B. Riley Lowers Topgolf Callaway Brands (NYSE:MODG) to Neutral

B. Riley lowered shares of Topgolf Callaway Brands (NYSE:MODG) from a buy rating to a neutral rating in a report issued on Thursday, Marketbeat Ratings reports. The brokerage currently has $12.00 target price on the stock, down from their previous target price of $18.00.

Several other equities analysts have also commented on MODG. Morgan Stanley dropped their price target on shares of Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Thursday, August 8th. KeyCorp lowered shares of Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 8th. Raymond James lowered shares of Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research report on Friday, August 23rd. Roth Mkm reissued a “buy” rating and issued a $17.00 price objective on shares of Topgolf Callaway Brands in a research report on Thursday, September 5th. Finally, Truist Financial dropped their price objective on shares of Topgolf Callaway Brands from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Topgolf Callaway Brands currently has a consensus rating of “Hold” and an average target price of $15.31.

Topgolf Callaway Brands Stock Performance

Shares of MODG stock opened at $11.00 on Thursday. Topgolf Callaway Brands has a one year low of $9.05 and a one year high of $16.89. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.15 and a current ratio of 1.93. The company has a 50 day moving average price of $10.62 and a 200 day moving average price of $13.74. The firm has a market capitalization of $2.02 billion, a price-to-earnings ratio of 29.73, a price-to-earnings-growth ratio of 6.42 and a beta of 1.75.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings results 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 net margin of 0.50% and a return on equity of 2.07%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.19 billion. During the same quarter in the prior year, the business posted $0.39 earnings per share. Topgolf Callaway Brands’s revenue for the quarter was down 1.9% compared to the same quarter last year. Sell-side analysts anticipate that Topgolf Callaway Brands will post 0.18 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp boosted its stake 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 acquiring an additional 1,936 shares during the last quarter. Dnca Finance bought a new position in Topgolf Callaway Brands during the 2nd quarter valued at $134,000. Koss Olinger Consulting LLC bought a new position in Topgolf Callaway Brands during the 2nd quarter valued at $160,000. Simon Quick Advisors LLC bought a new position in Topgolf Callaway Brands during the 2nd quarter valued at $161,000. Finally, QRG Capital Management Inc. bought a new position in Topgolf Callaway Brands during the 1st quarter valued at $178,000. 84.69% of the stock is currently owned by institutional investors.

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.