40,278 Shares in Topgolf Callaway Brands Corp. $MODG Bought by Fox Run Management L.L.C.

Key Points

• Fox Run Management L.L.C. acquired 40,278 shares of Topgolf Callaway Brands Corp. for approximately $265,000 in the first quarter of the year.
• Topgolf Callaway Brands reported a net margin of -36.08% for the latest quarter, despite beating earnings expectations with $1.11 billion in revenue.
• Analysts have mixed ratings for the stock, with an average price target of $10.00 and three analysts giving it a "Buy" rating.

Fox Run Management L.L.C. acquired a new position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 40,278 shares of the company's stock, valued at approximately $265,000.

A number of other institutional investors also recently made changes to their positions in MODG. Ameriprise Financial Inc. boosted its holdings in shares of Topgolf Callaway Brands by 57.8% during the fourth quarter. Ameriprise Financial Inc. now owns 2,086,700 shares of the company's stock worth $16,401,000 after acquiring an additional 764,322 shares during the period. Claar Advisors LLC bought a new stake in shares of Topgolf Callaway Brands during the fourth quarter worth approximately $4,716,000. Invesco Ltd. boosted its holdings in shares of Topgolf Callaway Brands by 41.9% during 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 during the period. Shapiro Capital Management LLC boosted its holdings in shares of Topgolf Callaway Brands by 3.6% during the fourth quarter. Shapiro Capital Management LLC now owns 10,520,632 shares of the company's stock worth $82,692,000 after acquiring an additional 366,192 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new stake in shares of Topgolf Callaway Brands during the fourth quarter worth approximately $2,796,000. Institutional investors own 84.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MODG. Wall Street Zen raised Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Morgan Stanley began coverage on Topgolf Callaway Brands in a research report on Friday, July 18th. They set an "equal weight" rating and a $9.50 price target on the stock. Cfra reissued a "hold" rating and set a $9.00 price target on shares of Topgolf Callaway Brands in a research report on Friday, July 11th. B. Riley reissued a "neutral" rating and set a $9.50 price target (up previously from $7.00) on shares of Topgolf Callaway Brands in a research report on Monday, August 11th. Finally, JPMorgan Chase & Co. reduced their price target on Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 27th. Three equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, Topgolf Callaway Brands presently has a consensus rating of "Hold" and a consensus target price of $10.00.

Topgolf Callaway Brands Price Performance

NYSE MODG traded up $0.4640 on Friday, hitting $9.7540. 2,386,215 shares of the company's stock were exchanged, compared to its average volume of 3,130,131. The stock has a 50-day moving average of $8.99 and a 200-day moving average of $7.46. The company has a current ratio of 1.85, a quick ratio of 1.25 and a debt-to-equity ratio of 0.48. Topgolf Callaway Brands Corp. has a 52 week low of $5.42 and a 52 week high of $11.61. The stock has a market cap of $1.79 billion, a price-to-earnings ratio of -1.20 and a beta of 1.26.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.21. Topgolf Callaway Brands had a positive return on equity of 0.37% and a negative net margin of 36.08%.The firm had revenue of $1.11 billion during the quarter, compared to analysts' expectations of $1.08 billion. During the same period in the prior year, the company earned $0.42 earnings per share. The company's quarterly revenue was down 4.1% on a year-over-year basis. Analysts expect that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Insiders Place Their Bets

In other Topgolf Callaway Brands news, Director Adebayo O. Ogunlesi bought 38,782 shares of the business's stock in a transaction on Tuesday, June 10th. The stock was purchased at an average cost of $7.59 per share, for a total transaction of $294,355.38. Following the completion of the purchase, the director directly owned 845,284 shares of the company's stock, valued at approximately $6,415,705.56. This trade represents a 4.81% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Erik J. Anderson sold 25,704 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $9.25, for a total value of $237,762.00. Following the sale, the director owned 20,607 shares of the company's stock, valued at $190,614.75. The trade was a 55.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders acquired 845,284 shares of company stock worth $5,533,600 over the last three months. Insiders own 2.40% of the company's stock.

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.