Granahan Investment Management LLC Makes New Investment 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 bought a new position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 57,381 shares of the company's stock, valued at approximately $378,000.

Several other institutional investors also recently made changes to their positions in the stock. Claar Advisors LLC boosted its position in shares of Topgolf Callaway Brands by 1.3% during the 1st quarter. Claar Advisors LLC now owns 608,058 shares of the company's stock worth $4,007,000 after purchasing an additional 8,058 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Topgolf Callaway Brands by 21.7% during the 1st quarter. Alliancebernstein L.P. now owns 2,618,608 shares of the company's stock worth $17,257,000 after purchasing an additional 466,043 shares in the last quarter. Bridgeway Capital Management LLC raised its stake in shares of Topgolf Callaway Brands by 15.0% during the 1st 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 raised its stake in shares of Topgolf Callaway Brands by 113.1% during the 1st 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 raised its stake in shares of Topgolf Callaway Brands by 16.7% during the 1st 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. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MODG has been the subject of several analyst reports. JPMorgan Chase & Co. cut their target price on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating for the company in a research note on Tuesday, May 27th. Cfra reissued a "hold" rating and issued a $9.00 target price on shares of Topgolf Callaway Brands in a research note on Friday, July 11th. Morgan Stanley initiated coverage on shares of Topgolf Callaway Brands in a research note on Friday, July 18th. They issued an "equal weight" rating and a $9.50 target price for the company. Wall Street Zen raised shares of Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, B. Riley reissued a "neutral" rating and issued a $9.50 target price (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 issued a Hold rating to the company's stock. Based on data from MarketBeat, Topgolf Callaway Brands has a consensus rating of "Hold" and a consensus price target of $10.00.

Topgolf Callaway Brands Trading Up 2.5%

MODG stock traded up $0.24 during midday trading on Thursday, reaching $9.51. 672,434 shares of the company's stock traded hands, compared to its average volume of 2,893,349. The company has a market capitalization of $1.75 billion, a P/E ratio of -1.17 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 fifty-two week low of $5.42 and a fifty-two week high of $11.28. The business has a 50-day moving average price of $9.28 and a two-hundred day moving average price of $7.65.

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

Insider Buying and Selling

In other Topgolf Callaway Brands news, CEO Artie Starrs sold 106,734 shares of the company's stock in a transaction that occurred 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 owned 105,823 shares in the company, valued at $914,310.72. This represents a 50.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Erik J. Anderson sold 25,704 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $9.25, for a total value of $237,762.00. Following the completion of the transaction, the director owned 20,607 shares of the company's stock, valued at approximately $190,614.75. This represents a 55.50% decrease in their position. The disclosure for this sale can be found here. 2.40% of the stock is owned by corporate insiders.

Topgolf Callaway Brands Company 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.