Topgolf Callaway Brands (NYSE:MODG) Reaches New 12-Month Low at $9.73

Shares of Topgolf Callaway Brands Corp. (NYSE:MODG) hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $9.73 and last traded at $9.76, with a volume of 902572 shares changing hands. The stock had previously closed at $10.28.

Wall Street Analyst Weigh In

MODG has been the subject of a number of analyst reports. KeyCorp lowered Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 8th. Morgan Stanley lowered their target price on shares of Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating on the stock in a research note on Thursday, August 8th. Truist Financial decreased their price target on shares of Topgolf Callaway Brands from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Jefferies Financial Group lowered Topgolf Callaway Brands from a “buy” rating to a “hold” rating and dropped their price objective for the company from $40.00 to $12.00 in a research note on Thursday, August 29th. Finally, Bank of America upped their target price on Topgolf Callaway Brands from $13.00 to $14.00 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Topgolf Callaway Brands currently has an average rating of “Hold” and a consensus price target of $16.38.

Topgolf Callaway Brands Price Performance

The firm has a market capitalization of $1.71 billion, a P/E ratio of 27.78, a PEG ratio of 6.71 and a beta of 1.75. The company has a quick ratio of 1.15, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. The business’s 50-day simple moving average is $13.22 and its 200 day simple moving average is $14.58.

Topgolf Callaway Brands (NYSE:MODG) last issued its earnings results on Wednesday, August 7th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates 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 company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter last year, the company earned $0.39 EPS. The firm’s revenue was down 1.9% compared to the same quarter last year. Sell-side analysts forecast that Topgolf Callaway Brands Corp. will post 0.18 earnings per share for the current year.

Institutional Trading of Topgolf Callaway Brands

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Topgolf Callaway Brands by 0.5% during the 1st 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 in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Topgolf Callaway Brands by 21.8% during the 2nd 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. Leonard Green & Partners L.P. bought a new stake in Topgolf Callaway Brands in the 2nd quarter worth approximately $97,173,000. American Century Companies Inc. lifted its holdings in Topgolf Callaway Brands by 60.8% in 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 period. Finally, Bwcp LP increased its position in shares of Topgolf Callaway Brands by 20.3% during the 2nd quarter. Bwcp LP now owns 1,853,048 shares of the company’s stock valued at $28,352,000 after purchasing an additional 312,836 shares during the last quarter. 84.69% of the stock is 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.