Topgolf Callaway Brands (NYSE:MODG) Sets New 12-Month Low Following Analyst Downgrade

Topgolf Callaway Brands Corp. (NYSE:MODG)’s share price hit a new 52-week low during trading on Wednesday after Truist Financial lowered their price target on the stock from $16.00 to $14.00. Truist Financial currently has a buy rating on the stock. Topgolf Callaway Brands traded as low as $9.00 and last traded at $9.05, with a volume of 2823777 shares changing hands. The stock had previously closed at $9.44.

MODG has been the topic of a number of other research reports. Jefferies Financial Group downgraded Topgolf Callaway Brands from a “buy” rating to a “hold” rating and dropped their price target for the stock from $40.00 to $12.00 in a research report on Thursday, August 29th. Bank of America decreased their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. The Goldman Sachs Group decreased their price objective on Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. KeyCorp cut Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 8th. Finally, Roth Mkm restated a “buy” rating and set a $17.00 price objective on shares of Topgolf Callaway Brands in a research note on Thursday, September 5th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $15.17.

Institutional Trading of Topgolf Callaway Brands

Hedge funds and other institutional investors have recently bought and sold shares of the stock. UniSuper Management Pty Ltd acquired a new stake in Topgolf Callaway Brands during the first quarter worth about $643,000. Leonard Green & Partners L.P. acquired a new stake in Topgolf Callaway Brands in the second quarter valued at approximately $97,173,000. Quadrature Capital Ltd acquired a new stake in Topgolf Callaway Brands in the first quarter valued at approximately $677,000. Vanguard Group Inc. grew its holdings in Topgolf Callaway Brands by 0.5% in the first quarter. Vanguard Group Inc. now owns 15,484,400 shares of the company’s stock valued at $250,383,000 after purchasing an additional 81,021 shares during the period. Finally, Harbor Capital Advisors Inc. grew its holdings in Topgolf Callaway Brands by 115.5% in the third quarter. Harbor Capital Advisors Inc. now owns 1,644,741 shares of the company’s stock valued at $18,059,000 after purchasing an additional 881,535 shares during the period. 84.69% of the stock is owned by institutional investors and hedge funds.

Topgolf Callaway Brands Stock Performance

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 fifty day simple moving average of $10.19 and a 200 day simple moving average of $12.93. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of -107.11, a price-to-earnings-growth ratio of 6.06 and a beta of 1.75.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings data on Tuesday, November 12th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of ($0.18) by $0.20. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $981.29 million. Topgolf Callaway Brands had a positive return on equity of 1.21% and a negative net margin of 0.29%. On average, analysts anticipate that Topgolf Callaway Brands Corp. will post 0.18 earnings per share for the current fiscal year.

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.