Topgolf Callaway Brands (NYSE:MODG) Trading Up 6.2% Following Insider Buying Activity

Shares of Topgolf Callaway Brands Corp. (NYSE:MODG) rose 6.2% on Wednesday following insider buying activity. The company traded as high as $11.89 and last traded at $11.89. Approximately 457,926 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 2,366,592 shares. The stock had previously closed at $11.20.

Specifically, Director Erik J. Anderson sold 10,000 shares of the business’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $12.03, for a total value of $120,300.00. Following the completion of the transaction, the director now owns 792,959 shares in the company, valued at $9,539,296.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Erik J. Anderson sold 10,000 shares of the business’s stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $12.03, for a total value of $120,300.00. Following the completion of the transaction, the director now owns 792,959 shares in the company, valued at $9,539,296.77. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jennifer L. Thomas purchased 4,000 shares of the firm’s stock in a transaction dated Friday, November 10th. The stock was acquired at an average price of $10.02 per share, with a total value of $40,080.00. Following the purchase, the chief accounting officer now directly owns 64,521 shares of the company’s stock, valued at $646,500.42. The disclosure for this purchase can be found here. Insiders sold 30,000 shares of company stock worth $382,600 over the last quarter. 11.97% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

MODG has been the subject of a number of research reports. The Goldman Sachs Group reduced their price objective on Topgolf Callaway Brands from $20.00 to $13.00 and set a “neutral” rating for the company in a research report on Friday, November 10th. Stephens cut Topgolf Callaway Brands from an “overweight” rating to an “equal weight” rating and set a $13.00 price objective for the company. in a research report on Thursday, November 9th. TheStreet lowered Topgolf Callaway Brands from a “c” rating to a “d+” rating in a report on Wednesday, November 8th. Raymond James cut their price target on Topgolf Callaway Brands from $30.00 to $14.00 and set an “outperform” rating for the company in a report on Thursday, November 9th. Finally, Compass Point cut their price target on Topgolf Callaway Brands from $34.00 to $31.00 and set a “buy” rating for the company in a report on Monday, August 21st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.64.

Topgolf Callaway Brands Stock Performance

The stock has a market cap of $2.19 billion, a P/E ratio of 24.23, a price-to-earnings-growth ratio of 1.83 and a beta of 1.83. The company has a quick ratio of 0.95, a current ratio of 1.76 and a debt-to-equity ratio of 0.39. The business has a 50 day moving average price of $13.55 and a two-hundred day moving average price of $16.90.

Topgolf Callaway Brands (NYSE:MODG) last released its quarterly earnings data on Wednesday, November 8th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.09. The firm had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.05 billion. Topgolf Callaway Brands had a return on equity of 2.54% and a net margin of 2.34%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.23 earnings per share. On average, sell-side analysts forecast that Topgolf Callaway Brands Corp. will post 0.39 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Topgolf Callaway Brands

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MODG. Shapiro Capital Management LLC boosted its stake in Topgolf Callaway Brands by 651.6% during the third quarter. Shapiro Capital Management LLC now owns 9,659,158 shares of the company’s stock valued at $133,683,000 after buying an additional 8,373,946 shares during the last quarter. Dimensional Fund Advisors LP bought a new position in Topgolf Callaway Brands during the first quarter valued at approximately $138,500,000. Boston Partners bought a new position in Topgolf Callaway Brands during the first quarter valued at approximately $93,883,000. Fisher Asset Management LLC bought a new position in Topgolf Callaway Brands during the first quarter valued at approximately $67,824,000. Finally, Geode Capital Management LLC bought a new position in Topgolf Callaway Brands during the first quarter valued at approximately $57,769,000. 82.13% of the stock is owned by institutional investors.

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. 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.