Topgolf Callaway Brands (NYSE:MODG) Now Covered by Analysts at Morgan Stanley

Analysts at Morgan Stanley began coverage on shares of Topgolf Callaway Brands (NYSE:MODG - Get Free Report) in a report released on Friday. The firm set an "equal weight" rating and a $9.50 price target on the stock. Morgan Stanley's price objective indicates a potential upside of 2.75% from the company's previous close.

MODG has been the subject of a number of other research reports. Wall Street Zen cut shares of Topgolf Callaway Brands from a "hold" rating to a "sell" rating in a research report on Sunday, July 6th. Cfra restated a "hold" rating and issued a $9.00 price objective on shares of Topgolf Callaway Brands in a research note on Friday, July 11th. Truist Financial lowered 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. JPMorgan Chase & Co. reduced their price target on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Tuesday, May 27th. Finally, B. Riley initiated 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 on the stock. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Topgolf Callaway Brands presently has a consensus rating of "Hold" and an average target price of $10.14.

Topgolf Callaway Brands Price Performance

NYSE:MODG traded up $0.01 on Friday, reaching $9.25. 2,082,100 shares of the company's stock traded hands, compared to its average volume of 2,883,007. The company has a quick ratio of 1.41, a current ratio of 2.12 and a debt-to-equity ratio of 0.60. The stock has a 50-day simple moving average of $7.70 and a 200-day simple moving average of $7.27. The firm has a market cap of $1.70 billion, a PE ratio of -1.17 and a beta of 1.27. Topgolf Callaway Brands has a 12 month low of $5.42 and a 12 month high of $16.89.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported $0.11 EPS for the quarter, topping analysts' consensus estimates 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 negative net margin of 34.68% and a positive return on equity of 1.51%. 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 previous year, the firm posted $0.08 earnings per share. Equities research analysts forecast that Topgolf Callaway Brands will post 0.16 earnings per share for the current year.

Insider Activity

In other Topgolf Callaway Brands news, Director Russell L. Fleischer bought 30,000 shares of the stock in a transaction on Wednesday, May 14th. The stock was purchased at an average price of $6.41 per share, with a total value of $192,300.00. Following the completion of the purchase, the director owned 116,187 shares in the company, valued at $744,758.67. The trade was a 34.81% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Adebayo O. Ogunlesi acquired 384,731 shares of the stock in a transaction dated 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 directly owned 768,432 shares of the company's stock, valued at $4,979,439.36. This trade represents a 100.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 905,284 shares of company stock valued at $5,922,500 over the last three months. Corporate insiders own 2.49% of the company's stock.

Hedge Funds Weigh In On Topgolf Callaway Brands

A number of institutional investors have recently modified their holdings of the company. Raymond James Financial Inc. bought a new position in shares of Topgolf Callaway Brands during the 4th quarter worth $380,000. PNC Financial Services Group Inc. raised its holdings in shares of Topgolf Callaway Brands by 170.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,757 shares of the company's stock valued at $108,000 after buying an additional 8,672 shares in the last quarter. Cibc World Markets Corp purchased a new position in shares of Topgolf Callaway Brands during the 4th quarter valued at about $104,000. Xponance Inc. purchased a new position in shares of Topgolf Callaway Brands during the 4th quarter valued at about $87,000. Finally, AXQ Capital LP purchased a new position in shares of Topgolf Callaway Brands during the 4th quarter valued at about $134,000. 84.69% of the stock is owned by institutional investors and hedge funds.

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.