Topgolf Callaway Brands (NYSE:CALY) Stock Rating Lowered by Wall Street Zen

Topgolf Callaway Brands (NYSE:CALY) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

A number of other research analysts also recently weighed in on the company. The Goldman Sachs Group raised their price objective on Topgolf Callaway Brands from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. UBS Group decreased their target price on Topgolf Callaway Brands from $19.00 to $17.00 and set a “neutral” rating for the company in a research report on Monday, September 14th. Zacks Research cut Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. B. Riley Financial reiterated a “buy” rating and set a $23.00 price target (up from $19.00) on shares of Topgolf Callaway Brands in a report on Wednesday, August 5th. Finally, KeyCorp lifted their price target on shares of Topgolf Callaway Brands from $19.00 to $22.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $19.83.

Topgolf Callaway Brands Price Performance

NYSE CALY opened at $13.67 on Friday. Topgolf Callaway Brands has a fifty-two week low of $8.39 and a fifty-two week high of $20.28. The stock’s 50-day moving average is $15.59 and its two-hundred day moving average is $16.04. The firm has a market cap of $2.44 billion, a P/E ratio of 31.80 and a beta of 0.96.

Topgolf Callaway Brands (NYSE:CALY) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.04. The company had revenue of $612.20 million during the quarter. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%. The company’s revenue was down 44.9% on a year-over-year basis. On average, equities analysts expect that Topgolf Callaway Brands will post 0.75 EPS for the current year.

Insiders Place Their Bets

In other Topgolf Callaway Brands news, EVP Glenn Hickey sold 28,843 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $18.74, for a total transaction of $540,517.82. Following the completion of the sale, the executive vice president directly owned 72,239 shares in the company, valued at $1,353,758.86. This represents a 28.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Oliver Brewer, III sold 67,474 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $18.30, for a total transaction of $1,234,774.20. Following the sale, the chief executive officer owned 201,276 shares of the company’s stock, valued at $3,683,350.80. This trade represents a 25.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 97,717 shares of company stock valued at $1,800,492. Company insiders own 2.91% of the company’s stock.

Hedge Funds Weigh In On Topgolf Callaway Brands

Large investors have recently made changes to their positions in the business. Integrated Wealth Concepts LLC bought a new stake in Topgolf Callaway Brands during the 2nd quarter valued at approximately $31,000. Nykredit A S acquired a new stake in Topgolf Callaway Brands in the 2nd quarter valued at approximately $43,000. NewEdge Advisors LLC acquired a new stake in Topgolf Callaway Brands in the 2nd quarter valued at approximately $113,000. Park National Corp OH grew its holdings in Topgolf Callaway Brands by 6.9% in the 3rd quarter. Park National Corp OH now owns 12,244 shares of the company’s stock valued at $173,000 after buying an additional 792 shares during the last quarter. Finally, Hsbc Holdings PLC bought a new position in Topgolf Callaway Brands in the 2nd quarter worth approximately $256,000. Institutional investors and hedge funds own 84.69% of the company’s stock.

About Topgolf Callaway Brands

Topgolf Callaway Brands is a golf and active-lifestyle company built around golf equipment, apparel, accessories and entertainment experiences. Its portfolio has included Callaway golf clubs and balls, Odyssey putters and wedges, OGIO bags and accessories, and TravisMathew apparel and footwear. The company has also operated Topgolf, a technology-enabled golf entertainment business combining driving ranges, games, food and beverages, and event spaces.

The company traces its roots to Callaway Golf, founded in 1982 by Ely Callaway Jr.