Topgolf Callaway Brands Corp. (NYSE:MODG) Director Erik J. Anderson Sells 25,704 Shares

Key Points

• Erik J. Anderson, a director at Topgolf Callaway Brands Corp., sold 25,704 shares at an average price of $9.25, totaling approximately $237,762, which reduced his ownership by 55.50%.
• The company reported $0.24 earnings per share (EPS) for the last quarter, significantly surpassing analysts' expectations of $0.03, with revenues of $1.11 billion.
• Recent analyst ratings for Topgolf Callaway Brands have varied, with upgrades and downgrades leading to an average rating of "Hold" and a price target around $10.00.

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report) Director Erik J. Anderson sold 25,704 shares of Topgolf Callaway Brands stock in a transaction on Friday, August 8th. The shares were sold at an average price of $9.25, for a total value of $237,762.00. Following the completion of the transaction, the director owned 20,607 shares of the company's stock, valued at approximately $190,614.75. This trade represents a 55.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Topgolf Callaway Brands Price Performance

Shares of NYSE MODG traded up $0.53 during mid-day trading on Tuesday, reaching $8.73. 3,041,025 shares of the company were exchanged, compared to its average volume of 2,979,982. Topgolf Callaway Brands Corp. has a 52 week low of $5.42 and a 52 week high of $12.03. The company has a quick ratio of 1.25, a current ratio of 1.85 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $1.61 billion, a PE ratio of -1.07 and a beta of 1.26. The company's 50 day moving average price is $8.55 and its 200 day moving average price is $7.36.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.21. Topgolf Callaway Brands had a negative net margin of 36.08% and a positive return on equity of 0.37%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the previous year, the firm posted $0.42 EPS. The firm's revenue was down 4.1% compared to the same quarter last year. Sell-side analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Wall Street Zen upgraded Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research report on Saturday. JPMorgan Chase & Co. reduced their price target on Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Tuesday, May 27th. Truist Financial cut their price target on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating for the company in a report on Monday, April 14th. Morgan Stanley began coverage on Topgolf Callaway Brands in a research report on Friday, July 18th. They issued an "equal weight" rating and a $9.50 price objective on the stock. Finally, Cfra reiterated a "hold" rating and issued a $9.00 price objective on shares of Topgolf Callaway Brands in a research report on Friday, July 11th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $10.00.

Institutional Trading of Topgolf Callaway Brands

A number of hedge funds have recently made changes to their positions in MODG. Signaturefd LLC lifted its holdings 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 worth $25,000 after acquiring an additional 2,904 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Topgolf Callaway Brands by 821.5% during the 4th quarter. Sterling Capital Management LLC now owns 4,543 shares of the company's stock worth $36,000 after acquiring an additional 4,050 shares during the last quarter. GAMMA Investing LLC bought a new stake in shares of Topgolf Callaway Brands during the 2nd quarter worth $36,000. CWM LLC lifted its holdings in shares of Topgolf Callaway Brands by 124.0% during the 2nd quarter. CWM LLC now owns 4,679 shares of the company's stock worth $38,000 after acquiring an additional 2,590 shares during the last quarter. Finally, Public Employees Retirement System of Ohio lifted its stake in Topgolf Callaway Brands by 24.6% in the second quarter. Public Employees Retirement System of Ohio now owns 6,275 shares of the company's stock worth $51,000 after purchasing an additional 1,240 shares during the last quarter. 84.69% of the stock is owned by 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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