Charles Schwab Investment Management Inc. Has $16.33 Million Position in Topgolf Callaway Brands Corp. $MODG

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in Topgolf Callaway Brands Corp. (MODG) by 8.4% in the first quarter, now owning 2,478,250 shares valued at approximately $16.3 million.
• Analyst ratings for Topgolf Callaway have been mixed, with the average rating being a "Hold" and a price target of $10.00, despite JPMorgan Chase lowering their target from $8.00 to $7.00.
• In insider trading, CEO Artie Starrs sold 106,734 shares for about $922,200, representing a significant decrease in his position.

Charles Schwab Investment Management Inc. lifted its stake in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 8.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,478,250 shares of the company's stock after acquiring an additional 191,531 shares during the period. Charles Schwab Investment Management Inc. owned 1.35% of Topgolf Callaway Brands worth $16,332,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Topgolf Callaway Brands in the 4th quarter worth approximately $289,000. Novem Group acquired a new stake in shares of Topgolf Callaway Brands in the 1st quarter worth approximately $538,000. Dynamic Advisor Solutions LLC acquired a new stake in shares of Topgolf Callaway Brands in the 1st quarter worth approximately $66,000. Claar Advisors LLC acquired a new stake in shares of Topgolf Callaway Brands in the 4th quarter worth approximately $4,716,000. Finally, Triumph Capital Management lifted 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 period. 84.69% of the stock is owned by institutional investors and hedge funds.

Topgolf Callaway Brands Trading Down 0.4%

Shares of MODG traded down $0.04 during midday trading on Thursday, hitting $9.77. The stock had a trading volume of 2,234,566 shares, compared to its average volume of 3,112,779. Topgolf Callaway Brands Corp. has a fifty-two week low of $5.42 and a fifty-two week high of $11.41. The business has a 50-day simple moving average of $9.10 and a two-hundred day simple moving average of $7.52. The firm has a market cap of $1.80 billion, a P/E ratio of -1.20 and a beta of 1.26. 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 (NYSE:MODG - Get Free Report) last announced its earnings results 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 negative net margin of 36.08% and a positive return on equity of 0.37%. The company had revenue of $1.11 billion during the quarter, compared to analysts' expectations of $1.08 billion. During the same period last year, the company posted $0.42 earnings per share. The business's revenue for the quarter was down 4.1% on a year-over-year basis. As a group, equities analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. B. Riley reaffirmed a "neutral" rating and issued a $9.50 price target (up from $7.00) on shares of Topgolf Callaway Brands in a research note on Monday, August 11th. Morgan Stanley initiated 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. Cfra reaffirmed a "hold" rating and issued a $9.00 price objective on shares of Topgolf Callaway Brands in a research note on Friday, July 11th. JPMorgan Chase & Co. lowered 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. Finally, Wall Street Zen raised shares of 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's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $10.00.

Insider Buying and Selling

In related news, Director Erik J. Anderson sold 25,704 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the director directly owned 20,607 shares in the company, valued at approximately $190,614.75. This trade represents a 55.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Adebayo O. Ogunlesi purchased 38,782 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The shares were bought at an average price of $7.59 per share, with a total value of $294,355.38. Following the completion of the acquisition, the director owned 845,284 shares of the company's stock, valued at $6,415,705.56. This trade represents a 4.81% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 845,284 shares of company stock worth $5,533,600. 2.40% of the stock is owned by company insiders.

About Topgolf Callaway Brands

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.