Topgolf Callaway Brands (NYSE:MODG) Sees Large Volume Increase After Insider Buying Activity

Topgolf Callaway Brands Corp. (NYSE:MODG – Get Rating) saw unusually-high trading volume on Monday following insider buying activity. Approximately 3,026,666 shares traded hands during mid-day trading, an increase of 76% from the previous session’s volume of 1,714,835 shares.The stock last traded at $18.10 and had previously closed at $17.28.

Specifically, CEO Oliver G. Brewer III bought 5,000 shares of the stock in a transaction that occurred on Friday, May 12th. The stock was purchased at an average cost of $17.12 per share, for a total transaction of $85,600.00. Following the completion of the acquisition, the chief executive officer now owns 822,556 shares in the company, valued at $14,082,158.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Topgolf Callaway Brands news, CEO Oliver G. Brewer III acquired 5,000 shares of the firm’s stock in a transaction on Friday, May 12th. The stock was bought at an average cost of $17.12 per share, for a total transaction of $85,600.00. Following the completion of the purchase, the chief executive officer now directly owns 822,556 shares in the company, valued at $14,082,158.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Brian P. Lynch bought 10,000 shares of the firm’s stock in a transaction dated Thursday, May 11th. The stock was purchased at an average price of $17.79 per share, with a total value of $177,900.00. Following the completion of the purchase, the chief financial officer now directly owns 95,665 shares of the company’s stock, valued at approximately $1,701,880.35. The disclosure for this purchase can be found here. 13.46% of the stock is currently owned by company insiders.

Analyst Ratings Changes

MODG has been the topic of a number of analyst reports. KeyCorp began coverage on shares of Topgolf Callaway Brands in a report on Wednesday, April 19th. They issued an “overweight” rating and a $27.00 price objective on the stock. B. Riley upped their price objective on shares of Topgolf Callaway Brands from $29.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, February 10th. Truist Financial increased their price target on shares of Topgolf Callaway Brands from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Friday, February 10th. Finally, Tigress Financial reaffirmed a “buy” rating and set a $38.00 price objective on shares of Topgolf Callaway Brands in a research report on Thursday, February 23rd. Four research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Topgolf Callaway Brands currently has an average rating of “Buy” and a consensus target price of $31.00.

Topgolf Callaway Brands Price Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.48 and a current ratio of 1.29. The company has a 50-day moving average of $21.54 and a 200-day moving average of $21.65. The firm has a market capitalization of $3.37 billion, a price-to-earnings ratio of 38.68, a price-to-earnings-growth ratio of 2.27 and a beta of 1.75.

Topgolf Callaway Brands (NYSE:MODG – Get Rating) last posted its quarterly earnings data on Tuesday, May 9th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.02. Topgolf Callaway Brands had a return on equity of 4.20% and a net margin of 3.95%. The firm had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter last year, the business earned $0.36 EPS. The company’s quarterly revenue was up 12.2% compared to the same quarter last year. As a group, research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.79 EPS for the current fiscal year.

Institutional Trading of Topgolf Callaway Brands

A number of hedge funds have recently made changes to their positions in MODG. Dimensional Fund Advisors LP acquired a new position in shares of Topgolf Callaway Brands in the first quarter worth approximately $138,500,000. Boston Partners acquired a new position in shares of Topgolf Callaway Brands in the first quarter worth approximately $93,883,000. Fisher Asset Management LLC acquired a new position in shares of Topgolf Callaway Brands in the first quarter worth approximately $67,824,000. Bank of New York Mellon Corp acquired a new position in shares of Topgolf Callaway Brands in the first quarter worth approximately $52,242,000. Finally, Allspring Global Investments Holdings LLC acquired a new position in shares of Topgolf Callaway Brands in the first quarter worth approximately $48,831,000. 78.41% of the stock is owned by institutional investors and hedge funds.

Topgolf Callaway Brands Company Profile

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Topgolf Callaway Brands Corp. engages in the manufacture and distribution of golf equipment and accessories. It operates through the Golf Equipment and Apparel, Gear, and Other segments. The Golf Equipment segment focuses on the design, manufacture, and sale of a full line of golf equipment. The Apparel, Gear, and Other segment refers to the development and sale of soft goods under the Callaway, TravisMathew, OGIO, and Jack Wolfskin brands.