Public Sector Pension Investment Board Acquires 96,288 Shares of Topgolf Callaway Brands Corp. $MODG

Key Points

• The Public Sector Pension Investment Board increased its holdings in Topgolf Callaway Brands Corp. by 27.3%, owning a total of 448,922 shares valued at approximately $2.96 million.
• Topgolf reported $1.11 billion in quarterly revenue, which was slightly above analyst expectations, despite a 4.1% decline compared to the same period last year.
• Key analysts have mixed ratings on the stock, with a consensus price target of $10.00 and a current average rating of "Hold" from multiple investment firms.

Public Sector Pension Investment Board increased its position in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 27.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 448,922 shares of the company's stock after purchasing an additional 96,288 shares during the period. Public Sector Pension Investment Board owned approximately 0.24% of Topgolf Callaway Brands worth $2,958,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of MODG. Invesco Ltd. lifted its holdings in shares of Topgolf Callaway Brands by 41.9% in the 4th quarter. Invesco Ltd. now owns 1,591,742 shares of the company's stock worth $12,511,000 after purchasing an additional 469,728 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Topgolf Callaway Brands in the 4th quarter worth $380,000. Sterling Capital Management LLC lifted its holdings in shares of Topgolf Callaway Brands by 821.5% in the 4th quarter. Sterling Capital Management LLC now owns 4,543 shares of the company's stock worth $36,000 after purchasing an additional 4,050 shares in the last quarter. Barclays PLC lifted its holdings in shares of Topgolf Callaway Brands by 3.5% in the 4th quarter. Barclays PLC now owns 304,344 shares of the company's stock worth $2,393,000 after purchasing an additional 10,264 shares in the last quarter. Finally, Guggenheim Capital LLC lifted its stake in Topgolf Callaway Brands by 64.3% during the 4th quarter. Guggenheim Capital LLC now owns 29,193 shares of the company's stock valued at $229,000 after acquiring an additional 11,420 shares in the last quarter. 84.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MODG. B. Riley restated a "neutral" rating and set a $9.50 price objective (up from $7.00) on shares of Topgolf Callaway Brands in a research note on Monday, August 11th. Morgan Stanley began 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. JPMorgan Chase & Co. decreased their target price 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. 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. 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 assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $10.00.

Topgolf Callaway Brands Stock Performance

MODG traded down $0.09 during trading hours on Monday, hitting $9.67. The stock had a trading volume of 1,856,720 shares, compared to its average volume of 3,087,204. The company's fifty day simple moving average is $9.02 and its 200 day simple moving average is $7.47. Topgolf Callaway Brands Corp. has a 1 year low of $5.42 and a 1 year high of $11.45. The stock has a market cap of $1.78 billion, a PE ratio of -1.19 and a beta of 1.26. The company has a quick ratio of 1.25, a current ratio of 1.85 and a debt-to-equity ratio of 0.48.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.03 by $0.21. Topgolf Callaway Brands had a positive return on equity of 0.37% and a negative net margin of 36.08%.The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter in the previous year, the firm earned $0.42 EPS. The company's quarterly revenue was down 4.1% compared to the same quarter last year. Equities analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Insider Activity

In other news, CEO Artie Starrs sold 106,734 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $8.64, for a total transaction of $922,181.76. Following the sale, the chief executive officer directly owned 105,823 shares in the company, valued at $914,310.72. This represents a 50.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Adebayo O. Ogunlesi purchased 38,782 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were bought at an average price of $7.59 per share, for a total transaction of $294,355.38. Following the completion of the transaction, the director owned 845,284 shares of the company's stock, valued at approximately $6,415,705.56. This trade represents a 4.81% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 845,284 shares of company stock worth $5,533,600 over the last ninety days. Company insiders own 2.49% of the company's stock.

About Topgolf Callaway Brands

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.