Topgolf Callaway Brands (NYSE:MODG) Reaches New 1-Year Low on Analyst Downgrade

Topgolf Callaway Brands Corp. (NYSE:MODG)’s stock price hit a new 52-week low during mid-day trading on Wednesday after The Goldman Sachs Group lowered their price target on the stock from $14.00 to $12.00. The Goldman Sachs Group 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 traded. The stock had previously closed at $9.44.

MODG has been the subject of a number of other reports. Roth Mkm reiterated a “buy” rating and set a $17.00 target price on shares of Topgolf Callaway Brands in a report on Thursday, September 5th. Morgan Stanley dropped their target price on shares of Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating for the company in a report on Thursday, August 8th. TD Cowen dropped their target price on shares of Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating for the company in a report on Tuesday, September 17th. Jefferies Financial Group lowered shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating and dropped their target price for the stock from $40.00 to $12.00 in a report on Thursday, August 29th. Finally, Raymond James lowered shares of Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a report on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Topgolf Callaway Brands has a consensus rating of “Hold” and a consensus target price of $14.92.

Institutional Investors Weigh In On Topgolf Callaway Brands

A number of institutional investors have recently made changes to their positions in MODG. Leonard Green & Partners L.P. purchased a new stake in shares of Topgolf Callaway Brands during the second quarter valued at approximately $97,173,000. Dimensional Fund Advisors LP boosted its holdings in Topgolf Callaway Brands by 21.8% in the second quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company’s stock worth $132,296,000 after purchasing an additional 1,549,222 shares during the last quarter. American Century Companies Inc. boosted 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 worth $48,634,000 after purchasing an additional 1,202,347 shares during the last quarter. Granite Investment Partners LLC purchased a new stake in Topgolf Callaway Brands in the second quarter worth approximately $13,757,000. Finally, Harbor Capital Advisors Inc. boosted its holdings in Topgolf Callaway Brands by 115.5% in the third quarter. Harbor Capital Advisors Inc. now owns 1,644,741 shares of the company’s stock worth $18,059,000 after purchasing an additional 881,535 shares during the last quarter. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Topgolf Callaway Brands Stock Down 2.0 %

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 company’s fifty day moving average is $10.14 and its 200-day moving average is $12.90. The company has a market cap of $1.54 billion, a PE ratio of -107.24, a PEG ratio of 6.06 and a beta of 1.75.

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.