Topgolf Callaway Brands (NYSE:MODG) Hits New 1-Year Low – Here’s What Happened

Topgolf Callaway Brands Corp. (NYSE:MODG)’s stock price reached a new 52-week low on Thursday . The company traded as low as $7.52 and last traded at $7.52, with a volume of 3008077 shares traded. The stock had previously closed at $8.02.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Bank of America cut their price target on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, September 12th. JPMorgan Chase & Co. dropped their target price on shares of Topgolf Callaway Brands from $13.00 to $11.00 and set a “neutral” rating for the company in a report on Wednesday, November 13th. B. Riley lowered Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $18.00 to $12.00 in a research note on Thursday, October 17th. Raymond James cut Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a report on Friday, August 23rd. Finally, The Goldman Sachs Group reduced their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, November 14th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $14.92.

Topgolf Callaway Brands Trading Down 6.2 %

The firm has a market cap of $1.38 billion, a price-to-earnings ratio of -93.99, a price-to-earnings-growth ratio of 5.62 and a beta of 1.70. The business has a 50 day moving average of $9.13 and a 200 day moving average of $11.64. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37.

Institutional Investors Weigh In On Topgolf Callaway Brands

Hedge funds have recently modified their holdings of the company. Fifth Third Bancorp lifted its stake in shares of Topgolf Callaway Brands by 327.6% during the second quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock valued at $39,000 after buying an additional 1,936 shares during the period. Louisiana State Employees Retirement System lifted its stake in shares of Topgolf Callaway Brands by 1.0% during the 2nd quarter. Louisiana State Employees Retirement System now owns 71,100 shares of the company’s stock worth $1,088,000 after purchasing an additional 700 shares during the period. Innealta Capital LLC acquired a new stake in shares of Topgolf Callaway Brands during the second quarter worth $291,000. Crossmark Global Holdings Inc. grew its position in shares of Topgolf Callaway Brands by 28.2% in the second quarter. Crossmark Global Holdings Inc. now owns 15,458 shares of the company’s stock valued at $236,000 after purchasing an additional 3,396 shares during the period. Finally, Rhumbline Advisers increased its stake in Topgolf Callaway Brands by 0.4% in the second quarter. Rhumbline Advisers now owns 462,111 shares of the company’s stock valued at $7,070,000 after purchasing an additional 1,962 shares during the last quarter. 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.