Adebayo O. Ogunlesi Purchases 384,731 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG) Stock

Topgolf Callaway Brands Corp. (NYSE:MODG) Director Adebayo O. Ogunlesi purchased 384,731 shares of Topgolf Callaway Brands stock in a transaction dated Friday, June 6th. The shares were bought at an average price of $6.48 per share, for a total transaction of $2,493,056.88. Following the acquisition, the director now owns 768,432 shares in the company, valued at approximately $4,979,439.36. This trade represents a 100.27% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Topgolf Callaway Brands Stock Up 1.2%

Shares of NYSE:MODG opened at $7.90 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 fifty day simple moving average is $6.60 and its 200-day simple moving average is $7.18. The company has a market capitalization of $1.45 billion, a P/E ratio of -98.74 and a beta of 1.21.

Topgolf Callaway Brands (NYSE:MODG) last released its earnings results on Monday, May 12th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.15. The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The firm’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.08 earnings per share. As a group, equities research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Topgolf Callaway Brands

A number of hedge funds have recently made changes to their positions in MODG. Augustine Asset Management Inc. raised its holdings in shares of Topgolf Callaway Brands by 7.4% during the 4th quarter. Augustine Asset Management Inc. now owns 21,843 shares of the company’s stock valued at $172,000 after buying an additional 1,500 shares during the period. Boyar Asset Management Inc. raised its holdings in shares of Topgolf Callaway Brands by 1.7% during the 1st quarter. Boyar Asset Management Inc. now owns 109,984 shares of the company’s stock valued at $725,000 after buying an additional 1,857 shares during the period. Jump Financial LLC raised its holdings in shares of Topgolf Callaway Brands by 3.1% during the 1st quarter. Jump Financial LLC now owns 75,685 shares of the company’s stock valued at $499,000 after buying an additional 2,265 shares during the period. MetLife Investment Management LLC raised its holdings in shares of Topgolf Callaway Brands by 2.9% during the 4th quarter. MetLife Investment Management LLC now owns 82,820 shares of the company’s stock valued at $651,000 after buying an additional 2,303 shares during the period. Finally, Covestor Ltd raised its holdings in shares of Topgolf Callaway Brands by 26.9% during the 1st quarter. Covestor Ltd now owns 11,785 shares of the company’s stock valued at $78,000 after buying an additional 2,499 shares during the period. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on MODG shares. Roth Mkm reaffirmed a “buy” rating and set a $11.00 price target (down previously from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. Wall Street Zen lowered shares of Topgolf Callaway Brands from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. B. Riley initiated 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 on the stock. Truist Financial reduced their price objective on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Finally, JPMorgan Chase & Co. reduced their price objective 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. 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $10.30.

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.