Topgolf Callaway Brands Corp. (NYSE:MODG) CEO Sells $922,181.76 in Stock

Key Points

• Topgolf Callaway Brands CEO Artie Starrs sold 106,734 shares of the company's stock for a total of $922,181.76, reducing his ownership by 50.21%.
• The company reported $0.24 EPS for the quarter, significantly beating analysts' expectations and achieving revenue of $1.11 billion, although down 4.1% year-over-year.
• The stock has a market cap of $1.61 billion and analysts have given it a consensus rating of "Hold" with an average price target of $10.00.

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report) CEO Artie Starrs sold 106,734 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $8.64, for a total transaction of $922,181.76. Following the sale, the chief executive officer directly owned 105,823 shares in the company, valued at $914,310.72. The trade was a 50.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Topgolf Callaway Brands Price Performance

MODG traded up $0.53 during trading on Tuesday, reaching $8.73. The stock had a trading volume of 3,041,025 shares, compared to its average volume of 2,979,982. The stock has a market cap of $1.61 billion, a PE ratio of -1.07 and a beta of 1.26. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.25 and a current ratio of 1.85. Topgolf Callaway Brands Corp. has a one year low of $5.42 and a one year high of $12.03. The business has a 50-day moving average of $8.55 and a 200-day moving average of $7.36.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.24 EPS for the quarter, beating analysts' consensus estimates of $0.03 by $0.21. Topgolf Callaway Brands had a positive return on equity of 0.37% and a negative net margin of 36.08%. The business had revenue of $1.11 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same quarter in the prior year, the firm earned $0.42 earnings per share. The firm's revenue was down 4.1% on a year-over-year basis. As a group, equities research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on MODG. Cfra reissued a "hold" rating and set a $9.00 target price on shares of Topgolf Callaway Brands in a report on Friday, July 11th. JPMorgan Chase & Co. lowered 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 report on Tuesday, May 27th. Morgan Stanley started coverage on shares of Topgolf Callaway Brands in a report on Friday, July 18th. They issued an "equal weight" rating and a $9.50 price target on the stock. B. Riley reaffirmed a "neutral" rating and issued a $9.50 price target (up previously from $7.00) on shares of Topgolf Callaway Brands in a report on Monday. Finally, Truist Financial decreased their price target 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. One analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Topgolf Callaway Brands has a consensus rating of "Hold" and an average price target of $10.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of MODG. Signaturefd LLC grew its stake in shares of Topgolf Callaway Brands by 1,669.0% during the second quarter. Signaturefd LLC now owns 3,078 shares of the company's stock valued at $25,000 after buying an additional 2,904 shares during the last quarter. Sterling Capital Management LLC grew 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 buying an additional 4,050 shares during the last quarter. GAMMA Investing LLC bought a new position in shares of Topgolf Callaway Brands during the second quarter valued at about $36,000. CWM LLC grew its stake in shares of Topgolf Callaway Brands by 124.0% during the second quarter. CWM LLC now owns 4,679 shares of the company's stock valued at $38,000 after buying an additional 2,590 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its holdings in Topgolf Callaway Brands by 24.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 6,275 shares of the company's stock valued at $51,000 after purchasing an additional 1,240 shares during the period. 84.69% of the stock is owned by institutional investors.

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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