Graham Capital Management L.P. Raises Stake in Topgolf Callaway Brands Corp. $MODG

Key Points

• Graham Capital Management L.P. increased its holdings in Topgolf Callaway Brands Corp. by 669.5%, owning approximately 293,695 shares valued at $1.9 million by the end of the first quarter.
• Other institutional investors also raised their stakes in the company, with Long Focus Capital Management boosting its position by 44.8% and Trexquant Investment LP increasing holdings by 120.1%.
• The company reported an earnings per share of $0.24 for the last quarter, surpassing analysts' expectations, but experienced a 4.1% decline in revenue year-over-year.

Graham Capital Management L.P. increased its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 669.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 293,695 shares of the company's stock after buying an additional 255,528 shares during the period. Graham Capital Management L.P. owned about 0.16% of Topgolf Callaway Brands worth $1,935,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in MODG. Dynamic Advisor Solutions LLC acquired a new stake in Topgolf Callaway Brands during the 1st quarter worth approximately $66,000. Capstone Financial Advisors Inc. acquired a new stake in Topgolf Callaway Brands during the 1st quarter worth approximately $66,000. Northwestern Mutual Wealth Management Co. raised its holdings in Topgolf Callaway Brands by 52.0% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 10,636 shares of the company's stock worth $70,000 after purchasing an additional 3,640 shares during the last quarter. Schwarz Dygos Wheeler Investment Advisors LLC bought a new position in Topgolf Callaway Brands during the 1st quarter worth approximately $73,000. Finally, Covestor Ltd raised 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 worth $78,000 after purchasing an additional 2,499 shares during the last quarter. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Topgolf Callaway Brands Trading Up 1.2%

Shares of NYSE:MODG traded up $0.11 during mid-day trading on Friday, hitting $9.23. The company had a trading volume of 1,711,259 shares, compared to its average volume of 2,397,053. The firm has a fifty day moving average price of $9.25 and a 200 day moving average price of $7.60. The company has a market capitalization of $1.70 billion, a PE ratio of -1.13 and a beta of 1.25. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.85 and a quick ratio of 1.25. Topgolf Callaway Brands Corp. has a one year low of $5.42 and a one year high of $11.28.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.24 EPS 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 negative net margin of 36.08% and a positive return on equity of 0.37%. Topgolf Callaway Brands's quarterly revenue was down 4.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.42 EPS. As a group, research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Cfra restated a "hold" rating and set a $9.00 price target on shares of Topgolf Callaway Brands in a report on Friday, July 11th. Wall Street Zen upgraded shares of Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Morgan Stanley assumed coverage on shares of Topgolf Callaway Brands in a report on Friday, July 18th. They set an "equal weight" rating and a $9.50 price target for the company. JPMorgan Chase & Co. lowered 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 report on Tuesday, May 27th. Finally, B. Riley reiterated a "neutral" rating and issued a $9.50 price objective (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 seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Topgolf Callaway Brands currently has an average rating of "Hold" and an average target price of $10.00.

Insider Buying and Selling at Topgolf Callaway Brands

In other news, Director Erik J. Anderson sold 25,704 shares of the company's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $9.25, for a total value of $237,762.00. Following the completion of the sale, the director owned 20,607 shares in the company, valued at $190,614.75. This represents a 55.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Adebayo O. Ogunlesi bought 38,782 shares of Topgolf Callaway Brands stock in a transaction dated Tuesday, June 10th. The stock was purchased at an average price of $7.59 per share, with a total value of $294,355.38. Following the purchase, the director owned 845,284 shares in the company, valued at approximately $6,415,705.56. This represents a 4.81% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.40% of the stock is currently owned by company insiders.

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.