Bayforest Capital Ltd Acquires 28,998 Shares of Topgolf Callaway Brands Corp. $MODG

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 boosted its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 99.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 58,135 shares of the company's stock after acquiring an additional 28,998 shares during the quarter. Bayforest Capital Ltd's holdings in Topgolf Callaway Brands were worth $383,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Boyar Asset Management Inc. boosted its stake in shares of Topgolf Callaway Brands by 1.7% in the 1st quarter. Boyar Asset Management Inc. now owns 109,984 shares of the company's stock valued at $725,000 after purchasing an additional 1,857 shares during the last quarter. Jump Financial LLC boosted its stake in shares of Topgolf Callaway Brands by 3.1% in the 1st quarter. Jump Financial LLC now owns 75,685 shares of the company's stock valued at $499,000 after purchasing an additional 2,265 shares during the last quarter. Covestor Ltd boosted its stake in shares of Topgolf Callaway Brands by 26.9% in the 1st quarter. Covestor Ltd now owns 11,785 shares of the company's stock valued at $78,000 after purchasing an additional 2,499 shares during the last quarter. Tidal Investments LLC boosted its stake in shares of Topgolf Callaway Brands by 11.6% in the 4th quarter. Tidal Investments LLC now owns 24,898 shares of the company's stock valued at $196,000 after purchasing an additional 2,596 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Topgolf Callaway Brands by 4.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 80,716 shares of the company's stock valued at $634,000 after purchasing an additional 3,084 shares during the last quarter. 84.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Topgolf Callaway Brands Stock Performance

MODG opened at $9.27 on Thursday. The company has a current ratio of 1.85, a quick ratio of 1.25 and a debt-to-equity ratio of 0.48. The company's fifty day moving average price is $9.28 and its two-hundred day moving average price is $7.65. Topgolf Callaway Brands Corp. has a 1-year low of $5.42 and a 1-year high of $11.28. The company has a market cap of $1.70 billion, a price-to-earnings ratio of -1.14 and a beta of 1.25.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last released its quarterly earnings data 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 negative net margin of 36.08% and a positive return on equity of 0.37%. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the prior year, the company posted $0.42 earnings per share. The business's revenue was down 4.1% on a year-over-year basis. On average, analysts expect that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

Insider Buying and Selling at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, 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 transaction of $237,762.00. Following the transaction, the director owned 20,607 shares in the company, valued at approximately $190,614.75. This represents a 55.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Artie Starrs sold 106,734 shares of the stock in a transaction dated Tuesday, August 12th. The shares were 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 owned 105,823 shares of the company's stock, valued at approximately $914,310.72. This represents a 50.21% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company's stock.

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.

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