Topgolf Callaway Brands (NYSE:MODG) Hits New 1-Year Low Following Analyst Downgrade

Topgolf Callaway Brands Corp. (NYSE:MODG)’s stock price hit a new 52-week low during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $13.00 to $11.00. JPMorgan Chase & Co. currently has a neutral 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. The stock had previously closed at $9.44.

Other equities research analysts have also recently issued reports about the stock. Morgan Stanley dropped 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 report on Thursday, August 8th. Bank of America dropped their target price on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, September 12th. B. Riley cut shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and dropped their target price for the company from $18.00 to $12.00 in a report on Thursday, October 17th. The Goldman Sachs Group dropped their target price on shares of Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Finally, Raymond James lowered shares of Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research note on Friday, August 23rd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $15.33.

Hedge Funds Weigh In On Topgolf Callaway Brands

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Quantbot Technologies LP bought a new position in shares of Topgolf Callaway Brands during the third quarter valued at $1,645,000. Charles Schwab Investment Management Inc. raised its stake in shares of Topgolf Callaway Brands by 8.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,995,667 shares of the company’s stock valued at $21,912,000 after acquiring an additional 148,451 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Topgolf Callaway Brands during the third quarter valued at $424,000. LGT Capital Partners LTD. bought a new position in shares of Topgolf Callaway Brands during the third quarter valued at $6,588,000. Finally, Prospera Financial Services Inc bought a new position in shares of Topgolf Callaway Brands during the third quarter valued at $211,000. Institutional investors own 84.69% of the company’s stock.

Topgolf Callaway Brands Price Performance

The company’s 50 day moving average price is $10.19 and its 200-day moving average price is $12.93. The stock has a market cap of $1.63 billion, a P/E ratio of 91.01, a P/E/G ratio of 6.20 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.

Topgolf Callaway Brands (NYSE:MODG) last posted its quarterly earnings data on Tuesday, November 12th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.20. Topgolf Callaway Brands had a net margin of 0.50% and a return on equity of 2.07%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $981.29 million. As a group, sell-side analysts expect that Topgolf Callaway Brands Corp. will post 0.18 earnings per share for the current 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.