Caxton Associates LLP Makes New $1.27 Million Investment in Topgolf Callaway Brands Corp. $MODG

Key Points

• Caxton Associates LLP has acquired a new stake of 192,814 shares, valued at approximately $1.27 million, in Topgolf Callaway Brands Corp. during the 1st quarter, representing 0.10% of the company's stock.
• Recent insider trading included the sale of 25,704 shares by Director Erik J. Anderson and 106,734 shares by CEO Artie Starrs, reducing their ownership by 55.50% and 50.21% respectively.
• The company's stock recently reported a 3.1% decline and has a current price of $9.15, with a market capitalization of $1.68 billion and a consensus rating of "Hold" among analysts.

Caxton Associates LLP acquired a new position in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 192,814 shares of the company's stock, valued at approximately $1,271,000. Caxton Associates LLP owned 0.10% of Topgolf Callaway Brands at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the company. Shapiro Capital Management LLC lifted its position in shares of Topgolf Callaway Brands by 3.6% in the 4th quarter. Shapiro Capital Management LLC now owns 10,520,632 shares of the company's stock worth $82,692,000 after acquiring an additional 366,192 shares during the period. Long Focus Capital Management LLC lifted its position in shares of Topgolf Callaway Brands by 44.8% during the 1st quarter. Long Focus Capital Management LLC now owns 2,950,844 shares of the company's stock worth $19,446,000 after buying an additional 912,844 shares during the period. Alliancebernstein L.P. lifted its position in shares of Topgolf Callaway Brands by 21.7% during the 1st quarter. Alliancebernstein L.P. now owns 2,618,608 shares of the company's stock worth $17,257,000 after buying an additional 466,043 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Topgolf Callaway Brands by 8.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,478,250 shares of the company's stock worth $16,332,000 after buying an additional 191,531 shares during the period. Finally, Ameriprise Financial Inc. lifted its position in shares of Topgolf Callaway Brands by 57.8% during the 4th 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 during the period. Institutional investors own 84.69% of the company's stock.

Topgolf Callaway Brands Trading Up 0.9%

Shares of NYSE:MODG traded up $0.09 during mid-day trading on Monday, reaching $9.64. The stock had a trading volume of 735,090 shares, compared to its average volume of 2,884,279. The firm has a market cap of $1.77 billion, a PE ratio of -1.19 and a beta of 1.25. The firm has a 50 day simple moving average of $9.30 and a two-hundred day simple moving average of $7.70. The company has a current ratio of 1.85, a quick ratio of 1.25 and a debt-to-equity ratio of 0.48. Topgolf Callaway Brands Corp. has a twelve month low of $5.42 and a twelve month high of $11.28.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.03 by $0.21. The business had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.08 billion. Topgolf Callaway Brands had a negative net margin of 36.08% and a positive return on equity of 0.37%. Topgolf Callaway Brands's revenue for the quarter was down 4.1% on a year-over-year basis. During the same period last year, the company posted $0.42 EPS. On average, research analysts predict that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

MODG has been the subject of several analyst reports. Wall Street Zen upgraded Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Cfra restated a "hold" rating and set a $9.00 target price on shares of Topgolf Callaway Brands in a research report on Friday, July 11th. B. Riley restated 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. JPMorgan Chase & Co. cut their target price on Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Tuesday, May 27th. Finally, Morgan Stanley assumed coverage on Topgolf Callaway Brands in a research report on Friday, July 18th. They set an "equal weight" rating and a $9.50 target price for the company. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $9.78.

Insider Buying and Selling

In related news, Director Erik J. Anderson sold 25,704 shares of the 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 sale, the director directly owned 20,607 shares in the company, valued at $190,614.75. This trade represents a 55.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Artie Starrs sold 106,734 shares of the stock in a transaction that occurred on 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 in the company, valued at $914,310.72. This 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.