Insider Buying: Topgolf Callaway Brands Corp. (NYSE:MODG) Director Acquires 38,782 Shares of Stock

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report) Director Adebayo O. Ogunlesi bought 38,782 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were acquired at an average price of $7.59 per share, with a total value of $294,355.38. Following the completion of the transaction, the director now owns 845,284 shares of the company's stock, valued at approximately $6,415,705.56. The trade was a 4.81% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Topgolf Callaway Brands Price Performance

Shares of NYSE:MODG traded down $0.03 during trading on Friday, hitting $7.88. 261,680 shares of the company were exchanged, compared to its average volume of 2,792,607. The company has a market capitalization of $1.45 billion, a P/E ratio of -98.13 and a beta of 1.21. Topgolf Callaway Brands Corp. has a 1-year low of $5.42 and a 1-year high of $16.89. The business's 50 day moving average is $6.60 and its 200-day moving average is $7.18. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37.

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 for the quarter, beating analysts' consensus estimates of ($0.04) by $0.15. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period last year, the firm earned $0.08 earnings per share. The firm's revenue was down 4.5% on a year-over-year basis. Equities analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MODG shares. 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 target price on the stock. Wall Street Zen lowered shares of Topgolf Callaway Brands from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Roth Mkm restated a "buy" rating and issued a $11.00 target price (down from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. JPMorgan Chase & Co. dropped their price target 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. Finally, Truist Financial dropped their target price on 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. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $10.30.

Hedge Funds Weigh In On Topgolf Callaway Brands

Hedge funds have recently made changes to their positions in the business. Augustine Asset Management Inc. boosted its holdings in shares of Topgolf Callaway Brands by 7.4% during the 4th quarter. Augustine Asset Management Inc. now owns 21,843 shares of the company's stock valued at $172,000 after acquiring an additional 1,500 shares during the last quarter. Boyar Asset Management Inc. increased its position in shares of Topgolf Callaway Brands by 1.7% during the first quarter. Boyar Asset Management Inc. now owns 109,984 shares of the company's stock worth $725,000 after acquiring an additional 1,857 shares during the period. Jump Financial LLC boosted its stake in shares of Topgolf Callaway Brands by 3.1% during the first quarter. Jump Financial LLC now owns 75,685 shares of the company's stock valued at $499,000 after purchasing an additional 2,265 shares in the last quarter. MetLife Investment Management LLC grew its holdings in Topgolf Callaway Brands by 2.9% in the fourth quarter. MetLife Investment Management LLC now owns 82,820 shares of the company's stock worth $651,000 after purchasing an additional 2,303 shares during the last quarter. Finally, Covestor Ltd lifted its stake in shares of Topgolf Callaway Brands by 26.9% during the first quarter. Covestor Ltd now owns 11,785 shares of the company's stock worth $78,000 after buying an additional 2,499 shares during the period. 84.69% of the stock is 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.