Inspire Investing LLC Acquires New Holdings in Topgolf Callaway Brands Corp. $MODG

Key Points

• Inspire Investing LLC acquired a new stake in Topgolf Callaway Brands Corp., purchasing 52,439 shares valued at approximately $346,000.
• Several institutional investors, including Long Focus Capital Management LLC and Alliancebernstein L.P., have significantly increased their stakes in the company during the first quarter.
• Topgolf Callaway Brands reported a quarterly earnings per share (EPS) of $0.24, exceeding the consensus estimate of $0.03, although revenue declined 4.1% year-over-year.

Inspire Investing LLC acquired a new stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 52,439 shares of the company's stock, valued at approximately $346,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Long Focus Capital Management LLC boosted its holdings 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 purchasing an additional 912,844 shares during the last quarter. Alliancebernstein L.P. boosted its holdings 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 purchasing an additional 466,043 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings 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 purchasing an additional 191,531 shares during the last quarter. Invesco Ltd. boosted its holdings 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 purchasing an additional 121,343 shares during the last quarter. Finally, Bridgeway Capital Management LLC boosted its holdings in shares of Topgolf Callaway Brands by 15.0% during the 1st quarter. Bridgeway Capital Management LLC now owns 943,748 shares of the company's stock valued at $6,219,000 after purchasing an additional 122,797 shares during the last quarter. Institutional investors own 84.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on MODG shares. JPMorgan Chase & Co. lowered their price target on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating for the company in a report on Tuesday, May 27th. B. Riley reaffirmed a "neutral" rating and issued a $9.50 price target (up previously from $7.00) on shares of Topgolf Callaway Brands in a report on Monday, August 11th. Morgan Stanley started coverage on shares of Topgolf Callaway Brands in a report on Friday, July 18th. They issued an "equal weight" rating and a $9.50 price target for the company. Cfra reaffirmed a "hold" rating and issued a $9.00 price target on shares of Topgolf Callaway Brands in a report on Friday, July 11th. Finally, Wall Street Zen raised shares of Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Topgolf Callaway Brands currently has an average rating of "Hold" and a consensus price target of $9.75.

Topgolf Callaway Brands Trading Down 2.4%

NYSE MODG traded down $0.23 during trading on Friday, hitting $9.27. The stock had a trading volume of 3,299,585 shares, compared to its average volume of 1,985,420. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of -1.14 and a beta of 1.25. The stock has a 50 day simple moving average of $9.36 and a 200 day simple moving average of $7.79. Topgolf Callaway Brands Corp. has a one year low of $5.42 and a one year high of $11.28. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.25 and a current ratio of 1.85.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $0.21. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.08 billion. Topgolf Callaway Brands had a negative net margin of 36.08% and a positive return on equity of 0.37%. The company's quarterly revenue was down 4.1% compared to the same quarter last year. During the same period last year, the company posted $0.42 earnings per share. Sell-side analysts predict that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Erik J. Anderson sold 25,704 shares of Topgolf Callaway Brands 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 directly owned 20,607 shares of the company's stock, valued at $190,614.75. This trade represents a 55.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Artie Starrs sold 106,734 shares of Topgolf Callaway Brands 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 directly owned 105,823 shares in the company, valued at approximately $914,310.72. The trade was a 50.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.40% of the company's stock.

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.