Investors Purchase Large Volume of Topgolf Callaway Brands Call Options (NYSE:MODG)

Posted by Defense World Staff on Jun 7th, 2023

Topgolf Callaway Brands Corp. (NYSE:MODG – Get Rating) saw unusually large options trading activity on Tuesday. Traders purchased 7,290 call options on the company. This is an increase of approximately 319% compared to the average volume of 1,739 call options.

Topgolf Callaway Brands Trading Up 5.5 %

NYSE:MODG opened at $19.30 on Wednesday. Topgolf Callaway Brands has a 12 month low of $16.13 and a 12 month high of $25.96. The firm has a fifty day simple moving average of $20.21 and a 200-day simple moving average of $21.40. The company has a current ratio of 1.63, a quick ratio of 0.77 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $3.58 billion, a P/E ratio of 41.06, a PEG ratio of 2.41 and a beta of 1.75.

Topgolf Callaway Brands (NYSE:MODG – Get Rating) last posted its earnings results on Tuesday, May 9th. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.02. Topgolf Callaway Brands had a net margin of 2.33% and a return on equity of 3.17%. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.14 billion. During the same period in the previous year, the firm posted $0.36 earnings per share. The firm’s quarterly revenue was up 12.2% on a year-over-year basis. On average, equities research analysts anticipate that Topgolf Callaway Brands will post 0.66 earnings per share for the current year.

Insider Buying and Selling

In other Topgolf Callaway Brands news, EVP Rebecca Fine acquired 7,000 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were bought at an average price of $16.23 per share, with a total value of $113,610.00. Following the completion of the acquisition, the executive vice president now owns 21,012 shares in the company, valued at approximately $341,024.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Topgolf Callaway Brands news, CEO Oliver G. Brewer III purchased 5,000 shares of the stock in a transaction that occurred on Friday, May 12th. The stock was purchased at an average price of $17.12 per share, with a total value of $85,600.00. Following the acquisition, the chief executive officer now owns 822,556 shares in the company, valued at $14,082,158.72. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Rebecca Fine purchased 7,000 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was acquired at an average cost of $16.23 per share, with a total value of $113,610.00. Following the acquisition, the executive vice president now owns 21,012 shares in the company, valued at approximately $341,024.76. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 37,000 shares of company stock valued at $634,042. 13.46% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. International Assets Investment Management LLC purchased a new stake in shares of Topgolf Callaway Brands during the first quarter worth about $26,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of Topgolf Callaway Brands during the first quarter worth about $29,000. Advisory Services Network LLC purchased a new stake in Topgolf Callaway Brands during the 1st quarter valued at about $30,000. CWM LLC purchased a new stake in Topgolf Callaway Brands during the 1st quarter valued at about $32,000. Finally, Benjamin Edwards Inc. acquired a new position in Topgolf Callaway Brands in the 1st quarter valued at about $44,000. Hedge funds and other institutional investors own 78.41% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. KeyCorp assumed coverage on shares of Topgolf Callaway Brands in a research note on Wednesday, April 19th. They issued an “overweight” rating and a $27.00 price objective for the company. Tigress Financial reissued a “buy” rating and set a $38.00 price objective on shares of Topgolf Callaway Brands in a report on Thursday, February 23rd. B. Riley lifted their price objective on shares of Topgolf Callaway Brands from $29.00 to $31.00 and gave the company a “buy” rating in a report on Friday, February 10th. Compass Point cut their price objective on shares of Topgolf Callaway Brands from $37.00 to $34.00 in a report on Thursday, May 18th. Finally, Truist Financial lifted their price objective on shares of Topgolf Callaway Brands from $28.00 to $30.00 and gave the company a “buy” rating in a report on Friday, February 10th. Four research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $31.50.

About Topgolf Callaway Brands

(Get Rating)

Topgolf Callaway Brands Corp. engages in the manufacture and distribution of golf equipment and accessories. It operates through the Golf Equipment and Apparel, Gear, and Other segments. The Golf Equipment segment focuses on the design, manufacture, and sale of a full line of golf equipment. The Apparel, Gear, and Other segment refers to the development and sale of soft goods under the Callaway, TravisMathew, OGIO, and Jack Wolfskin brands.

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