Entropy Technologies LP Buys New Position in Topgolf Callaway Brands Corp. $MODG

Key Points

• Entropy Technologies LP has acquired a new position in Topgolf Callaway Brands Corp., purchasing 30,966 shares valued at approximately $204,000 in the first quarter of the year.
• Institutional investors now own an impressive 84.69% of Topgolf Callaway's stock, indicating strong institutional interest in the company.
• The stock received mixed analyst ratings, with an average target price of $10.00, as some analysts upgraded it to "hold" while others maintained a "neutral" stance.

Entropy Technologies LP bought 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 fund bought 30,966 shares of the company's stock, valued at approximately $204,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Invesco Ltd. boosted its holdings in Topgolf Callaway Brands by 7.6% during the 1st quarter. Invesco Ltd. now owns 1,713,085 shares of the company's stock valued at $11,289,000 after acquiring an additional 121,343 shares during the period. Covestor Ltd boosted its holdings in Topgolf Callaway Brands by 26.9% during the 1st quarter. Covestor Ltd now owns 11,785 shares of the company's stock valued at $78,000 after acquiring an additional 2,499 shares during the period. Altfest L J & Co. Inc. purchased a new position in Topgolf Callaway Brands during the 1st quarter valued at $99,000. Charles Schwab Investment Management Inc. boosted its holdings in 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 valued at $16,332,000 after acquiring an additional 191,531 shares during the period. Finally, Capstone Financial Advisors Inc. purchased a new position in Topgolf Callaway Brands during the 1st quarter valued at $66,000. Hedge funds and other institutional investors own 84.69% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Wall Street Zen upgraded Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. B. Riley restated a "neutral" rating and set a $9.50 price objective (up previously from $7.00) on shares of Topgolf Callaway Brands in a report on Monday, August 11th. Cfra restated a "hold" rating and set a $9.00 price objective on shares of Topgolf Callaway Brands in a report on Friday, July 11th. Morgan Stanley assumed coverage on Topgolf Callaway Brands in a report on Friday, July 18th. They set an "equal weight" rating and a $9.50 price objective for the company. Finally, JPMorgan Chase & Co. dropped their price objective on Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating for the company in a report on Tuesday, May 27th. Three analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Topgolf Callaway Brands presently has a consensus rating of "Hold" and an average price target of $10.00.

Topgolf Callaway Brands Stock Down 1.0%

NYSE MODG traded down $0.0930 on Thursday, reaching $9.2970. 2,121,791 shares of the stock traded hands, compared to its average volume of 3,189,193. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.25 and a current ratio of 1.85. The company has a fifty day moving average price of $8.95 and a 200-day moving average price of $7.45. The company has a market cap of $1.71 billion, a price-to-earnings ratio of -1.14 and a beta of 1.26. Topgolf Callaway Brands Corp. has a 12 month low of $5.42 and a 12 month high of $11.77.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its 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 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 period in the previous year, the company posted $0.42 EPS. As a group, research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

Insider Transactions at Topgolf Callaway Brands

In other news, CEO Artie Starrs sold 106,734 shares of the business's stock in a transaction on 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 directly owned 105,823 shares of the company's stock, valued at approximately $914,310.72. The trade was a 50.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Adebayo O. Ogunlesi purchased 384,731 shares of Topgolf Callaway Brands stock in a transaction dated Friday, June 6th. The stock was bought at an average cost of $6.48 per share, with a total value of $2,493,056.88. Following the completion of the transaction, the director owned 768,432 shares in the company, valued at approximately $4,979,439.36. This represents a 100.27% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders purchased 845,284 shares of company stock valued at $5,533,600. Corporate insiders own 2.40% 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.