by 147.2% in the fourth quarter. Covestor Ltd now owns 9,286 shares of the company's stock worth $73,000 after buying an additional 5,530 shares in the last quarter. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

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.

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