Topgolf Callaway Brands Corp. (NYSE:MODG) Given Average Rating of "Hold" by Brokerages

Key Points

• Topgolf Callaway Brands Corp. (NYSE:MODG) received an average rating of "Hold" from twelve brokerages, with one sell rating, eight hold ratings, and three buy ratings, reflecting mixed analyst sentiment.
• The stock has experienced a 12.4% decline in value, with shares opening at $8.10, indicating a downward trend since its one-year high of $15.07.
• Insider buying has been significant, with Director Adebayo O. Ogunlesi purchasing 384,731 shares at an average price of $6.48, representing a considerable increase in their ownership stake.

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report) has been assigned an average rating of "Hold" from the twelve ratings firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $10.14.

A number of equities analysts have issued reports on MODG shares. Wall Street Zen cut Topgolf Callaway Brands from a "hold" rating to a "sell" rating in a report on Sunday, July 6th. Morgan Stanley began coverage on Topgolf Callaway Brands in a report on Friday, July 18th. They set an "equal weight" rating and a $9.50 price target on the stock. B. Riley started coverage on shares of Topgolf Callaway Brands in a report on Friday, May 16th. They issued a "neutral" rating and a $7.00 price objective for the company. JPMorgan Chase & Co. reduced 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. Finally, Cfra restated a "hold" rating and issued a $9.00 price target on shares of Topgolf Callaway Brands in a research report on Friday, July 11th.

Topgolf Callaway Brands Trading Down 12.4%

Shares of Topgolf Callaway Brands stock opened at $8.10 on Monday. The firm's 50 day moving average is $8.25 and its 200 day moving average is $7.34. The firm has a market capitalization of $1.49 billion, a PE ratio of -1.02 and a beta of 1.26. Topgolf Callaway Brands has a 1 year low of $5.42 and a 1 year high of $15.07. The company has a current ratio of 2.12, a quick ratio of 1.41 and a debt-to-equity ratio of 0.60.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last posted its earnings results on Monday, May 12th. The company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.15. Topgolf Callaway Brands had a negative net margin of 34.68% and a positive return on equity of 1.51%. The firm had revenue of $1.09 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same quarter in the previous year, the firm posted $0.08 earnings per share. The company's revenue was down 4.5% on a year-over-year basis. Equities research analysts forecast that Topgolf Callaway Brands will post 0.16 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Adebayo O. Ogunlesi bought 384,731 shares of the stock in a transaction that occurred on Friday, June 6th. The stock was acquired at an average price of $6.48 per share, with a total value of $2,493,056.88. Following the completion of the purchase, the director directly owned 768,432 shares of the company's stock, valued at approximately $4,979,439.36. This represents a 100.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Russell L. Fleischer purchased 30,000 shares of the business's stock in a transaction on Wednesday, May 14th. The shares were purchased at an average cost of $6.41 per share, for a total transaction of $192,300.00. Following the transaction, the director directly owned 116,187 shares of the company's stock, valued at approximately $744,758.67. The trade was a 34.81% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 905,284 shares of company stock worth $5,922,500 in the last 90 days. 2.49% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in MODG. Signaturefd LLC lifted its position 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 valued at $25,000 after acquiring an additional 2,904 shares during the period. Sterling Capital Management LLC increased its stake in Topgolf Callaway Brands by 821.5% in the fourth quarter. Sterling Capital Management LLC now owns 4,543 shares of the company's stock valued at $36,000 after purchasing an additional 4,050 shares in the last quarter. GAMMA Investing LLC acquired a new position in shares of Topgolf Callaway Brands during the second quarter valued at about $36,000. CWM LLC boosted its position 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 purchasing an additional 2,590 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its position in shares of 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 worth $51,000 after purchasing an additional 1,240 shares in the last quarter. 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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