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

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

Topgolf Callaway Brands Price Performance

Topgolf Callaway Brands stock opened at $6.44 on Friday. The firm has a 50-day moving average price of $6.47 and a 200-day moving average price of $7.20. The firm has a market capitalization of $1.18 billion, a PE ratio of -80.43 and a beta of 1.21. The company has a current ratio of 1.93, a quick ratio of 1.14 and a debt-to-equity ratio of 0.37. Topgolf Callaway Brands Corp. has a 12-month low of $5.42 and a 12-month high of $16.89.

Topgolf Callaway Brands (NYSE:MODG) last released its earnings results on Monday, May 12th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.15. The firm had revenue of $1.09 billion during the quarter, compared to analyst estimates 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 revenue was down 4.5% on a year-over-year basis. During the same quarter last year, the business earned $0.08 EPS. As a group, equities research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Institutional Investors Weigh In On Topgolf Callaway Brands

Several institutional investors have recently made changes to their positions in MODG. KBC Group NV lifted its holdings in shares of Topgolf Callaway Brands by 81.8% in the 4th quarter. KBC Group NV now owns 8,330 shares of the company’s stock worth $65,000 after acquiring an additional 3,749 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Topgolf Callaway Brands by 5.1% in the 4th quarter. Empowered Funds LLC now owns 325,106 shares of the company’s stock worth $2,555,000 after acquiring an additional 15,857 shares during the last quarter. Thompson Investment Management Inc. lifted its holdings in shares of Topgolf Callaway Brands by 11.1% in the 4th quarter. Thompson Investment Management Inc. now owns 362,299 shares of the company’s stock worth $2,848,000 after acquiring an additional 36,201 shares during the last quarter. Augustine Asset Management Inc. lifted its holdings in 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 in the last quarter. Finally, Asset Planning Inc bought a new stake in Topgolf Callaway Brands during the 4th quarter valued at about $33,000. Institutional investors own 84.69% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on MODG shares. B. Riley started coverage on shares of Topgolf Callaway Brands in a research note on Friday, May 16th. They issued a “neutral” rating and a $7.00 price objective for the company. Wall Street Zen cut shares of Topgolf Callaway Brands from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. JPMorgan Chase & Co. dropped 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. 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 research note on Tuesday, February 25th. Finally, Truist Financial dropped their price objective on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, April 14th. 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 currently has a consensus 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.