Granahan Investment Management LLC Buys New Shares in Topgolf Callaway Brands Corp. $MODG

Key Points

• Granahan Investment Management LLC has acquired 57,381 shares of Topgolf Callaway Brands Corp., valued at approximately $378,000, during the first quarter.
• Institutional investors currently hold 84.69% of Topgolf Callaway Brands' stock, indicating strong institutional confidence in the company.
• Topgolf Callaway Brands reported an earnings per share (EPS) of $0.24 for the last quarter, significantly surpassing the consensus estimate of $0.03.

Granahan Investment Management LLC purchased a new stake in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 57,381 shares of the company's stock, valued at approximately $378,000.

A number of other large investors also recently made changes to their positions in MODG. Claar Advisors LLC boosted its holdings in Topgolf Callaway Brands by 1.3% during the first quarter. Claar Advisors LLC now owns 608,058 shares of the company's stock worth $4,007,000 after buying an additional 8,058 shares during the last quarter. Alliancebernstein L.P. boosted its holdings in Topgolf Callaway Brands by 21.7% during the first quarter. Alliancebernstein L.P. now owns 2,618,608 shares of the company's stock worth $17,257,000 after buying an additional 466,043 shares during the last quarter. Bridgeway Capital Management LLC boosted its holdings in Topgolf Callaway Brands by 15.0% during the first quarter. Bridgeway Capital Management LLC now owns 943,748 shares of the company's stock worth $6,219,000 after buying an additional 122,797 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Topgolf Callaway Brands by 113.1% during the first quarter. AQR Capital Management LLC now owns 48,224 shares of the company's stock worth $307,000 after buying an additional 25,599 shares during the last quarter. Finally, AREX Capital Management LP boosted its holdings in Topgolf Callaway Brands by 16.7% during the first quarter. AREX Capital Management LP now owns 698,800 shares of the company's stock worth $4,605,000 after buying an additional 100,000 shares during the last quarter. Institutional investors and hedge funds own 84.69% of the company's stock.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Topgolf Callaway Brands

In other news, CEO Artie Starrs sold 106,734 shares of the business'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 sale, the chief executive officer directly owned 105,823 shares in the company, valued at $914,310.72. The trade was a 50.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Erik J. Anderson sold 25,704 shares of the business's stock in a transaction dated 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 approximately $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. Insiders own 2.49% of the company's stock.

Topgolf Callaway Brands Trading Up 1.5%

Shares of Topgolf Callaway Brands stock traded up $0.14 during trading hours on Wednesday, hitting $9.27. The company's stock had a trading volume of 1,808,736 shares, compared to its average volume of 2,899,624. The stock has a 50 day moving average of $9.28 and a 200 day moving average of $7.63. The company has a market capitalization of $1.70 billion, a PE ratio of -1.14 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 12 month low of $5.42 and a 12 month high of $11.28.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued 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 company had revenue of $1.11 billion for 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%.The company's quarterly revenue was down 4.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.42 earnings per share. Analysts predict that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current 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.