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

Topgolf Callaway Brands (NYSE:MODG) was downgraded by equities research analysts at B. Riley from a “buy” rating to a “neutral” rating in a report issued on Thursday, Briefing.com reports. They presently have a $12.00 price target on the stock, down from their previous price target of $18.00. B. Riley’s price objective suggests a potential upside of 10.80% from the stock’s previous close.

MODG has been the topic of a number of other reports. Raymond James lowered Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research note on Friday, August 23rd. TD Cowen decreased their target price on Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating on the stock in a research note on Tuesday, September 17th. Morgan Stanley decreased their target price on 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. Bank of America decreased their target price on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, September 12th. Finally, KeyCorp lowered Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Topgolf Callaway Brands has a consensus rating of “Hold” and an average price target of $15.31.

Topgolf Callaway Brands Stock Up 3.8 %

Shares of NYSE MODG opened at $10.83 on Thursday. The business’s fifty day moving average price is $10.64 and its 200-day moving average price is $13.76. The stock has a market capitalization of $1.99 billion, a PE ratio of 29.27, 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. Topgolf Callaway Brands has a one year low of $9.05 and a one year high of $16.89.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.14. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Topgolf Callaway Brands had a return on equity of 2.07% and a net margin of 0.50%. The firm’s quarterly revenue was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.39 EPS. On average, equities research analysts anticipate that Topgolf Callaway Brands will post 0.18 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MODG. Vanguard Group Inc. lifted its stake in shares of Topgolf Callaway Brands by 13.6% in the 4th quarter. Vanguard Group Inc. now owns 15,403,379 shares of the company’s stock valued at $220,884,000 after purchasing an additional 1,845,864 shares during the period. Profit Investment Management LLC increased its position in Topgolf Callaway Brands by 23.2% during the 1st quarter. Profit Investment Management LLC now owns 257,221 shares of the company’s stock valued at $4,159,000 after buying an additional 48,416 shares in the last quarter. Davis Investment Partners LLC bought a new position in Topgolf Callaway Brands during the 1st quarter valued at approximately $906,000. First Dallas Securities Inc. increased its position in Topgolf Callaway Brands by 13.2% during the 1st quarter. First Dallas Securities Inc. now owns 72,950 shares of the company’s stock valued at $1,180,000 after buying an additional 8,500 shares in the last quarter. Finally, Redmont Wealth Advisors LLC increased its position in Topgolf Callaway Brands by 8.3% during the 1st quarter. Redmont Wealth Advisors LLC now owns 48,959 shares of the company’s stock valued at $792,000 after buying an additional 3,751 shares in the last quarter. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Topgolf Callaway Brands Company Profile

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.