Bayforest Capital Ltd Acquires 28,998 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG)

Key Points

• Bayforest Capital Ltd significantly increased its holdings in Topgolf Callaway Brands Corp. by 99.5%, acquiring 28,998 shares and bringing its total ownership to 58,135 shares valued at approximately $383,000.
• Insider transactions show that Director Adebayo O. Ogunlesi purchased 384,731 shares, boosting their total to 768,432 shares, reflecting a 100.27% increase in ownership.
• Several analysts have issued mixed ratings on the stock, with Truist Financial and JPMorgan Chase & Co. lowering their price targets significantly, indicating a growing concern about the company's performance.

Bayforest Capital Ltd boosted its position in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 99.5% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 58,135 shares of the company's stock after purchasing 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 reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Sterling Capital Management LLC increased its stake in shares of Topgolf Callaway Brands by 821.5% in the fourth quarter. Sterling Capital Management LLC now owns 4,543 shares of the company's stock valued at $36,000 after buying an additional 4,050 shares during the period. Dynamic Advisor Solutions LLC acquired a new position in shares of Topgolf Callaway Brands in the 1st quarter valued at about $66,000. Covestor Ltd boosted its position in shares of Topgolf Callaway Brands by 147.2% during the 4th quarter. Covestor Ltd now owns 9,286 shares of the company's stock valued at $73,000 after purchasing an additional 5,530 shares in the last quarter. Schwarz Dygos Wheeler Investment Advisors LLC bought a new stake in shares of Topgolf Callaway Brands during the 1st quarter valued at about $73,000. Finally, FORA Capital LLC acquired a new stake in Topgolf Callaway Brands during the fourth quarter worth approximately $81,000. Institutional investors own 84.69% of the company's stock.

Topgolf Callaway Brands Trading Down 12.4%

Shares of Topgolf Callaway Brands stock traded down $1.15 during trading on Friday, reaching $8.10. 5,345,012 shares of the stock were exchanged, compared to its average volume of 2,418,631. The stock's fifty day moving average is $8.25 and its 200 day moving average is $7.34. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of -1.02 and a beta of 1.26. The company has a quick ratio of 1.41, a current ratio of 2.12 and a debt-to-equity ratio of 0.60. Topgolf Callaway Brands Corp. has a 1 year low of $5.42 and a 1 year high of $15.07.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.04) by $0.15. Topgolf Callaway Brands had a negative net margin of 34.68% and a positive return on equity of 1.51%. The company had revenue of $1.09 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same quarter in the previous year, the business posted $0.08 EPS. Topgolf Callaway Brands's revenue was down 4.5% compared to the same quarter last year. As a group, equities research analysts expect that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Adebayo O. Ogunlesi acquired 384,731 shares of the firm's stock in a transaction dated Friday, June 6th. The shares were purchased at an average cost of $6.48 per share, for a total transaction of $2,493,056.88. Following the transaction, the director directly owned 768,432 shares of the company's stock, valued at approximately $4,979,439.36. This trade represents a 100.27% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Russell L. Fleischer purchased 30,000 shares of the business's stock in a transaction on Wednesday, May 14th. The stock was acquired at an average price of $6.41 per share, with a total value of $192,300.00. Following the purchase, the director directly owned 116,187 shares in the company, valued at $744,758.67. This represents a 34.81% increase in their position. The disclosure for this purchase can be found here. Insiders bought 905,284 shares of company stock valued at $5,922,500 in the last 90 days. Corporate insiders own 2.40% of the company's stock.

Wall Street Analyst Weigh In

MODG has been the topic of several research reports. Morgan Stanley assumed coverage on shares of Topgolf Callaway Brands in a report on Friday, July 18th. They set an "equal weight" rating and a $9.50 price objective on the stock. Cfra reiterated a "hold" rating and issued a $9.00 price target on shares of Topgolf Callaway Brands in a report on Friday, July 11th. Wall Street Zen downgraded Topgolf Callaway Brands from a "hold" rating to a "sell" rating in a report on Sunday, July 6th. Truist Financial decreased their price target on Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. dropped 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. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $10.14.

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.