Topgolf Callaway Brands (NYSE:MODG) Downgraded by Stephens

Stephens downgraded shares of Topgolf Callaway Brands (NYSE:MODG) from an overweight rating to an equal weight rating in a report released on Thursday morning, Marketbeat Ratings reports. Stephens currently has $13.00 price objective on the stock.

Several other brokerages have also recently weighed in on MODG. Morgan Stanley assumed coverage on shares of Topgolf Callaway Brands in a research report on Wednesday, September 27th. They issued an underweight rating and a $12.00 price target for the company. B. Riley restated a buy rating and set a $31.00 price objective on shares of Topgolf Callaway Brands in a research note on Thursday, September 28th. Bank of America cut their target price on Topgolf Callaway Brands from $32.00 to $26.00 in a research note on Wednesday, August 9th. Truist Financial lowered their price target on shares of Topgolf Callaway Brands from $30.00 to $25.00 and set a buy rating on the stock in a report on Wednesday, August 9th. Finally, Compass Point cut their price target on shares of Topgolf Callaway Brands from $34.00 to $31.00 and set a buy rating on the stock in a report on Monday, August 21st. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $20.64.

Topgolf Callaway Brands Trading Down 2.9 %

MODG stock opened at $10.05 on Thursday. Topgolf Callaway Brands has a twelve month low of $9.96 and a twelve month high of $25.96. The firm’s fifty day simple moving average is $13.91 and its two-hundred day simple moving average is $17.10. The stock has a market capitalization of $1.85 billion, a price-to-earnings ratio of 20.51, a price-to-earnings-growth ratio of 1.84 and a beta of 1.83. The company has a quick ratio of 0.88, a current ratio of 1.76 and a debt-to-equity ratio of 0.39.

Topgolf Callaway Brands (NYSE:MODG) last issued its earnings results on Wednesday, November 8th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.09. Topgolf Callaway Brands had a net margin of 2.34% and a return on equity of 2.54%. The business had revenue of $1.04 billion for the quarter, compared to the consensus estimate of $1.05 billion. During the same period in the prior year, the firm earned $0.23 EPS. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. As a group, analysts anticipate that Topgolf Callaway Brands will post 0.41 earnings per share for the current year.

Insider Activity at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $16.29, for a total value of $162,900.00. Following the sale, the director now directly owns 832,959 shares of the company’s stock, valued at $13,568,902.11. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 11.97% of the stock is owned by insiders.

Institutional Trading of Topgolf Callaway Brands

Hedge funds have recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC grew its position in shares of Topgolf Callaway Brands by 82.1% during the 2nd quarter. Wolff Wiese Magana LLC now owns 1,766 shares of the company’s stock valued at $35,000 after acquiring an additional 796 shares during the period. Bessemer Group Inc. increased its position in shares of Topgolf Callaway Brands by 24.5% in the second quarter. Bessemer Group Inc. now owns 4,613 shares of the company’s stock valued at $91,000 after buying an additional 908 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its position in shares of Topgolf Callaway Brands by 2.7% during the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 38,792 shares of the company’s stock valued at $537,000 after buying an additional 1,010 shares in the last quarter. MetLife Investment Management LLC grew its stake in Topgolf Callaway Brands by 0.7% in the 2nd quarter. MetLife Investment Management LLC now owns 156,589 shares of the company’s stock valued at $3,108,000 after acquiring an additional 1,031 shares during the period. Finally, Steward Partners Investment Advisory LLC purchased a new stake in Topgolf Callaway Brands in the 1st quarter worth $29,000. 82.13% of the stock is owned by hedge funds and other institutional investors.

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. It operates through three segments: Topgolf; Golf Equipment; and Active Lifestyle. 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.