Topgolf Callaway Brands Corp. (NYSE:MODG) Director Adebayo O. Ogunlesi Acquires 384,731 Shares of Stock

Topgolf Callaway Brands Corp. (NYSE:MODG) Director Adebayo O. Ogunlesi purchased 384,731 shares of Topgolf Callaway Brands stock in a transaction that occurred on Friday, June 6th. The shares were purchased at an average cost of $6.48 per share, with a total value of $2,493,056.88. Following the transaction, the director now directly owns 768,432 shares of the company’s stock, valued at $4,979,439.36. This represents a 100.27% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link.

Topgolf Callaway Brands Trading Up 3.9%

Shares of MODG stock opened at $7.68 on Wednesday. Topgolf Callaway Brands Corp. has a 12-month low of $5.42 and a 12-month high of $16.89. The company has a current ratio of 1.93, a quick ratio of 1.14 and a debt-to-equity ratio of 0.37. The firm’s 50 day moving average is $6.52 and its 200 day moving average is $7.18. The stock has a market capitalization of $1.41 billion, a P/E ratio of -95.93 and a beta of 1.21.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings results on Monday, May 12th. The company reported $0.11 earnings per share 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 analysts’ expectations of $1.08 billion. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. The company’s revenue was down 4.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.08 EPS. Research analysts expect that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Wall Street Analyst Weigh In

MODG has been the subject of several analyst reports. JPMorgan Chase & Co. reduced their price target on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Tuesday, May 27th. B. Riley initiated coverage on shares of Topgolf Callaway Brands in a research report on Friday, May 16th. They set a “neutral” rating and a $7.00 price target for the company. Truist Financial reduced their price target on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Roth Mkm restated a “buy” rating and issued a $11.00 target price (down previously from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Finally, Wall Street Zen cut shares of Topgolf Callaway Brands from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. Three analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $10.30.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Asset Planning Inc purchased a new position in shares of Topgolf Callaway Brands during the 4th quarter worth $33,000. Sterling Capital Management LLC boosted its stake in shares of Topgolf Callaway Brands by 821.5% during the 4th quarter. Sterling Capital Management LLC now owns 4,543 shares of the company’s stock worth $36,000 after acquiring an additional 4,050 shares during the last quarter. KBC Group NV boosted its stake in shares of Topgolf Callaway Brands by 81.8% during the 4th quarter. KBC Group NV now owns 8,330 shares of the company’s stock worth $65,000 after acquiring an additional 3,749 shares during the last quarter. Covestor Ltd boosted its stake in shares of Topgolf Callaway Brands by 147.2% during the 4th quarter. Covestor Ltd now owns 9,286 shares of the company’s stock worth $73,000 after acquiring an additional 5,530 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC purchased a new position in shares of Topgolf Callaway Brands during the 1st quarter worth $66,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

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.