279,035 Shares in Topgolf Callaway Brands Corp. $CALY Acquired by Engineers Gate Manager LP

Key Points

• Engineers Gate Manager LP acquired 279,035 shares of Topgolf Callaway Brands in the second quarter, worth approximately $5.24 million. Institutional investors collectively own 84.69% of the company.
• Company insiders sold 97,717 shares worth about $1.8 million over the past 90 days, including substantial sales by the CEO and an executive vice president.
• Topgolf Callaway exceeded quarterly EPS expectations, reporting $0.39 versus the $0.35 consensus, but revenue fell 44.9% year over year. Analysts maintain a consensus “Hold” rating with a $20.17 price target.

Engineers Gate Manager LP acquired a new stake in Topgolf Callaway Brands Corp. (NYSE:CALY - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 279,035 shares of the company's stock, valued at approximately $5,243,000. Engineers Gate Manager LP owned about 0.16% of Topgolf Callaway Brands at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of CALY. Integrated Wealth Concepts LLC purchased a new stake in Topgolf Callaway Brands in the 2nd quarter worth approximately $31,000. Nykredit A S purchased a new position in shares of Topgolf Callaway Brands during the 2nd quarter worth $43,000. NewEdge Advisors LLC purchased a new position in shares of Topgolf Callaway Brands during the 2nd quarter worth $113,000. Hsbc Holdings PLC acquired a new stake in shares of Topgolf Callaway Brands during the second quarter worth $256,000. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Topgolf Callaway Brands during the second quarter worth $341,000. Institutional investors and hedge funds own 84.69% of the company's stock.

Insider Activity

In related news, EVP Glenn F. Hickey sold 28,843 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $18.74, for a total transaction of $540,517.82. Following the completion of the sale, the executive vice president owned 72,239 shares of the company's stock, valued at approximately $1,353,758.86. This represents a 28.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Oliver G. Brewer III sold 67,474 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $18.30, for a total transaction of $1,234,774.20. Following the completion of the transaction, the chief executive officer owned 201,276 shares in the company, valued at $3,683,350.80. The trade was a 25.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 97,717 shares of company stock worth $1,800,492 over the last ninety days. Corporate insiders own 2.91% of the company's stock.

Analyst Upgrades and Downgrades

CALY has been the subject of several analyst reports. B. Riley Financial reiterated a "buy" rating and issued a $23.00 target price (up from $19.00) on shares of Topgolf Callaway Brands in a research note on Wednesday, August 5th. JPMorgan Chase & Co. raised their price target on Topgolf Callaway Brands to $18.00 and gave the stock a "neutral" rating in a research note on Thursday, June 11th. Wall Street Zen upgraded Topgolf Callaway Brands from a "hold" rating to a "buy" rating in a report on Saturday, May 16th. Zacks Research downgraded shares of Topgolf Callaway Brands from a "strong-buy" rating to a "hold" rating in a research note on Thursday, August 6th. Finally, Weiss Ratings reiterated a "hold (c-)" rating on shares of Topgolf Callaway Brands in a report on Friday, August 7th. Three equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $20.17.

Topgolf Callaway Brands Stock Up 1.3%

Shares of CALY opened at $15.49 on Friday. Topgolf Callaway Brands Corp. has a twelve month low of $8.39 and a twelve month high of $20.28. The stock has a market cap of $2.77 billion, a price-to-earnings ratio of 36.03 and a beta of 0.93. The business has a fifty day moving average price of $17.24.

Topgolf Callaway Brands (NYSE:CALY - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.35 by $0.04. The firm had revenue of $612.20 million during the quarter. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%.Topgolf Callaway Brands's revenue was down 44.9% compared to the same quarter last year. On average, equities research analysts forecast that Topgolf Callaway Brands Corp. will post 0.75 EPS for the current year.

Topgolf Callaway Brands Company Profile

Topgolf Callaway Brands Corp. is a golf-focused company that combines golf equipment, apparel and footwear businesses with technology-enabled golf entertainment. Its portfolio has included Callaway golf clubs, golf balls and accessories; Odyssey putters and equipment; TravisMathew apparel and footwear; and Jack Wolfskin outdoor apparel and equipment.

The company has also operated Topgolf, a network of technologically enhanced golf entertainment venues where customers can play interactive games, receive instruction, dine and attend social or corporate events.

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