Topgolf Callaway Brands Corp. (NYSE:MODG – Get Free Report) traded up 6.2% on Wednesday after an insider bought additional shares in the company. The company traded as high as $11.89 and last traded at $11.89. 457,926 shares traded hands during trading, a decline of 81% from the average session volume of 2,366,592 shares. The stock had previously closed at $11.20.
Specifically, CAO Jennifer L. Thomas purchased 4,000 shares of the company’s stock in a transaction dated Friday, November 10th. The stock was bought at an average cost of $10.02 per share, for a total transaction of $40,080.00. Following the purchase, the chief accounting officer now owns 64,521 shares of the company’s stock, valued at $646,500.42. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Topgolf Callaway Brands news, CEO Oliver G. Brewer III purchased 10,000 shares of the company’s stock in a transaction dated Friday, August 25th. The stock was purchased at an average price of $16.21 per share, with a total value of $162,100.00. Following the completion of the purchase, the chief executive officer now owns 847,556 shares of the company’s stock, valued at $13,738,882.76. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Jennifer L. Thomas purchased 4,000 shares of the business’s stock in a transaction dated Friday, November 10th. The shares were acquired at an average price of $10.02 per share, for a total transaction of $40,080.00. Following the acquisition, the chief accounting officer now owns 64,521 shares of the company’s stock, valued at approximately $646,500.42. The disclosure for this purchase can be found here. Insiders own 11.97% of the company’s stock.
Analyst Upgrades and Downgrades
MODG has been the topic of a number of analyst reports. Morgan Stanley reduced their price target on Topgolf Callaway Brands from $12.50 to $10.00 and set an “underweight” rating on the stock in a research report on Friday, November 10th. Bank of America reduced their target price on Topgolf Callaway Brands from $32.00 to $26.00 in a report on Wednesday, August 9th. Truist Financial lowered their price target on shares of Topgolf Callaway Brands from $25.00 to $18.00 and set a “buy” rating for the company in a report on Thursday, November 9th. Stephens lowered shares of Topgolf Callaway Brands from an “overweight” rating to an “equal weight” rating and set a $13.00 price objective on the stock. in a research note on Thursday, November 9th. Finally, B. Riley reissued a “buy” rating and set a $31.00 target price on shares of Topgolf Callaway Brands in a research note on Thursday, September 28th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Topgolf Callaway Brands currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.64.
Topgolf Callaway Brands Stock Up 6.3 %
The company has a quick ratio of 0.95, a current ratio of 1.76 and a debt-to-equity ratio of 0.39. The stock has a 50 day simple moving average of $13.65 and a 200 day simple moving average of $16.94. The stock has a market cap of $2.20 billion, a price-to-earnings ratio of 22.86, a PEG ratio of 1.83 and a beta of 1.83.
Topgolf Callaway Brands (NYSE:MODG – Get Free Report) last announced its quarterly earnings results on Wednesday, November 8th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.09. Topgolf Callaway Brands had a net margin of 2.34% and a return on equity of 2.54%. The business had revenue of $1.04 billion during the quarter, compared to analyst estimates of $1.05 billion. During the same quarter in the previous year, the business posted $0.23 EPS. Topgolf Callaway Brands’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, analysts expect that Topgolf Callaway Brands Corp. will post 0.39 earnings per share for the current fiscal year.
Institutional Trading of Topgolf Callaway Brands
Several institutional investors and hedge funds have recently modified their holdings of the stock. Ameriprise Financial Inc. boosted its holdings in Topgolf Callaway Brands by 67.2% during the 3rd quarter. Ameriprise Financial Inc. now owns 1,171,194 shares of the company’s stock worth $16,209,000 after acquiring an additional 470,582 shares during the last quarter. Quadrature Capital Ltd purchased a new position in Topgolf Callaway Brands during the third quarter worth about $189,000. Lazard Asset Management LLC grew its position in Topgolf Callaway Brands by 1,173.8% in the 3rd quarter. Lazard Asset Management LLC now owns 296,638 shares of the company’s stock worth $4,105,000 after purchasing an additional 273,350 shares in the last quarter. Shapiro Capital Management LLC increased its stake in Topgolf Callaway Brands by 651.6% in the 3rd quarter. Shapiro Capital Management LLC now owns 9,659,158 shares of the company’s stock valued at $133,683,000 after buying an additional 8,373,946 shares during the last quarter. Finally, Potomac Capital Management Inc. lifted its position in shares of Topgolf Callaway Brands by 7.4% during the 3rd quarter. Potomac Capital Management Inc. now owns 55,000 shares of the company’s stock worth $761,000 after buying an additional 3,800 shares in the last quarter. 82.13% of the stock is owned by hedge funds and other institutional investors.
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. It operates through three segments: Topgolf; Golf Equipment; and Active Lifestyle. 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.
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