Topgolf Callaway Brands (NYSE:MODG) Shares Gap Up Following Analyst Upgrade

Topgolf Callaway Brands Corp. (NYSE:MODG)’s share price gapped up prior to trading on Thursday after Bank of America raised their price target on the stock from $13.00 to $14.00. The stock had previously closed at $10.76, but opened at $11.39. Bank of America currently has a neutral rating on the stock. Topgolf Callaway Brands shares last traded at $10.90, with a volume of 1,211,321 shares trading hands.

A number of other analysts have also recently weighed in on MODG. KeyCorp cut shares of Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 8th. The Goldman Sachs Group dropped their price objective on shares of Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating on the stock in a research note on Friday, August 9th. Jefferies Financial Group downgraded Topgolf Callaway Brands from a “buy” rating to a “hold” rating and decreased their target price for the company from $40.00 to $12.00 in a research note on Thursday, August 29th. Truist Financial dropped their price target on Topgolf Callaway Brands from $20.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Finally, Morgan Stanley lowered their price objective on Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating for the company in a research note on Thursday, August 8th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Topgolf Callaway Brands presently has an average rating of “Hold” and an average price target of $16.38.

Hedge Funds Weigh In On Topgolf Callaway Brands

Several large investors have recently bought and sold shares of MODG. Louisiana State Employees Retirement System boosted its holdings in shares of Topgolf Callaway Brands by 1.0% in the second quarter. Louisiana State Employees Retirement System now owns 71,100 shares of the company’s stock valued at $1,088,000 after acquiring an additional 700 shares in the last quarter. Creative Planning lifted its position in Topgolf Callaway Brands by 6.8% in the second quarter. Creative Planning now owns 22,201 shares of the company’s stock worth $340,000 after purchasing an additional 1,415 shares during the period. Texas Permanent School Fund Corp boosted its stake in Topgolf Callaway Brands by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 124,043 shares of the company’s stock valued at $2,006,000 after purchasing an additional 1,633 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Topgolf Callaway Brands by 5.2% during the 2nd quarter. SG Americas Securities LLC now owns 36,961 shares of the company’s stock valued at $566,000 after purchasing an additional 1,819 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Topgolf Callaway Brands by 2.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 78,434 shares of the company’s stock worth $1,200,000 after buying an additional 1,888 shares in the last quarter. Institutional investors and hedge funds own 84.69% of the company’s stock.

Topgolf Callaway Brands Stock Performance

The company has a fifty day moving average price of $13.31 and a two-hundred day moving average price of $14.60. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of 27.57, a price-to-earnings-growth ratio of 6.62 and a beta of 1.74. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.15.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.14. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.19 billion. Topgolf Callaway Brands had a net margin of 0.50% and a return on equity of 2.07%. Topgolf Callaway Brands’s revenue was down 1.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.39 EPS. As a group, equities research analysts expect that Topgolf Callaway Brands Corp. will post 0.18 EPS for the current year.

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.