Topgolf Callaway Brands (NYSE:MODG) Trading Up 4.2% After Insider Buying Activity

Topgolf Callaway Brands Corp. (NYSE:MODG)’s share price was up 4.2% during mid-day trading on Tuesday following insider buying activity. The stock traded as high as $6.77 and last traded at $6.85. Approximately 271,438 shares changed hands during trading, a decline of 90% from the average daily volume of 2,732,348 shares. The stock had previously closed at $6.57.

Specifically, EVP Glenn F. Hickey purchased 10,000 shares of the company’s stock in a transaction that occurred on Monday, May 19th. The shares were purchased at an average price of $6.86 per share, for a total transaction of $68,600.00. Following the transaction, the executive vice president now directly owns 10,000 shares of the company’s stock, valued at approximately $68,600. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Russell L. Fleischer purchased 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The stock was bought at an average price of $6.41 per share, for a total transaction of $192,300.00. Following the transaction, the director now directly owns 116,187 shares in the company, valued at $744,758.67. This trade represents a 34.81% increase in their ownership of the stock. The disclosure for this purchase can be found here. In related news, CEO Oliver G. Brewer III purchased 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 14th. The shares were purchased at an average price of $6.40 per share, for a total transaction of $128,000.00. Following the transaction, the chief executive officer now directly owns 1,009,297 shares of the company’s stock, valued at approximately $6,459,500.80. The trade was a 2.02% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on MODG shares. JPMorgan Chase & Co. dropped their price target on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, January 23rd. Roth Mkm restated a “buy” rating and issued a $11.00 price target (down previously from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. B. Riley initiated coverage on Topgolf Callaway Brands in a research report on Friday, May 16th. They issued a “neutral” rating and a $7.00 price target on the stock. Finally, Truist Financial dropped their target price on Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, Topgolf Callaway Brands has a consensus rating of “Hold” and a consensus price target of $10.50.

Topgolf Callaway Brands Trading Up 3.3%

The firm has a market cap of $1.25 billion, a price-to-earnings ratio of -84.86 and a beta of 1.25. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93. The business has a fifty day moving average of $6.54 and a two-hundred day moving average of $7.45.

Topgolf Callaway Brands (NYSE:MODG) last released its quarterly earnings results on Monday, May 12th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.15. The business had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The company’s revenue was down 4.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.08 EPS. As a group, equities analysts expect that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Topgolf Callaway Brands

A number of institutional investors and hedge funds have recently modified their holdings of MODG. Asset Planning Inc acquired a new stake in shares of Topgolf Callaway Brands in the 4th quarter worth approximately $33,000. Sterling Capital Management LLC increased its position in Topgolf Callaway Brands by 821.5% during the fourth quarter. Sterling Capital Management LLC now owns 4,543 shares of the company’s stock worth $36,000 after buying an additional 4,050 shares in the last quarter. KBC Group NV increased its position in Topgolf Callaway Brands by 81.8% during the fourth quarter. KBC Group NV now owns 8,330 shares of the company’s stock worth $65,000 after buying an additional 3,749 shares in the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in shares of Topgolf Callaway Brands in the first quarter valued at $66,000. Finally, Capstone Financial Advisors Inc. purchased a new stake in shares of Topgolf Callaway Brands in the first quarter valued at $66,000. Institutional investors and hedge funds own 84.69% of the company’s stock.

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. 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.