Topgolf Callaway Brands (NYSE:CALY) Cut to “Hold” at Wall Street Zen

Wall Street Zen lowered shares of Topgolf Callaway Brands (NYSE:CALY) from a buy rating to a hold rating in a research report sent to investors on Saturday,Wall Street Zen reports.

A number of other analysts have also commented on the stock. Zacks Research lowered shares of Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a research report on Thursday, August 6th. UBS Group reduced their target price on shares of Topgolf Callaway Brands from $19.00 to $17.00 and set a “neutral” rating for the company in a report on Monday, September 14th. B. Riley Financial reaffirmed a “buy” rating and issued a $23.00 target price (up from $19.00) on shares of Topgolf Callaway Brands in a research report on Wednesday, August 5th. Truist Financial lifted their price target on shares of Topgolf Callaway Brands from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, September 1st. Finally, The Goldman Sachs Group lifted their price target on shares of Topgolf Callaway Brands from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Wednesday, August 5th. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $19.83.

Topgolf Callaway Brands Stock Performance

NYSE CALY opened at $13.70 on Friday. Topgolf Callaway Brands has a 52 week low of $8.47 and a 52 week high of $20.28. The stock’s 50 day moving average price is $15.49 and its two-hundred day moving average price is $16.04. The stock has a market capitalization of $2.45 billion, a price-to-earnings ratio of 31.87 and a beta of 0.96.

Topgolf Callaway Brands (NYSE:CALY) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.39 earnings per share 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 net margin of 3.37% and a return on equity of 5.86%. The firm’s quarterly revenue was down 44.9% on a year-over-year basis. On average, equities research analysts forecast that Topgolf Callaway Brands will post 0.75 EPS for the current year.

Insider Buying and Selling

In other news, CEO Oliver G. Brewer III sold 67,474 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $18.30, for a total value of $1,234,774.20. Following the completion of the sale, the chief executive officer directly 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 transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Glenn F. Hickey sold 28,843 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $18.74, for a total value of $540,517.82. Following the completion of the sale, the executive vice president directly owned 72,239 shares of the company’s stock, valued at approximately $1,353,758.86. The trade was a 28.53% 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 worth $1,800,492. Company insiders own 2.91% of the company’s stock.

Institutional Investors Weigh In On Topgolf Callaway Brands

A number of large investors have recently added to or reduced their stakes in CALY. Integrated Wealth Concepts LLC bought a new position in shares of Topgolf Callaway Brands in the second quarter valued at about $31,000. Nykredit A S acquired a new stake in shares of Topgolf Callaway Brands during the 2nd quarter worth about $43,000. NewEdge Advisors LLC acquired a new stake in shares of Topgolf Callaway Brands during the 2nd quarter worth about $113,000. Park National Corp OH lifted its stake in shares of Topgolf Callaway Brands by 6.9% during the 3rd quarter. Park National Corp OH now owns 12,244 shares of the company’s stock worth $173,000 after buying an additional 792 shares during the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in shares of Topgolf Callaway Brands during the 2nd quarter worth about $256,000. Institutional investors 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.