192,814 Shares in Topgolf Callaway Brands Corp. $MODG Acquired by Caxton Associates LLP

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 Form 13F filing with the Securities and Exchange Commission. The firm acquired 192,814 shares of the company's stock, valued at approximately $1,271,000. Caxton Associates LLP owned approximately 0.10% of Topgolf Callaway Brands at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Topgolf Callaway Brands by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 84,280 shares of the company's stock worth $555,000 after purchasing an additional 3,564 shares in the last quarter. Granahan Investment Management LLC acquired a new stake in shares of Topgolf Callaway Brands in the 1st quarter worth $378,000. Claar Advisors LLC boosted its position in shares of Topgolf Callaway Brands by 1.3% in the 1st quarter. Claar Advisors LLC now owns 608,058 shares of the company's stock worth $4,007,000 after purchasing an additional 8,058 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Topgolf Callaway Brands by 21.7% in the 1st quarter. Alliancebernstein L.P. now owns 2,618,608 shares of the company's stock worth $17,257,000 after purchasing an additional 466,043 shares in the last quarter. Finally, Bridgeway Capital Management LLC boosted its position in shares of Topgolf Callaway Brands by 15.0% in the 1st quarter. Bridgeway Capital Management LLC now owns 943,748 shares of the company's stock worth $6,219,000 after purchasing an additional 122,797 shares in the last quarter. Institutional investors and hedge funds own 84.69% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Wall Street Zen upgraded shares of Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. B. Riley restated a "neutral" rating and issued a $9.50 target price (up previously from $7.00) on shares of Topgolf Callaway Brands in a research note on Monday, August 11th. Cfra restated a "hold" rating and issued a $9.00 target price on shares of Topgolf Callaway Brands in a research note on Friday, July 11th. JPMorgan Chase & Co. reduced their target price on 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. Finally, Morgan Stanley started coverage on Topgolf Callaway Brands in a research note on Friday, July 18th. They issued an "equal weight" rating and a $9.50 target price for the company. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Topgolf Callaway Brands has a consensus rating of "Hold" and an average price target of $9.78.

Insider Activity at Topgolf Callaway Brands

In other news, Director Erik J. Anderson sold 25,704 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $9.25, for a total value of $237,762.00. Following the completion of the sale, the director directly owned 20,607 shares in the company, valued at $190,614.75. This represents a 55.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 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 disclosure for this sale can be found here. 2.40% of the stock is currently owned by insiders.

Topgolf Callaway Brands Price Performance

NYSE:MODG traded down $0.11 during trading hours on Friday, hitting $9.56. 2,012,633 shares of the stock were exchanged, compared to its average volume of 2,084,170. Topgolf Callaway Brands Corp. has a 52-week low of $5.42 and a 52-week high of $11.28. The firm's fifty day moving average price is $9.30 and its 200 day moving average price is $7.69. 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 has a market cap of $1.76 billion, a P/E ratio of -1.18 and a beta of 1.25.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.24 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the business earned $0.42 EPS. Topgolf Callaway Brands's quarterly revenue was down 4.1% on a year-over-year basis. As a group, equities research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

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.