Topgolf Callaway Brands (NYSE:MODG) Downgraded to Sector Weight at KeyCorp

KeyCorp cut shares of Topgolf Callaway Brands (NYSE:MODG) from an overweight rating to a sector weight rating in a research note released on Thursday, Marketbeat reports.

Several other analysts also recently weighed in on the stock. Tigress Financial restated a buy rating and set a $38.00 price objective on shares of Topgolf Callaway Brands in a research report on Friday, April 12th. Truist Financial boosted their price objective on shares of Topgolf Callaway Brands from $18.00 to $20.00 and gave the stock a buy rating in a research report on Monday, April 29th. TD Cowen lifted their target price on shares of Topgolf Callaway Brands from $10.00 to $13.00 and gave the company a hold rating in a report on Monday, May 13th. Finally, B. Riley boosted their price objective on shares of Topgolf Callaway Brands from $18.00 to $21.00 and gave the company a buy rating in a research note on Thursday, May 2nd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Hold and an average price target of $17.77.

Topgolf Callaway Brands Stock Down 6.3 %

Topgolf Callaway Brands stock traded down $0.75 during trading on Thursday, reaching $11.22. The stock had a trading volume of 3,706,291 shares, compared to its average volume of 2,288,942. Topgolf Callaway Brands has a 52-week low of $9.84 and a 52-week high of $17.64. The business has a 50 day moving average price of $15.12 and a 200 day moving average price of $15.03. The company has a quick ratio of 1.02, a current ratio of 1.82 and a debt-to-equity ratio of 0.39. The stock has a market cap of $2.06 billion, a PE ratio of 30.27, a P/E/G ratio of 2.55 and a beta of 1.77.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.14. Topgolf Callaway Brands had a net margin of 1.80% and a return on equity of 1.93%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same quarter in the previous year, the firm earned $0.39 earnings per share. The firm’s quarterly revenue was down 1.9% on a year-over-year basis. On average, analysts predict that Topgolf Callaway Brands will post 0.34 EPS for the current year.

Insider Transactions at Topgolf Callaway Brands

In related news, Director Erik J. Anderson sold 7,500 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $15.37, for a total value of $115,275.00. Following the sale, the director now directly owns 760,459 shares in the company, valued at approximately $11,688,254.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 2.49% of the company’s stock.

Institutional Investors Weigh In On Topgolf Callaway Brands

Institutional investors and hedge funds have recently made changes to their positions in the business. Dimensional Fund Advisors LP lifted its holdings in Topgolf Callaway Brands by 21.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company’s stock valued at $132,296,000 after purchasing an additional 1,549,222 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Topgolf Callaway Brands by 18.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 236,597 shares of the company’s stock valued at $3,620,000 after acquiring an additional 37,376 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Topgolf Callaway Brands by 60.8% during the 2nd quarter. American Century Companies Inc. now owns 3,178,681 shares of the company’s stock valued at $48,634,000 after acquiring an additional 1,202,347 shares during the last quarter. Koss Olinger Consulting LLC acquired a new position in shares of Topgolf Callaway Brands during the 2nd quarter valued at about $160,000. Finally, FineMark National Bank & Trust increased its stake in shares of Topgolf Callaway Brands by 6.1% during the 2nd quarter. FineMark National Bank & Trust now owns 523,876 shares of the company’s stock valued at $8,015,000 after acquiring an additional 29,901 shares during the last quarter. 84.69% of the stock is currently 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.