Topgolf Callaway Brands (NYSE:MODG) Lowered to “Neutral” at B. Riley

B. Riley cut shares of Topgolf Callaway Brands (NYSE:MODG) from a buy rating to a neutral rating in a report issued on Thursday, MarketBeat reports. They currently have $12.00 price target on the stock, down from their prior price target of $18.00.

Several other research analysts also recently commented on the stock. Truist Financial lowered 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. TD Cowen lowered their price target on shares of Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating for the company in a report on Tuesday, September 17th. Bank of America lowered their price target on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, September 12th. Jefferies Financial Group downgraded shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating and lowered their price target for the stock from $40.00 to $12.00 in a report on Thursday, August 29th. Finally, Raymond James downgraded shares of Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a report on Friday, August 23rd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Topgolf Callaway Brands has an average rating of “Hold” and a consensus price target of $15.31.

Topgolf Callaway Brands Stock Down 3.1 %

Shares of MODG opened at $10.66 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 market cap of $1.96 billion, a P/E ratio of 28.81, a P/E/G ratio of 6.42 and a beta of 1.75. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.15. The firm has a 50 day simple moving average of $10.60 and a two-hundred day simple moving average of $13.67.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.42 EPS for the quarter, beating 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 business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period in the previous year, the business earned $0.39 earnings per share. The company’s revenue was down 1.9% on a year-over-year basis. Research analysts forecast that Topgolf Callaway Brands will post 0.18 EPS for the current fiscal year.

Institutional Trading of Topgolf Callaway Brands

Institutional investors have recently modified their holdings of the business. Leonard Green & Partners L.P. bought a new stake in Topgolf Callaway Brands during the second quarter valued at $97,173,000. Vanguard Group Inc. boosted its position in Topgolf Callaway Brands by 13.6% during the fourth quarter. Vanguard Group Inc. now owns 15,403,379 shares of the company’s stock valued at $220,884,000 after acquiring an additional 1,845,864 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Topgolf Callaway Brands by 21.8% during the second quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company’s stock valued at $132,296,000 after acquiring an additional 1,549,222 shares during the last quarter. American Century Companies Inc. boosted its position in Topgolf Callaway Brands by 60.8% during the second quarter. American Century Companies Inc. now owns 3,178,681 shares of the company’s stock valued at $48,634,000 after acquiring an additional 1,202,347 shares during the last quarter. Finally, Granite Investment Partners LLC bought a new stake in Topgolf Callaway Brands during the second quarter valued at $13,757,000. 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.