Topgolf Callaway Brands Corp. (NYSE:MODG) Shares Acquired by Ameriprise Financial Inc.

Ameriprise Financial Inc. grew its stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 57.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,086,700 shares of the company's stock after purchasing an additional 764,322 shares during the quarter. Ameriprise Financial Inc. owned 1.14% of Topgolf Callaway Brands worth $16,401,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Thompson Investment Management Inc. lifted its holdings in Topgolf Callaway Brands by 11.1% in the 4th quarter. Thompson Investment Management Inc. now owns 362,299 shares of the company's stock worth $2,848,000 after buying an additional 36,201 shares in the last quarter. Wealthfront Advisers LLC increased its position in shares of Topgolf Callaway Brands by 589.5% during the fourth quarter. Wealthfront Advisers LLC now owns 85,807 shares of the company's stock worth $674,000 after acquiring an additional 73,362 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Topgolf Callaway Brands by 14.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,286,719 shares of the company's stock worth $17,974,000 after acquiring an additional 291,052 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Topgolf Callaway Brands by 41.9% in the fourth quarter. Invesco Ltd. now owns 1,591,742 shares of the company's stock worth $12,511,000 after acquiring an additional 469,728 shares in the last quarter. Finally, Requisite Capital Management LLC purchased a new position in Topgolf Callaway Brands in the fourth quarter valued at about $2,426,000. Hedge funds and other institutional investors own 84.69% of the company's stock.

Topgolf Callaway Brands Stock Performance

MODG traded down $0.04 during trading hours on Thursday, hitting $6.18. 321,158 shares of the stock were exchanged, compared to its average volume of 2,738,812. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of -77.29 and a beta of 1.25. The stock has a 50-day simple moving average of $6.55 and a 200-day simple moving average of $7.44. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14. Topgolf Callaway Brands Corp. has a 12 month low of $5.42 and a 12 month high of $16.89.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported $0.11 earnings per share for the quarter, topping analysts' consensus estimates of ($0.04) by $0.15. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. The company had revenue of $1.09 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same period in the prior year, the company earned $0.08 earnings per share. The firm's revenue was down 4.5% compared to the same quarter last year. Analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Truist Financial dropped their price objective on Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating on the stock in a report on Monday, April 14th. JPMorgan Chase & Co. decreased their price target on shares of Topgolf Callaway Brands from $11.00 to $9.00 and set a "neutral" rating for the company in a research report on Thursday, January 23rd. Roth Mkm reaffirmed a "buy" rating and issued a $11.00 price target (down from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Finally, B. Riley started coverage on shares of Topgolf Callaway Brands in a research note on Friday, May 16th. They set a "neutral" rating and a $7.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $10.50.

Insider Buying and Selling

In other news, CEO Oliver G. Brewer III purchased 20,000 shares of Topgolf Callaway Brands stock in a transaction dated Wednesday, May 14th. The stock was bought at an average price of $6.40 per share, with a total value of $128,000.00. Following the completion of the acquisition, the chief executive officer now owns 1,009,297 shares in the company, valued at $6,459,500.80. The trade was a 2.02% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Russell L. Fleischer purchased 30,000 shares of the stock in a transaction dated Wednesday, May 14th. The shares were purchased at an average price of $6.41 per share, with a total value of $192,300.00. Following the transaction, the director now directly owns 116,187 shares of the company's stock, valued at approximately $744,758.67. The trade was a 34.81% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 60,000 shares of company stock worth $388,900 over the last quarter. 2.40% 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.