Long Focus Capital Management LLC Acquires 912,844 Shares of Topgolf Callaway Brands Corp. $MODG

Key Points

• Long Focus Capital Management LLC has increased its stake in Topgolf Callaway Brands Corp. (NYSE:MODG) by 44.8%, owning nearly 3 million shares valued at approximately $19.4 million as of the latest SEC filing.
• The company's stock has recently seen a drop of 2.2%, with a current market cap of $1.75 billion and a PE ratio of -1.17.
• Topgolf Callaway Brands reported earnings of $0.24 per share for the recent quarter, significantly beating analysts' estimates; however, it experienced a 4.1% decline in revenue compared to last year.

Long Focus Capital Management LLC increased its position in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 44.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,950,844 shares of the company's stock after purchasing an additional 912,844 shares during the period. Long Focus Capital Management LLC owned approximately 1.61% of Topgolf Callaway Brands worth $19,446,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of MODG. Ameriprise Financial Inc. lifted its holdings in shares of Topgolf Callaway Brands by 57.8% in the 4th quarter. Ameriprise Financial Inc. now owns 2,086,700 shares of the company's stock worth $16,401,000 after purchasing an additional 764,322 shares in the last quarter. Shapiro Capital Management LLC lifted its holdings in shares of Topgolf Callaway Brands by 3.6% in the 4th quarter. Shapiro Capital Management LLC now owns 10,520,632 shares of the company's stock worth $82,692,000 after purchasing an additional 366,192 shares in the last quarter. Prentice Capital Management LP purchased a new stake in Topgolf Callaway Brands in the 4th quarter valued at $2,510,000. Cubist Systematic Strategies LLC purchased a new stake in Topgolf Callaway Brands in the 4th quarter valued at $2,364,000. Finally, Trexquant Investment LP raised its position in Topgolf Callaway Brands by 120.1% in the 1st quarter. Trexquant Investment LP now owns 470,060 shares of the company's stock valued at $3,098,000 after buying an additional 256,503 shares during the last quarter. 84.69% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 25,704 shares of the firm's stock in a transaction dated 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 in the company, valued at $190,614.75. This trade represents a 55.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Adebayo O. Ogunlesi bought 384,731 shares of the business's stock in a transaction on Friday, June 6th. The stock was bought at an average price of $6.48 per share, with a total value of $2,493,056.88. Following the purchase, the director owned 768,432 shares in the company, valued at $4,979,439.36. This trade represents a 100.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 784,399 shares of company stock worth $5,139,674 in the last quarter. 2.49% of the stock is owned by company insiders.

Topgolf Callaway Brands Stock Performance

Shares of MODG stock traded down $0.25 on Wednesday, hitting $9.18. 1,587,402 shares of the stock were exchanged, compared to its average volume of 2,931,285. The company has a current ratio of 1.85, a quick ratio of 1.25 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $1.69 billion, a PE ratio of -1.13 and a beta of 1.25. Topgolf Callaway Brands Corp. has a one year low of $5.42 and a one year high of $11.41. The firm's 50 day moving average is $9.18 and its two-hundred day moving average is $7.57.

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

Wall Street Analysts Forecast Growth

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

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.