Topgolf Callaway Brands Corp. $MODG Shares Purchased by Bridgeway Capital Management LLC

Key Points

• Bridgeway Capital Management LLC increased its stake in Topgolf Callaway Brands Corp. by 15.0%, owning a total of 943,748 shares worth $6,219,000 as of the latest SEC filing.
• CEO Artie Starrs sold 106,734 shares at an average price of $8.64, marking a significant 50.21% decrease in ownership.
• Topgolf Callaway Brands reported $1.11 billion in revenue for the latest quarter, exceeding expectations, but had a net margin of -36.08% compared to the previous year's performance.

Bridgeway Capital Management LLC increased its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 15.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 943,748 shares of the company's stock after acquiring an additional 122,797 shares during the quarter. Bridgeway Capital Management LLC owned about 0.51% of Topgolf Callaway Brands worth $6,219,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Topgolf Callaway Brands during the 4th quarter worth approximately $289,000. Novem Group acquired a new position in Topgolf Callaway Brands during the first quarter worth $538,000. Dynamic Advisor Solutions LLC purchased a new stake in Topgolf Callaway Brands in the 1st quarter valued at $66,000. Fox Run Management L.L.C. purchased a new stake in Topgolf Callaway Brands in the 1st quarter valued at $265,000. Finally, Triumph Capital Management increased its stake in shares of Topgolf Callaway Brands by 389.9% in the 1st quarter. Triumph Capital Management now owns 131,437 shares of the company's stock worth $866,000 after acquiring an additional 104,605 shares during the last quarter. Institutional investors and hedge funds own 84.69% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. B. Riley reissued a "neutral" rating and issued a $9.50 price objective (up previously from $7.00) on shares of Topgolf Callaway Brands in a report on Monday, August 11th. JPMorgan Chase & Co. dropped 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 research note on Tuesday, May 27th. Morgan Stanley initiated 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 target for the company. Cfra reiterated a "hold" rating and issued a $9.00 price objective on shares of Topgolf Callaway Brands in a report on Friday, July 11th. Finally, Wall Street Zen raised Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Three research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $10.00.

Topgolf Callaway Brands Trading Down 0.2%

Shares of NYSE:MODG traded down $0.02 during mid-day trading on Wednesday, reaching $9.12. 750,131 shares of the company were exchanged, compared to its average volume of 2,896,302. Topgolf Callaway Brands Corp. has a 1 year low of $5.42 and a 1 year 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 firm's 50-day simple moving average is $9.28 and its 200 day simple moving average is $7.63. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of -1.12 and a beta of 1.25.

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

Insider Transactions at Topgolf Callaway Brands

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 value of $237,762.00. Following the completion of the transaction, the director owned 20,607 shares in the company, valued at approximately $190,614.75. The trade was a 55.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Artie Starrs sold 106,734 shares of the 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 sale, the chief executive officer owned 105,823 shares in the company, valued at approximately $914,310.72. This trade represents a 50.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.49% 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.