Insider Buying: Topgolf Callaway Brands Corp. (NYSE:MODG) Director Buys 38,070 Shares of Stock

Topgolf Callaway Brands Corp. (NYSE:MODG) Director Adebayo O. Ogunlesi purchased 38,070 shares of the firm’s stock in a transaction dated Monday, June 9th. The stock was bought at an average cost of $7.01 per share, with a total value of $266,870.70. Following the purchase, the director now owns 806,502 shares of the company’s stock, valued at approximately $5,653,579.02. This trade represents a 4.95% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Topgolf Callaway Brands Stock Up 1.5%

Shares of NYSE:MODG opened at $7.82 on Thursday. The business’s 50 day simple moving average is $6.55 and its two-hundred day simple moving average is $7.19. The firm has a market cap of $1.44 billion, a P/E ratio of -97.68 and a beta of 1.21. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93. Topgolf Callaway Brands Corp. has a 52-week low of $5.42 and a 52-week high of $16.89.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly 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. The business had revenue of $1.09 billion for the quarter, compared to analyst estimates 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 quarterly revenue was down 4.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.08 earnings per share. As a group, research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Inspire Investing LLC bought a new position in Topgolf Callaway Brands in the first quarter worth approximately $346,000. Intech Investment Management LLC lifted its holdings in shares of Topgolf Callaway Brands by 251.5% in the first quarter. Intech Investment Management LLC now owns 200,878 shares of the company’s stock valued at $1,324,000 after purchasing an additional 143,722 shares in the last quarter. Focus Partners Wealth bought a new position in shares of Topgolf Callaway Brands in the first quarter valued at approximately $109,000. Bayforest Capital Ltd lifted its holdings in shares of Topgolf Callaway Brands by 99.5% in the first quarter. Bayforest Capital Ltd now owns 58,135 shares of the company’s stock valued at $383,000 after purchasing an additional 28,998 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Topgolf Callaway Brands by 5.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 460,109 shares of the company’s stock valued at $3,032,000 after purchasing an additional 22,211 shares in the last quarter. Institutional investors own 84.69% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on MODG shares. Truist Financial decreased their price target on Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Wall Street Zen cut Topgolf Callaway Brands from a “hold” rating to a “sell” rating in a research note on Thursday, May 22nd. Roth Mkm reaffirmed a “buy” rating and set a $11.00 target price (down previously from $16.00) on shares of Topgolf Callaway Brands in a research note on Tuesday, February 25th. JPMorgan Chase & Co. decreased their target price on Topgolf Callaway Brands from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Tuesday, May 27th. Finally, B. Riley began coverage on Topgolf Callaway Brands in a research note on Friday, May 16th. They set a “neutral” rating and a $7.00 target price for the company. Three 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. Based on data from MarketBeat.com, Topgolf Callaway Brands has an average rating of “Hold” and an average target price of $10.30.

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.