Topgolf Callaway Brands Corp. $MODG Stock Holdings Increased by GM Advisory Group LLC

Key Points

• GM Advisory Group LLC increased its stake in Topgolf Callaway Brands Corp. by 179.6%, acquiring a total of 171,105 shares valued at approximately $1.13 million.
• CEO Artie Starrs sold 106,734 shares for about $922,182, marking a significant decrease in his holdings by 50.21%.
• Topgolf Callaway Brands reported a 24.62% increase in earnings per share, beating expectations, despite a 4.1% decline in revenue compared to the same quarter last year.

GM Advisory Group LLC boosted its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 179.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 171,105 shares of the company's stock after acquiring an additional 109,900 shares during the period. GM Advisory Group LLC owned about 0.09% of Topgolf Callaway Brands worth $1,128,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MODG. Sterling Capital Management LLC raised its position in shares of Topgolf Callaway Brands by 821.5% in the fourth quarter. Sterling Capital Management LLC now owns 4,543 shares of the company's stock valued at $36,000 after buying an additional 4,050 shares during the last quarter. Dynamic Advisor Solutions LLC acquired a new position in shares of Topgolf Callaway Brands in the first quarter valued at approximately $66,000. Capstone Financial Advisors Inc. acquired a new position in shares of Topgolf Callaway Brands in the first quarter valued at approximately $66,000. Schwarz Dygos Wheeler Investment Advisors LLC acquired a new position in shares of Topgolf Callaway Brands in the first quarter valued at approximately $73,000. Finally, Covestor Ltd raised its position in shares of Topgolf Callaway Brands by 26.9% in the first quarter. Covestor Ltd now owns 11,785 shares of the company's stock valued at $78,000 after buying an additional 2,499 shares during the last quarter. Institutional investors and hedge funds own 84.69% of the company's stock.

Topgolf Callaway Brands Trading Up 5.0%

MODG traded up $0.4640 during trading on Friday, hitting $9.7540. 2,386,215 shares of the company's stock were exchanged, compared to its average volume of 3,130,131. 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 1 year low of $5.42 and a 1 year high of $11.61. The stock has a 50 day moving average price of $8.99 and a 200 day moving average price of $7.46. The firm has a market cap of $1.79 billion, a P/E ratio of -1.20 and a beta of 1.26.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.21. The business had revenue of $1.11 billion during 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%. The business's quarterly revenue was down 4.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 earnings per share. As a group, analysts expect that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

Insider Activity

In other news, CEO Artie Starrs sold 106,734 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were 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 in the company, valued at approximately $914,310.72. This represents a 50.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Erik J. Anderson sold 25,704 shares of the stock in a transaction 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 transaction, the director owned 20,607 shares in the company, valued at $190,614.75. This trade represents a 55.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders bought 845,284 shares of company stock worth $5,533,600. 2.40% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MODG. JPMorgan Chase & Co. dropped their price target on shares of 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. Cfra reaffirmed a "hold" rating and set a $9.00 price target on shares of Topgolf Callaway Brands in a research report on Friday, July 11th. Wall Street Zen raised shares of Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Morgan Stanley began coverage on shares of Topgolf Callaway Brands in a research report on Friday, July 18th. They set an "equal weight" rating and a $9.50 price target for the company. Finally, B. Riley reaffirmed a "neutral" rating and set a $9.50 price target (up previously from $7.00) on shares of Topgolf Callaway Brands in a research report on Monday, August 11th. Three analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, Topgolf Callaway Brands presently has a consensus rating of "Hold" and an average price target of $10.00.

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.