Adebayo O. Ogunlesi Acquires 38,782 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG) Stock

Topgolf Callaway Brands Corp. (NYSE:MODG) Director Adebayo O. Ogunlesi bought 38,782 shares of the firm’s stock in a transaction that occurred on Tuesday, June 10th. The stock was bought at an average cost of $7.59 per share, for a total transaction of $294,355.38. Following the completion of the acquisition, the director now owns 845,284 shares in the company, valued at $6,415,705.56. This trade represents a 4.81% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Topgolf Callaway Brands Trading Up 1.5%

Shares of MODG stock opened at $7.82 on Thursday. Topgolf Callaway Brands Corp. has a 12-month low of $5.42 and a 12-month high of $16.89. The company has a current ratio of 1.93, a quick ratio of 1.14 and a debt-to-equity ratio of 0.37. The stock’s 50-day moving average price is $6.55 and its 200-day moving average price is $7.19. The stock has a market capitalization of $1.44 billion, a price-to-earnings ratio of -97.68 and a beta of 1.21.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on MODG shares. JPMorgan Chase & Co. decreased their target price on Topgolf Callaway Brands from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Tuesday, May 27th. Roth Mkm reaffirmed a “buy” rating and issued a $11.00 target price (down from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Truist Financial decreased their target price on Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, April 14th. B. Riley started coverage on Topgolf Callaway Brands in a report on Friday, May 16th. They set a “neutral” rating and a $7.00 price target on the stock. Finally, Wall Street Zen cut Topgolf Callaway Brands from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $10.30.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Augustine Asset Management Inc. grew its position in Topgolf Callaway Brands by 7.4% in the fourth quarter. Augustine Asset Management Inc. now owns 21,843 shares of the company’s stock worth $172,000 after acquiring an additional 1,500 shares in the last quarter. Boyar Asset Management Inc. grew its position in Topgolf Callaway Brands by 1.7% in the first quarter. Boyar Asset Management Inc. now owns 109,984 shares of the company’s stock worth $725,000 after acquiring an additional 1,857 shares in the last quarter. Jump Financial LLC grew its position in Topgolf Callaway Brands by 3.1% in the first quarter. Jump Financial LLC now owns 75,685 shares of the company’s stock worth $499,000 after acquiring an additional 2,265 shares in the last quarter. MetLife Investment Management LLC grew its position in Topgolf Callaway Brands by 2.9% in the fourth quarter. MetLife Investment Management LLC now owns 82,820 shares of the company’s stock worth $651,000 after acquiring an additional 2,303 shares in the last quarter. Finally, Covestor Ltd grew its position in Topgolf Callaway Brands by 26.9% in the first quarter. Covestor Ltd now owns 11,785 shares of the company’s stock worth $78,000 after acquiring an additional 2,499 shares in the last quarter. Hedge funds and other institutional investors 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.