Insider Buying: Topgolf Callaway Brands Corp. (NYSE:MODG) Director Buys 60,885 Shares of Stock

Topgolf Callaway Brands Corp. (NYSE:MODG) Director Adebayo O. Ogunlesi bought 60,885 shares of the stock in a transaction dated Wednesday, June 4th. The shares were bought at an average cost of $6.47 per share, with a total value of $393,925.95. Following the completion of the acquisition, the director now directly owns 60,885 shares of the company’s stock, valued at approximately $393,925.95. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Topgolf Callaway Brands Price Performance

Shares of NYSE:MODG opened at $6.44 on Friday. Topgolf Callaway Brands Corp. has a one year low of $5.42 and a one year high of $16.89. The stock has a fifty day moving average of $6.47 and a 200-day moving average of $7.20. The company has a market capitalization of $1.18 billion, a PE ratio of -80.43 and a beta of 1.21. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings data on Monday, May 12th. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.15. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The company had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the firm earned $0.08 EPS. The company’s quarterly revenue was down 4.5% compared to the same quarter last year. As a group, equities analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on MODG shares. Wall Street Zen lowered Topgolf Callaway Brands from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. B. Riley assumed coverage on Topgolf Callaway Brands in a report on Friday, May 16th. They set a “neutral” rating and a $7.00 target price for the company. JPMorgan Chase & Co. decreased their price objective on Topgolf Callaway Brands from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Tuesday, May 27th. Truist Financial decreased their price objective on Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Roth Mkm reissued a “buy” rating and issued a $11.00 price objective (down from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $10.30.

Institutional Investors Weigh In On Topgolf Callaway Brands

Institutional investors and hedge funds have recently modified their holdings of the stock. Asset Planning Inc purchased a new stake in shares of Topgolf Callaway Brands in the fourth quarter valued at $33,000. Sterling Capital Management LLC lifted its holdings in shares of 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. KBC Group NV lifted its holdings in shares of Topgolf Callaway Brands by 81.8% in the fourth quarter. KBC Group NV now owns 8,330 shares of the company’s stock valued at $65,000 after purchasing an additional 3,749 shares in the last quarter. Covestor Ltd lifted its holdings in shares of Topgolf Callaway Brands by 147.2% in the fourth quarter. Covestor Ltd now owns 9,286 shares of the company’s stock valued at $73,000 after purchasing an additional 5,530 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC purchased a new stake in shares of Topgolf Callaway Brands in the first quarter valued at $66,000. Institutional investors and hedge funds own 84.69% of the company’s stock.

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.