UBS Group Initiates Coverage on Topgolf Callaway Brands (NYSE:MODG)

UBS Group started coverage on shares of Topgolf Callaway Brands (NYSE:MODG) in a research report issued on Friday, MarketBeat reports. The firm set a “neutral” rating and a $10.00 price target on the stock. UBS Group’s price objective suggests a potential upside of 9.17% from the company’s previous close.

Several other brokerages have also issued reports on MODG. B. Riley reiterated a “neutral” rating and set a $9.50 target price (up from $7.00) on shares of Topgolf Callaway Brands in a research report on Monday, August 11th. Weiss Ratings reissued a “sell (d)” rating on shares of Topgolf Callaway Brands in a research note on Wednesday, October 8th. Zacks Research raised shares of Topgolf Callaway Brands from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Wall Street Zen raised shares of Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, Morgan Stanley started coverage on shares of Topgolf Callaway Brands in a research note on Friday, July 18th. They set an “equal weight” rating and a $9.50 price target on the stock. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Topgolf Callaway Brands presently has a consensus rating of “Hold” and a consensus price target of $9.78.

Topgolf Callaway Brands Trading Down 0.9%

Shares of Topgolf Callaway Brands stock opened at $9.16 on Friday. Topgolf Callaway Brands has a 1 year low of $5.42 and a 1 year high of $11.09. The firm has a market cap of $1.68 billion, a PE ratio of -1.13 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.85 and a quick ratio of 1.25. The company has a 50 day simple moving average of $9.39 and a two-hundred day simple moving average of $8.20.

Topgolf Callaway Brands (NYSE:MODG) last announced its earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.21. Topgolf Callaway Brands had a negative net margin of 36.08% and a positive return on equity of 0.37%. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the business posted $0.42 earnings per share. Topgolf Callaway Brands’s revenue for the quarter was down 4.1% on a year-over-year basis. Analysts expect that Topgolf Callaway Brands will post 0.16 earnings per share for the current fiscal year.

Insider Buying and Selling at Topgolf Callaway Brands

In related news, Director Erik J. Anderson sold 25,704 shares of Topgolf Callaway Brands stock in a transaction on Friday, August 8th. The shares were sold at an average price of $9.25, for a total value of $237,762.00. Following the transaction, the director directly owned 20,607 shares of the company’s stock, valued at $190,614.75. The trade was a 55.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Artie Starrs sold 106,734 shares of Topgolf Callaway Brands stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $8.64, for a total transaction of $922,181.76. Following the completion of the transaction, the chief executive officer directly owned 105,823 shares in the company, valued at approximately $914,310.72. The trade was a 50.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.40% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Marshall Wace LLP increased its stake in shares of Topgolf Callaway Brands by 10,113.7% in the second quarter. Marshall Wace LLP now owns 4,691,786 shares of the company’s stock worth $37,769,000 after buying an additional 4,645,850 shares during the period. Hill Path Capital LP bought a new stake in Topgolf Callaway Brands in the second quarter valued at $37,722,000. Long Focus Capital Management LLC boosted its holdings in Topgolf Callaway Brands by 44.8% in the first quarter. Long Focus Capital Management LLC now owns 2,950,844 shares of the company’s stock valued at $19,446,000 after acquiring an additional 912,844 shares in the last quarter. Alliancebernstein L.P. boosted its holdings in Topgolf Callaway Brands by 7.5% in the second quarter. Alliancebernstein L.P. now owns 2,814,292 shares of the company’s stock valued at $22,655,000 after acquiring an additional 195,684 shares in the last quarter. Finally, Balyasny Asset Management L.P. boosted its holdings in Topgolf Callaway Brands by 36.7% in the second quarter. Balyasny Asset Management L.P. now owns 2,528,734 shares of the company’s stock valued at $20,356,000 after acquiring an additional 678,822 shares in the last quarter. 84.69% 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. 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.