Quantbot Technologies LP Raises Position in Topgolf Callaway Brands Corp. $MODG

Key Points

• Quantbot Technologies LP increased its holdings in Topgolf Callaway Brands Corp. by 46.0%, owning 106,486 shares worth $702,000 after purchasing an additional 33,532 shares during the first quarter.
• Topgolf Callaway Brands reported $1.11 billion in revenue for the last quarter, surpassing analysts' expectations, though it represents a 4.1% decline year-over-year.
• The company’s stock achieved a 52-week high of $11.61, with a current market capitalization of $1.79 billion and a consensus rating of "Hold" from analysts.

Quantbot Technologies LP raised its stake in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 46.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 106,486 shares of the company's stock after acquiring an additional 33,532 shares during the quarter. Quantbot Technologies LP owned approximately 0.06% of Topgolf Callaway Brands worth $702,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in MODG. Raymond James Financial Inc. acquired a new position in shares of Topgolf Callaway Brands in the fourth quarter worth $380,000. Barclays PLC raised its holdings in shares of Topgolf Callaway Brands by 3.5% in the fourth quarter. Barclays PLC now owns 304,344 shares of the company's stock worth $2,393,000 after acquiring an additional 10,264 shares during the last quarter. Guggenheim Capital LLC raised its holdings in shares of Topgolf Callaway Brands by 64.3% in the fourth quarter. Guggenheim Capital LLC now owns 29,193 shares of the company's stock worth $229,000 after acquiring an additional 11,420 shares during the last quarter. Marshall Wace LLP acquired a new position in shares of Topgolf Callaway Brands in the fourth quarter worth $135,000. Finally, CANADA LIFE ASSURANCE Co raised its holdings in shares of Topgolf Callaway Brands by 4.4% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 171,430 shares of the company's stock worth $1,344,000 after acquiring an additional 7,220 shares during the last quarter. 84.69% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Topgolf Callaway Brands

In other news, Director Adebayo O. Ogunlesi purchased 38,782 shares of the stock in a transaction on Tuesday, June 10th. The stock was purchased at an average price of $7.59 per share, with a total value of $294,355.38. Following the completion of the transaction, the director owned 845,284 shares in the company, valued at approximately $6,415,705.56. The trade was a 4.81% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Artie Starrs sold 106,734 shares of the business's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $8.64, for a total value of $922,181.76. Following the sale, the chief executive officer directly owned 105,823 shares of the company's stock, valued at approximately $914,310.72. This trade represents a 50.21% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 845,284 shares of company stock valued at $5,533,600. Company insiders own 2.40% of the company's stock.

Topgolf Callaway Brands Trading Down 2.2%

Shares of NYSE:MODG traded down $0.22 during midday trading on Friday, reaching $9.54. The company's stock had a trading volume of 1,991,278 shares, compared to its average volume of 3,091,812. The firm has a market cap of $1.75 billion, a price-to-earnings ratio of -1.17 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 Corp. has a 1 year low of $5.42 and a 1 year high of $11.41. The business has a 50 day moving average price of $9.13 and a 200 day moving average price of $7.54.

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 (EPS) 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 firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the previous year, the business earned $0.42 earnings per share. The firm's quarterly revenue was down 4.1% compared to the same quarter last year. Research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Analyst Upgrades and Downgrades

MODG has been the subject of a number of analyst reports. Cfra reissued a "hold" rating and issued a $9.00 price target on shares of Topgolf Callaway Brands in a report on Friday, July 11th. B. Riley reissued a "neutral" rating and issued a $9.50 price target (up from $7.00) on shares of Topgolf Callaway Brands in a report on Monday, August 11th. Wall Street Zen raised Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Morgan Stanley began coverage on Topgolf Callaway Brands in a research report on Friday, July 18th. They issued an "equal weight" rating and a $9.50 price objective for the company. Finally, JPMorgan Chase & Co. lowered their price objective 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. Three investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $10.00.

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.