Topgolf Callaway Brands (NYSE:CALY) Price Target Lowered to $17.00 at UBS Group

Topgolf Callaway Brands (NYSE:CALY) had its price target cut by UBS Group from $19.00 to $17.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s price target would suggest a potential upside of 11.36% from the stock’s current price.

A number of other equities analysts also recently issued reports on CALY. Truist Financial increased their price objective on Topgolf Callaway Brands from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, September 1st. KeyCorp upped their target price on shares of Topgolf Callaway Brands from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Zacks Research lowered shares of Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a research note on Thursday, August 6th. The Goldman Sachs Group lifted their price target on shares of Topgolf Callaway Brands from $17.00 to $19.00 and gave the company a “neutral” rating in a research report on Wednesday, August 5th. Finally, B. Riley Financial reissued a “buy” rating and set a $23.00 price objective (up from $19.00) on shares of Topgolf Callaway Brands in a research note on Wednesday, August 5th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $19.83.

Topgolf Callaway Brands Trading Down 1.3%

Topgolf Callaway Brands stock traded down $0.19 during trading hours on Monday, hitting $15.27. 1,066,437 shares of the stock traded hands, compared to its average volume of 2,582,779. Topgolf Callaway Brands has a one year low of $8.39 and a one year high of $20.28. The business’s 50-day moving average price is $17.24. The stock has a market capitalization of $2.73 billion, a P/E ratio of 35.50 and a beta of 0.93.

Topgolf Callaway Brands (NYSE:CALY) last announced its earnings results on Tuesday, August 4th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.04. The firm had revenue of $612.20 million during the quarter. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%.Topgolf Callaway Brands’s quarterly revenue was down 44.9% on a year-over-year basis. On average, equities research analysts predict that Topgolf Callaway Brands will post 0.75 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Oliver Brewer, III sold 1,400 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $18.00, for a total transaction of $25,200.00. Following the completion of the sale, the chief executive officer owned 200,983 shares of the company’s stock, valued at $3,617,694. This trade represents a 0.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Glenn Hickey sold 28,843 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $18.74, for a total value of $540,517.82. Following the completion of the transaction, the executive vice president directly owned 72,239 shares in the company, valued at $1,353,758.86. This trade represents a 28.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 97,717 shares of company stock worth $1,800,492. Corporate insiders own 2.91% of the company’s stock.

Hedge Funds Weigh In On Topgolf Callaway Brands

A number of hedge funds have recently bought and sold shares of CALY. Wellington Management Group LLP bought a new position in Topgolf Callaway Brands during the 2nd quarter valued at about $268,370,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Topgolf Callaway Brands in the second quarter worth approximately $6,239,000. Squarepoint Ops LLC purchased a new position in shares of Topgolf Callaway Brands during the second quarter valued at approximately $3,854,000. Engineers Gate Manager LP purchased a new position in shares of Topgolf Callaway Brands during the second quarter valued at approximately $5,243,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Topgolf Callaway Brands during the second quarter valued at approximately $3,698,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

About Topgolf Callaway Brands

Topgolf Callaway Brands Corp. is a golf-focused company that combines golf equipment, apparel and footwear businesses with technology-enabled golf entertainment. Its portfolio has included Callaway golf clubs, golf balls and accessories; Odyssey putters and equipment; TravisMathew apparel and footwear; and Jack Wolfskin outdoor apparel and equipment.

The company has also operated Topgolf, a network of technologically enhanced golf entertainment venues where customers can play interactive games, receive instruction, dine and attend social or corporate events.