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

Key Points

• Topgolf Callaway Brands Corp. has received an average rating of "Hold" from ten research firms, with seven hold ratings and three buy ratings. The average target price among brokers is $10.00.
• Insider trading activity includes Director Erik J. Anderson selling 25,704 shares at $9.25, reducing his ownership by 55.50%, while Director Adebayo O. Ogunlesi acquired 384,731 shares at $6.48, increasing his holdings by over 100%.
• The company reported earnings of $0.24 EPS, exceeding estimates, with revenue of $1.11 billion for the quarter, despite a year-over-year decline of 4.1% in revenue.

Topgolf Callaway Brands Corp. (NYSE:MODG - Get Free Report) has been given a consensus recommendation of "Hold" by the ten analysts that are presently covering the company, Marketbeat.com reports. Seven equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $10.00.

A number of analysts recently issued reports on MODG shares. B. Riley reiterated 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, August 11th. Cfra reissued a "hold" rating and issued a $9.00 price objective on shares of Topgolf Callaway Brands in a research note on Friday, July 11th. Morgan Stanley initiated coverage on shares of Topgolf Callaway Brands in a research note on Friday, July 18th. They issued an "equal weight" rating and a $9.50 price objective for the company. JPMorgan Chase & Co. reduced their price objective on shares of 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, Wall Street Zen raised shares of Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th.

Topgolf Callaway Brands Trading Down 2.7%

Shares of NYSE MODG traded down $0.25 during trading hours on Friday, reaching $9.18. The stock had a trading volume of 1,587,455 shares, compared to its average volume of 2,812,308. The company has a current ratio of 1.85, a quick ratio of 1.25 and a debt-to-equity ratio of 0.48. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of -1.13 and a beta of 1.25. The business's fifty day moving average price is $9.20 and its two-hundred day moving average price is $7.58. Topgolf Callaway Brands has a 52-week low of $5.42 and a 52-week high of $11.41.

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

Insider Buying and Selling

In related news, CEO Artie Starrs sold 106,734 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $8.64, for a total value of $922,181.76. Following the completion of the transaction, the chief executive officer owned 105,823 shares of the company's stock, valued at $914,310.72. The trade was a 50.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Adebayo O. Ogunlesi acquired 384,731 shares of Topgolf Callaway Brands stock in a transaction that occurred on Friday, June 6th. The stock was acquired at an average cost of $6.48 per share, with a total value of $2,493,056.88. Following the purchase, the director directly owned 768,432 shares of the company's stock, valued at $4,979,439.36. This represents a 100.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 784,399 shares of company stock valued at $5,139,674 over the last 90 days. Corporate insiders own 2.49% of the company's stock.

Hedge Funds Weigh In On Topgolf Callaway Brands

Large investors have recently made changes to their positions in the business. Signaturefd LLC increased its position 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 worth $25,000 after purchasing an additional 2,904 shares in the last quarter. GAMMA Investing LLC acquired a new position in shares of Topgolf Callaway Brands during the second quarter worth $36,000. CWM LLC increased its position 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 worth $38,000 after purchasing an additional 2,590 shares in the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Topgolf Callaway Brands by 24.6% during 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 in the last quarter. Finally, FNY Investment Advisers LLC acquired a new position in shares of Topgolf Callaway Brands during the second quarter worth $53,000. 84.69% of the stock is owned by institutional investors and hedge funds.

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.