Insider Buying: Topgolf Callaway Brands Corp. (NYSE:MODG) Director Purchases 38,070 Shares of Stock

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report) Director Adebayo O. Ogunlesi purchased 38,070 shares of the stock in a transaction dated Monday, June 9th. The stock was purchased at an average price of $7.01 per share, with a total value of $266,870.70. Following the completion of the acquisition, the director now directly owns 806,502 shares in the company, valued at approximately $5,653,579.02. The trade was a 4.95% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Topgolf Callaway Brands Stock Performance

Shares of NYSE:MODG traded down $0.19 on Friday, hitting $7.72. The company's stock had a trading volume of 2,788,189 shares, compared to its average volume of 2,807,359. Topgolf Callaway Brands Corp. has a 12 month low of $5.42 and a 12 month high of $16.89. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of -96.43 and a beta of 1.21. The stock's 50-day moving average is $6.60 and its two-hundred day moving average is $7.18. 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 released its quarterly earnings results on Monday, May 12th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $1.08 billion. During the same quarter in the prior year, the business posted $0.08 earnings per share. The company's revenue for the quarter was down 4.5% compared to the same quarter last year. On average, equities research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MODG. Wall Street Zen downgraded Topgolf Callaway Brands from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. JPMorgan Chase & Co. lowered their price objective 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. Roth Mkm restated a "buy" rating and set a $11.00 price objective (down from $16.00) on shares of Topgolf Callaway Brands in a research note on Tuesday, February 25th. Truist Financial lowered their price objective 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. Finally, B. Riley assumed coverage on Topgolf Callaway Brands in a research note on Friday, May 16th. They set a "neutral" rating and a $7.00 price objective for the company. Three analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, Topgolf Callaway Brands has an average rating of "Hold" and a consensus price target of $10.30.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Augustine Asset Management Inc. grew its stake in shares of Topgolf Callaway Brands by 7.4% in the fourth quarter. Augustine Asset Management Inc. now owns 21,843 shares of the company's stock worth $172,000 after purchasing an additional 1,500 shares in the last quarter. Boyar Asset Management Inc. lifted its holdings in shares of Topgolf Callaway Brands by 1.7% in the first quarter. Boyar Asset Management Inc. now owns 109,984 shares of the company's stock valued at $725,000 after buying an additional 1,857 shares during the period. Jump Financial LLC lifted its holdings in shares of Topgolf Callaway Brands by 3.1% in the first quarter. Jump Financial LLC now owns 75,685 shares of the company's stock valued at $499,000 after buying an additional 2,265 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of Topgolf Callaway Brands by 2.9% in the fourth quarter. MetLife Investment Management LLC now owns 82,820 shares of the company's stock valued at $651,000 after buying an additional 2,303 shares during the period. Finally, Covestor Ltd lifted its holdings in shares of Topgolf Callaway Brands by 26.9% in the first quarter. Covestor Ltd now owns 11,785 shares of the company's stock valued at $78,000 after buying an additional 2,499 shares during the period. Institutional investors own 84.69% of the company's stock.

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.