Topgolf Callaway Brands (NYSE:CALY) Issues Earnings Results, Beats Estimates By $0.11 EPS

Topgolf Callaway Brands (NYSE:CALY) issued its quarterly earnings data on Thursday. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.11, FiscalAI reports. The company had revenue of $436.90 million during the quarter. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%. The company’s revenue for the quarter was down 53.2% compared to the same quarter last year.

Topgolf Callaway Brands Price Performance

Shares of NYSE CALY traded up $0.88 during mid-day trading on Friday, hitting $16.80. The company had a trading volume of 174,425 shares, compared to its average volume of 2,487,362. The company has a market capitalization of $3.00 billion, a PE ratio of 39.35 and a beta of 0.98. The business’s 50-day simple moving average is $14.75 and its 200 day simple moving average is $15.66. Topgolf Callaway Brands has a 1-year low of $9.24 and a 1-year high of $20.28.

Analyst Upgrades and Downgrades

A number of research firms have commented on CALY. UBS Group reduced their target price on Topgolf Callaway Brands from $19.00 to $17.00 and set a “neutral” rating on the stock in a research report on Monday, September 14th. Zacks Research upgraded Topgolf Callaway Brands from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 28th. Truist Financial increased their price target on Topgolf Callaway Brands from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Tuesday, September 1st. B. Riley Financial reissued a “buy” rating and set a $23.00 price objective (up from $19.00) on shares of Topgolf Callaway Brands in a research report on Wednesday, August 5th. Finally, Wall Street Zen lowered shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating in a report on Saturday, October 10th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.83.

Institutional Trading of Topgolf Callaway Brands

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP acquired a new stake in Topgolf Callaway Brands during the 2nd quarter worth $268,370,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in Topgolf Callaway Brands in the second quarter valued at $6,239,000. Engineers Gate Manager LP acquired a new position in Topgolf Callaway Brands in the second quarter valued at $5,243,000. Squarepoint Ops LLC acquired a new position in Topgolf Callaway Brands in the second quarter valued at $3,854,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Topgolf Callaway Brands in the second quarter valued at $3,698,000. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Topgolf Callaway Brands Company Profile

Topgolf Callaway Brands is a golf and active-lifestyle company formed through Callaway Golf Company’s acquisition of Topgolf, which was completed in 2021. The company has combined traditional golf equipment and apparel operations with Topgolf’s technology-enabled entertainment venues.

Its golf portfolio has included Callaway and Odyssey golf clubs, golf balls, wedges, putters and accessories, along with apparel and lifestyle products sold under brands such as TravisMathew and OGIO. Topgolf venues provide golf entertainment, food and beverage service, event hosting and digitally supported play for both experienced golfers and newcomers.

Based in Carlsbad, California, the company has served customers through sporting-goods retailers, specialty golf shops, mass merchants, e-commerce platforms and direct-to-consumer channels.