Alliancebernstein L.P. Raises Stake in Topgolf Callaway Brands Corp. $MODG

Key Points

• Alliancebernstein L.P. increased its stake in Topgolf Callaway Brands Corp. by 21.7%, acquiring a total of 2,618,608 shares valued at approximately $17.26 million.
• Topgolf Callaway Brands recently reported a quarterly earnings EPS of $0.24, exceeding the consensus estimate of $0.03, despite a 4.1% decline in revenue year-over-year.
• Wall Street analysts currently have an average rating of "Hold" on Topgolf Callaway Brands with a target price around $10.00, reflecting a mixed outlook for the stock.

Alliancebernstein L.P. increased its stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 21.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,618,608 shares of the company's stock after buying an additional 466,043 shares during the quarter. Alliancebernstein L.P. owned 1.43% of Topgolf Callaway Brands worth $17,257,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of MODG. Stifel Financial Corp bought a new stake in Topgolf Callaway Brands during the fourth quarter worth $83,000. Ameriprise Financial Inc. grew its holdings in 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 buying an additional 764,322 shares in the last quarter. Deutsche Bank AG grew its holdings in Topgolf Callaway Brands by 47.3% during the fourth quarter. Deutsche Bank AG now owns 123,146 shares of the company's stock worth $968,000 after buying an additional 39,559 shares in the last quarter. Graham Capital Management L.P. bought a new stake in Topgolf Callaway Brands during the fourth quarter worth $300,000. Finally, Gotham Asset Management LLC bought a new stake in Topgolf Callaway Brands during the fourth quarter worth $337,000. Institutional investors own 84.69% of the company's stock.

Analyst Upgrades and Downgrades

MODG has been the subject of several recent research reports. Cfra reiterated a "hold" rating and set a $9.00 price target on shares of Topgolf Callaway Brands in a report on Friday, July 11th. B. Riley reiterated a "neutral" rating and set a $9.50 price target (up previously from $7.00) on shares of Topgolf Callaway Brands in a report on Monday, August 11th. JPMorgan Chase & Co. reduced their price objective on Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating for the company in a research note on Tuesday, May 27th. Morgan Stanley began coverage on Topgolf Callaway Brands in a research note on Friday, July 18th. They issued an "equal weight" rating and a $9.50 price objective for the company. Finally, Wall Street Zen upgraded Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Three equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $9.78.

Topgolf Callaway Brands Stock Performance

Shares of NYSE MODG traded down $0.11 during trading on Friday, reaching $9.56. 2,012,633 shares of the stock traded hands, compared to its average volume of 2,084,170. Topgolf Callaway Brands Corp. has a 52-week low of $5.42 and a 52-week high of $11.28. 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 company has a 50-day moving average of $9.30 and a 200-day moving average of $7.69. The stock has a market capitalization of $1.76 billion, a P/E ratio of -1.18 and a beta of 1.25.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its quarterly earnings results 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 positive return on equity of 0.37% and a negative net margin of 36.08%.The firm had revenue of $1.11 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same quarter in the prior year, the firm earned $0.42 EPS. The business's revenue for the quarter was down 4.1% compared to the same quarter last year. Analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Artie Starrs sold 106,734 shares of the company's stock in a transaction on Tuesday, August 12th. The stock was 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 of the company's stock, valued at $914,310.72. This represents a 50.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $9.25, for a total value of $237,762.00. Following the transaction, the director directly owned 20,607 shares in the company, valued at $190,614.75. This represents a 55.50% decrease in their position. The disclosure for this sale can be found here. 2.40% of the stock is owned by corporate insiders.

Topgolf Callaway Brands Company 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.