Novem Group Invests $538,000 in Topgolf Callaway Brands Corp. (NYSE:MODG)

Novem Group purchased a new stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 81,700 shares of the company's stock, valued at approximately $538,000.

Other large investors also recently bought and sold shares of the company. Sterling Capital Management LLC lifted its position in Topgolf Callaway Brands by 821.5% in the fourth quarter. Sterling Capital Management LLC now owns 4,543 shares of the company's stock valued at $36,000 after buying an additional 4,050 shares during the last quarter. Dynamic Advisor Solutions LLC acquired a new position in Topgolf Callaway Brands in the first quarter valued at about $66,000. Covestor Ltd lifted its position in Topgolf Callaway Brands by 147.2% in the fourth quarter. Covestor Ltd now owns 9,286 shares of the company's stock valued at $73,000 after buying an additional 5,530 shares during the last quarter. FORA Capital LLC acquired a new position in Topgolf Callaway Brands in the fourth quarter valued at about $81,000. Finally, Stifel Financial Corp acquired a new position in Topgolf Callaway Brands in the fourth quarter valued at about $83,000. Institutional investors and hedge funds own 84.69% of the company's stock.

Topgolf Callaway Brands Stock Down 4.8%

NYSE:MODG traded down $0.44 during mid-day trading on Monday, hitting $8.64. The stock had a trading volume of 2,424,333 shares, compared to its average volume of 2,865,647. The company has a market capitalization of $1.59 billion, a PE ratio of -1.09 and a beta of 1.27. Topgolf Callaway Brands Corp. has a twelve month low of $5.42 and a twelve month high of $16.89. The company has a current ratio of 2.12, a quick ratio of 1.41 and a debt-to-equity ratio of 0.60. The stock has a 50-day simple moving average of $7.32 and a two-hundred day simple moving average of $7.21.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last announced its quarterly earnings results on Monday, May 12th. The company reported $0.11 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.15. The company had revenue of $1.09 billion for the quarter, compared to analyst estimates of $1.08 billion. Topgolf Callaway Brands had a negative net margin of 34.68% and a positive return on equity of 1.51%. The firm's revenue was down 4.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.08 earnings per share. On average, equities research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on MODG shares. Wall Street Zen lowered shares of Topgolf Callaway Brands from a "hold" rating to a "sell" rating in a research note on Sunday. Truist Financial cut their price target on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. JPMorgan Chase & Co. cut their price target on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 27th. Finally, B. Riley started coverage on shares of Topgolf Callaway Brands in a research note on Friday, May 16th. They set a "neutral" rating and a $7.00 price target on the stock. Three research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $10.30.

Insider Activity at Topgolf Callaway Brands

In related news, EVP Glenn F. Hickey purchased 10,000 shares of the company's stock in a transaction on Monday, May 19th. The shares were bought at an average cost of $6.86 per share, for a total transaction of $68,600.00. Following the completion of the purchase, the executive vice president directly owned 10,000 shares of the company's stock, valued at approximately $68,600. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Adebayo O. Ogunlesi purchased 384,731 shares of the company's stock in a transaction on Friday, June 6th. The stock was bought at an average price of $6.48 per share, for a total transaction of $2,493,056.88. Following the completion of the purchase, the director directly owned 768,432 shares of the company's stock, valued at $4,979,439.36. The trade was a 100.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 905,284 shares of company stock valued at $5,922,500. Company insiders own 2.49% of the company's stock.

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.