Graham Capital Management L.P. Takes $300,000 Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Graham Capital Management L.P. bought a new position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 38,167 shares of the company's stock, valued at approximately $300,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Asset Planning Inc acquired a new stake in shares of Topgolf Callaway Brands during the fourth quarter worth about $33,000. Sterling Capital Management LLC increased its stake in Topgolf Callaway Brands by 821.5% during the 4th quarter. Sterling Capital Management LLC now owns 4,543 shares of the company's stock worth $36,000 after buying an additional 4,050 shares during the period. KBC Group NV increased its stake in Topgolf Callaway Brands by 81.8% during the 4th quarter. KBC Group NV now owns 8,330 shares of the company's stock worth $65,000 after buying an additional 3,749 shares during the period. Covestor Ltd lifted its holdings in Topgolf Callaway Brands by 147.2% during the 4th quarter. Covestor Ltd now owns 9,286 shares of the company's stock worth $73,000 after buying an additional 5,530 shares in the last quarter. Finally, FORA Capital LLC purchased a new position in Topgolf Callaway Brands in the 4th quarter valued at approximately $81,000. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MODG. Roth Mkm reaffirmed a "buy" rating and set a $11.00 price objective (down previously from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. B. Riley initiated coverage on Topgolf Callaway Brands in a research note on Friday. They set a "neutral" rating and a $7.00 target price for the company. JPMorgan Chase & Co. cut their price target on Topgolf Callaway Brands from $11.00 to $9.00 and set a "neutral" rating on the stock in a report on Thursday, January 23rd. Finally, Truist Financial decreased their price objective on Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Topgolf Callaway Brands presently has a consensus rating of "Hold" and a consensus target price of $10.50.

Insider Activity

In other news, Director Russell L. Fleischer purchased 30,000 shares of the business's stock in a transaction on Wednesday, May 14th. The shares were bought at an average price of $6.41 per share, with a total value of $192,300.00. Following the completion of the transaction, the director now directly owns 116,187 shares in the company, valued at approximately $744,758.67. This represents a 34.81% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Oliver G. Brewer III acquired 20,000 shares of the firm's stock in a transaction dated Wednesday, May 14th. The stock was purchased at an average cost of $6.40 per share, with a total value of $128,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,009,297 shares of the company's stock, valued at approximately $6,459,500.80. This trade represents a 2.02% increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.40% of the company's stock.

Topgolf Callaway Brands Trading Up 5.9%

NYSE:MODG opened at $7.01 on Friday. Topgolf Callaway Brands Corp. has a 1 year low of $5.42 and a 1 year high of $16.89. The stock has a market cap of $1.29 billion, a P/E ratio of -87.65 and a beta of 1.25. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93. The stock has a 50-day simple moving average of $6.52 and a 200-day simple moving average of $7.49.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.15. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The firm had revenue of $1.09 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the company posted $0.08 earnings per share. The firm's quarterly revenue was down 4.5% compared to the same quarter last year. As a group, analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

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.

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