Topgolf Callaway Brands Corp. $MODG Shares Acquired by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd increased its stake in Topgolf Callaway Brands Corp. by 99.5%, acquiring an additional 28,998 shares and bringing its total holdings to 58,135 shares valued at approximately $383,000.
• Several institutional investors have also raised their stakes in Topgolf Callaway Brands, with 84.69% of the stock now owned by institutional investors.
• Topgolf reported a quarterly earnings per share of $0.24, significantly surpassing analyst expectations, despite a 4.1% revenue decline year-over-year.

Bayforest Capital Ltd increased its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 99.5% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 58,135 shares of the company's stock after buying an additional 28,998 shares during the period. Bayforest Capital Ltd's holdings in Topgolf Callaway Brands were worth $383,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Long Focus Capital Management LLC raised its position in Topgolf Callaway Brands by 44.8% during the first 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 in the last quarter. Ameriprise Financial Inc. grew its stake 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 valued at $16,401,000 after buying an additional 764,322 shares during the last quarter. Alliancebernstein L.P. grew its stake in shares of Topgolf Callaway Brands by 21.7% during the first quarter. Alliancebernstein L.P. now owns 2,618,608 shares of the company's stock valued at $17,257,000 after buying an additional 466,043 shares during the last quarter. Shapiro Capital Management LLC grew its stake 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 valued at $82,692,000 after buying an additional 366,192 shares during the last quarter. Finally, PDT Partners LLC grew its stake in shares of Topgolf Callaway Brands by 3,281.5% during the first quarter. PDT Partners LLC now owns 369,390 shares of the company's stock valued at $2,434,000 after buying an additional 358,466 shares during the last quarter. Hedge funds and other institutional investors own 84.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Morgan Stanley assumed coverage on Topgolf Callaway Brands in a research note on Friday, July 18th. They set an "equal weight" rating and a $9.50 price objective on the stock. Cfra restated a "hold" rating and set a $9.00 price target on shares of Topgolf Callaway Brands in a report on Friday, July 11th. Wall Street Zen upgraded Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. B. Riley reaffirmed a "neutral" rating and set a $9.50 price objective (up from $7.00) on shares of Topgolf Callaway Brands in a research report on Monday, August 11th. Finally, JPMorgan Chase & Co. cut their price objective 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 six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $9.78.

Topgolf Callaway Brands Price Performance

MODG stock traded up $0.00 during trading on Tuesday, reaching $9.61. The company's stock had a trading volume of 451,487 shares, compared to its average volume of 2,877,492. Topgolf Callaway Brands Corp. has a 1 year low of $5.42 and a 1 year high of $11.28. The company has a quick ratio of 1.25, a current ratio of 1.85 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $1.77 billion, a P/E ratio of -1.18 and a beta of 1.25. The company's fifty day moving average is $9.32 and its 200-day moving average is $7.72.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the prior year, the business posted $0.42 EPS. Topgolf Callaway Brands's revenue for the quarter was down 4.1% compared to the same quarter last year. On average, research analysts expect that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

Insider Transactions at Topgolf Callaway Brands

In related news, CEO Artie Starrs sold 106,734 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 105,823 shares of the company's stock, valued at approximately $914,310.72. This trade represents a 50.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 sale, the director directly owned 20,607 shares of the company's stock, valued at $190,614.75. This represents a 55.50% decrease in their position. The disclosure for this sale can be found here. 2.49% of the stock is currently owned by company 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.