Novem Group Acquires New Stake in Topgolf Callaway Brands Corp. (NYSE:MODG)

Novem Group bought a new position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 81,700 shares of the company's stock, valued at approximately $538,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MODG. Sterling Capital Management LLC increased its stake in shares of 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 period. Covestor Ltd boosted its holdings 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 acquiring an additional 5,530 shares during the last quarter. Dynamic Advisor Solutions LLC acquired a new stake in Topgolf Callaway Brands during the 1st quarter valued at approximately $66,000. FORA Capital LLC acquired a new stake in Topgolf Callaway Brands during the 4th quarter valued at approximately $81,000. Finally, Stifel Financial Corp bought a new position in Topgolf Callaway Brands during the 4th quarter worth approximately $83,000. 84.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MODG has been the topic of a number of analyst reports. B. Riley began coverage on shares of Topgolf Callaway Brands in a research note on Friday, May 16th. They issued a "neutral" rating and a $7.00 price objective on the stock. Wall Street Zen raised Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research report on Saturday, June 28th. JPMorgan Chase & Co. cut their target price on Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 27th. Finally, Truist Financial decreased their target price 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, seven have given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $10.30.

Topgolf Callaway Brands Stock Down 1.1%

Shares of NYSE:MODG opened at $9.13 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.41 and a current ratio of 2.12. Topgolf Callaway Brands Corp. has a 52-week low of $5.42 and a 52-week high of $16.89. The business's 50 day simple moving average is $7.23 and its two-hundred day simple moving average is $7.20. The firm has a market cap of $1.68 billion, a P/E ratio of -1.15 and a beta of 1.27.

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

Insider Buying and Selling at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, Director Adebayo O. Ogunlesi bought 384,731 shares of the firm's stock in a transaction dated Friday, June 6th. The stock was bought at an average cost of $6.48 per share, with a total value of $2,493,056.88. Following the completion of the transaction, the director directly owned 768,432 shares in the company, valued at approximately $4,979,439.36. The trade was a 100.27% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Oliver G. Brewer III purchased 20,000 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The stock was acquired at an average cost of $6.40 per share, for a total transaction of $128,000.00. Following the transaction, the chief executive officer owned 1,009,297 shares in the company, valued at $6,459,500.80. This represents a 2.02% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 905,284 shares of company stock valued at $5,922,500 over the last ninety days. 2.40% of the stock is currently 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.

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