Topgolf Callaway Brands Corp. $MODG Shares Acquired by AlphaQuest LLC

AlphaQuest LLC grew its stake in Topgolf Callaway Brands Corp. (NYSE:MODG) by 353.9% during the second quarter, HoldingsChannel.com reports. The firm owned 96,433 shares of the company’s stock after purchasing an additional 75,187 shares during the period. AlphaQuest LLC’s holdings in Topgolf Callaway Brands were worth $776,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Long Focus Capital Management LLC grew its position in shares of Topgolf Callaway Brands by 44.8% during the 1st quarter. Long Focus Capital Management LLC now owns 2,950,844 shares of the company’s stock valued at $19,446,000 after buying an additional 912,844 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Topgolf Callaway Brands by 21.7% during the 1st quarter. Alliancebernstein L.P. now owns 2,618,608 shares of the company’s stock valued at $17,257,000 after buying an additional 466,043 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Topgolf Callaway Brands by 8.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,478,250 shares of the company’s stock valued at $16,332,000 after buying an additional 191,531 shares during the last quarter. Invesco Ltd. grew its position in shares of Topgolf Callaway Brands by 7.6% during the 1st quarter. Invesco Ltd. now owns 1,713,085 shares of the company’s stock valued at $11,289,000 after buying an additional 121,343 shares during the last quarter. Finally, Harbor Capital Advisors Inc. grew its position in shares of Topgolf Callaway Brands by 1.6% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 946,613 shares of the company’s stock valued at $7,620,000 after buying an additional 15,097 shares during the last quarter. Institutional investors and hedge funds own 84.69% of the company’s stock.

Topgolf Callaway Brands Price Performance

NYSE MODG opened at $10.10 on Monday. Topgolf Callaway Brands Corp. has a 12 month low of $5.42 and a 12 month high of $10.74. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.85 and a quick ratio of 1.25. The firm has a market capitalization of $1.86 billion, a PE ratio of -1.24 and a beta of 1.24. The company’s 50 day simple moving average is $9.44 and its 200 day simple moving average is $8.35.

Topgolf Callaway Brands (NYSE:MODG) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.21. Topgolf Callaway Brands had a negative net margin of 36.08% and a positive return on equity of 0.37%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the business earned $0.42 earnings per share. The business’s revenue for the quarter was down 4.1% on a year-over-year basis. As a group, equities research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Zacks Research raised shares of Topgolf Callaway Brands from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 6th. UBS Group initiated coverage on shares of Topgolf Callaway Brands in a research report on Friday, October 17th. They set a “neutral” rating and a $10.00 price objective for the company. Weiss Ratings restated a “sell (d)” rating on shares of Topgolf Callaway Brands in a research report on Saturday. Cfra restated a “hold” rating and issued a $9.00 target price on shares of Topgolf Callaway Brands in a research report on Friday, July 11th. Finally, Wall Street Zen upgraded shares of Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $9.78.

Insider Buying and Selling

In related news, Director Erik J. Anderson sold 25,704 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $9.25, for a total transaction of $237,762.00. Following the transaction, the director owned 20,607 shares in the company, valued at $190,614.75. This trade represents a 55.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Artie Starrs sold 106,734 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $8.64, for a total transaction of $922,181.76. Following the transaction, the chief executive officer owned 105,823 shares in the company, valued at $914,310.72. This represents a 50.21% decrease in their position. The disclosure for this sale can be found here. 2.49% of the stock is owned by company insiders.

Topgolf Callaway Brands 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.