Topgolf Callaway Brands Corp. (NYSE:MODG) Director Adebayo O. Ogunlesi Purchases 322,816 Shares

Topgolf Callaway Brands Corp. (NYSE:MODG) Director Adebayo O. Ogunlesi purchased 322,816 shares of the stock in a transaction on Thursday, June 5th. The shares were purchased at an average cost of $6.46 per share, with a total value of $2,085,391.36. Following the transaction, the director now owns 383,701 shares of the company’s stock, valued at $2,478,708.46. This trade represents a 530.21% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Topgolf Callaway Brands Price Performance

MODG stock opened at $6.44 on Friday. 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 Corp. has a 52-week low of $5.42 and a 52-week high of $16.89. The stock’s 50 day moving average is $6.47 and its two-hundred day moving average is $7.20. The company has a market capitalization of $1.18 billion, a PE ratio of -80.43 and a beta of 1.21.

Topgolf Callaway Brands (NYSE:MODG) last released its quarterly 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. The business had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.08 billion. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. The business’s quarterly revenue was down 4.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.08 earnings per share. Analysts predict that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Inspire Investing LLC acquired a new position in shares of Topgolf Callaway Brands in the 1st quarter worth approximately $346,000. Intech Investment Management LLC boosted its holdings in Topgolf Callaway Brands by 251.5% in the first quarter. Intech Investment Management LLC now owns 200,878 shares of the company’s stock worth $1,324,000 after purchasing an additional 143,722 shares during the period. Focus Partners Wealth acquired a new position in shares of Topgolf Callaway Brands in the 1st quarter valued at about $109,000. Bayforest Capital Ltd boosted its holdings in shares of Topgolf Callaway Brands by 99.5% in the 1st quarter. Bayforest Capital Ltd now owns 58,135 shares of the company’s stock valued at $383,000 after buying an additional 28,998 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Topgolf Callaway Brands by 5.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 460,109 shares of the company’s stock valued at $3,032,000 after buying an additional 22,211 shares during the period. Institutional investors and hedge funds own 84.69% of the company’s stock.

Analyst Ratings Changes

MODG has been the topic of several research analyst reports. JPMorgan Chase & Co. reduced their price objective on Topgolf Callaway Brands from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 27th. Truist Financial reduced their price target on shares of 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. B. Riley started coverage on shares of Topgolf Callaway Brands in a research report on Friday, May 16th. They issued a “neutral” rating and a $7.00 price objective for the company. Roth Mkm reissued a “buy” rating and issued a $11.00 target price (down previously from $16.00) on shares of Topgolf Callaway Brands in a research note on Tuesday, February 25th. Finally, Wall Street Zen cut shares of Topgolf Callaway Brands from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Three investment 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, Topgolf Callaway Brands currently has an average rating of “Hold” and a consensus target price of $10.30.

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.