Counterpoint Mutual Funds LLC Buys Shares of 52,922 Topgolf Callaway Brands Corp. $MODG

Key Points

• Counterpoint Mutual Funds LLC acquired 52,922 shares of Topgolf Callaway Brands Corp. for approximately $426,000 in the 2nd quarter, indicating institutional interest in the stock.
• Topgolf Callaway Brands has received mixed ratings from analysts, with a consensus rating of "Hold" and an average target price of $9.75.
• Insider actions include significant share sales by Director Erik J. Anderson and CEO Artie Starrs, reducing their ownership by over 50% each.

Counterpoint Mutual Funds LLC purchased a new position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 52,922 shares of the company's stock, valued at approximately $426,000.

Other hedge funds also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC bought a new position in Topgolf Callaway Brands during the fourth quarter valued at $289,000. Novem Group bought a new position in shares of Topgolf Callaway Brands during the 1st quarter worth $538,000. Dynamic Advisor Solutions LLC purchased a new stake in Topgolf Callaway Brands in the 1st quarter worth about $66,000. Inspire Investing LLC bought a new stake in Topgolf Callaway Brands in the 1st quarter valued at about $346,000. Finally, Fox Run Management L.L.C. purchased a new stake in Topgolf Callaway Brands during the first quarter valued at about $265,000. Institutional investors own 84.69% of the company's stock.

Analyst Ratings Changes

MODG has been the topic of a number of recent research reports. JPMorgan Chase & Co. dropped their price target 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. 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. Morgan Stanley initiated coverage on Topgolf Callaway Brands in a research report on Friday, July 18th. They issued an "equal weight" rating and a $9.50 price target for the company. Wall Street Zen upgraded Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, 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. Three investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $9.75.

Insiders Place Their Bets

In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 25,704 shares of Topgolf Callaway Brands stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $9.25, for a total transaction of $237,762.00. Following the completion of the sale, the director owned 20,607 shares of the company's stock, valued at $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 available at this hyperlink. Also, CEO Artie Starrs sold 106,734 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $8.64, for a total value of $922,181.76. Following the completion of the transaction, the chief executive officer owned 105,823 shares of the company's stock, valued at $914,310.72. The trade was a 50.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.49% of the company's stock.

Topgolf Callaway Brands Price Performance

Shares of NYSE MODG opened at $9.11 on Wednesday. The stock's 50-day simple moving average is $9.37 and its two-hundred day simple moving average is $7.84. Topgolf Callaway Brands Corp. has a twelve month low of $5.42 and a twelve month high of $11.28. The firm has a market capitalization of $1.67 billion, a P/E ratio of -1.12 and a beta of 1.25. The company has a quick ratio of 1.25, a current ratio of 1.85 and a debt-to-equity ratio of 0.48.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued 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. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 0.37% and a negative net margin of 36.08%.Topgolf Callaway Brands's revenue was down 4.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.42 earnings per share. As a group, equities analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

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.

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