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

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

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

Topgolf Callaway Brands Stock Performance

Shares of MODG stock traded down $0.76 during mid-day trading on Thursday, reaching $11.21. 3,707,980 shares of the company’s stock traded hands, compared to its average volume of 2,288,942. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.02 and a current ratio of 1.82. The firm has a market capitalization of $2.06 billion, a PE ratio of 30.30, a price-to-earnings-growth ratio of 2.55 and a beta of 1.77. Topgolf Callaway Brands has a 12 month low of $9.84 and a 12 month high of $17.64. The firm has a 50 day moving average price of $15.03 and a two-hundred day moving average price of $15.01.

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

Insider Buying and Selling

In other news, Director Erik J. Anderson sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $15.37, for a total value of $115,275.00. Following the completion of the sale, the director now directly owns 760,459 shares of the company’s stock, valued at approximately $11,688,254.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.49% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Topgolf Callaway Brands

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Fifth Third Bancorp grew its holdings in Topgolf Callaway Brands by 327.6% during the 2nd quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock valued at $39,000 after purchasing an additional 1,936 shares during the last quarter. GAMMA Investing LLC purchased a new position in shares of Topgolf Callaway Brands during the fourth quarter valued at approximately $44,000. JFS Wealth Advisors LLC grew its stake in shares of Topgolf Callaway Brands by 6,063.5% during the fourth quarter. JFS Wealth Advisors LLC now owns 4,561 shares of the company’s stock valued at $65,000 after buying an additional 4,487 shares during the last quarter. Dnca Finance bought a new stake in shares of Topgolf Callaway Brands during the 2nd quarter worth approximately $134,000. Finally, Caas Capital Management LP purchased a new position in Topgolf Callaway Brands during the 4th quarter valued at $148,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

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.