Topgolf Callaway Brands (NYSE:MODG) Trading Up 4.2% After Insider Buying Activity

Topgolf Callaway Brands Corp. (NYSE:MODG)’s stock price shot up 4.2% on Tuesday following insider buying activity. The company traded as high as $6.77 and last traded at $6.85. 271,438 shares traded hands during trading, a decline of 90% from the average session volume of 2,732,348 shares. The stock had previously closed at $6.57.

Specifically, EVP Glenn F. Hickey purchased 10,000 shares of Topgolf Callaway Brands stock in a transaction on Monday, May 19th. The shares were bought at an average price of $6.86 per share, with a total value of $68,600.00. Following the purchase, the executive vice president now directly owns 10,000 shares in the company, valued at $68,600. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Russell L. Fleischer purchased 30,000 shares of Topgolf Callaway Brands stock in a transaction on Wednesday, May 14th. The shares were acquired at an average cost of $6.41 per share, for a total transaction of $192,300.00. Following the purchase, the director now owns 116,187 shares in the company, valued at approximately $744,758.67. This trade represents a 34.81% increase in their ownership of the stock. The disclosure for this purchase can be found here. In other Topgolf Callaway Brands news, CEO Oliver G. Brewer III purchased 20,000 shares of Topgolf Callaway Brands stock in a transaction on Wednesday, May 14th. The shares were bought at an average price of $6.40 per share, with a total value of $128,000.00. Following the purchase, the chief executive officer now directly owns 1,009,297 shares in the company, valued at $6,459,500.80. This trade represents a 2.02% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on MODG. B. Riley began coverage on Topgolf Callaway Brands in a research note on Friday, May 16th. They set a “neutral” rating and a $7.00 price target on the stock. Roth Mkm reissued a “buy” rating and set a $11.00 price target (down previously from $16.00) on shares of Topgolf Callaway Brands in a research note on Tuesday, February 25th. JPMorgan Chase & Co. cut their target price on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, January 23rd. Finally, Truist Financial cut their target price on Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $10.50.

Topgolf Callaway Brands Trading Up 3.3%

The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -84.86 and a beta of 1.25. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93. The firm has a fifty day moving average of $6.54 and a 200-day moving average of $7.45.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings results on Monday, May 12th. The company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.15. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the firm earned $0.08 EPS. The firm’s quarterly revenue was down 4.5% compared to the same quarter last year. As a group, equities analysts predict that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

Institutional Trading of Topgolf Callaway Brands

Large investors have recently added to or reduced their stakes in the stock. Asset Planning Inc acquired a new stake in Topgolf Callaway Brands in the 4th quarter valued at $33,000. Sterling Capital Management LLC grew its stake in shares of Topgolf Callaway Brands by 821.5% during the fourth quarter. Sterling Capital Management LLC now owns 4,543 shares of the company’s stock valued at $36,000 after acquiring an additional 4,050 shares in the last quarter. KBC Group NV grew its stake in shares of Topgolf Callaway Brands by 81.8% during the fourth quarter. KBC Group NV now owns 8,330 shares of the company’s stock valued at $65,000 after acquiring an additional 3,749 shares in the last quarter. Covestor Ltd grew its stake in shares of Topgolf Callaway Brands by 147.2% during the fourth quarter. Covestor Ltd now owns 9,286 shares of the company’s stock valued at $73,000 after acquiring an additional 5,530 shares in the last quarter. Finally, Dynamic Advisor Solutions LLC acquired a new stake in shares of Topgolf Callaway Brands during the first quarter valued at about $66,000. 84.69% of the stock is currently owned by institutional investors and hedge funds.

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. 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.