Squarepoint Ops LLC Makes New $3.85 Million Investment in Topgolf Callaway Brands Corp. $CALY

Key Points

• Squarepoint Ops LLC acquired 205,097 shares of Topgolf Callaway Brands in the second quarter, valued at approximately $3.85 million. Institutional investors collectively own 84.69% of the company.
• Analyst sentiment remains mixed, with three Buy ratings and five Holds; the stock has an average target price of $20.17, compared with an opening price of $15.49.
• Topgolf Callaway reported quarterly EPS of $0.39, beating estimates of $0.35, while revenue fell 44.9% year over year to $612.2 million. Insiders sold 97,717 shares worth roughly $1.8 million over the past three months.

Squarepoint Ops LLC bought a new stake in Topgolf Callaway Brands Corp. (NYSE:CALY - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 205,097 shares of the company's stock, valued at approximately $3,854,000. Squarepoint Ops LLC owned about 0.11% of Topgolf Callaway Brands at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in CALY. Nykredit A S bought a new stake in Topgolf Callaway Brands in the 2nd quarter worth about $43,000. Hsbc Holdings PLC bought a new position in shares of Topgolf Callaway Brands during the 2nd quarter worth approximately $256,000. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Topgolf Callaway Brands in the 2nd quarter worth approximately $341,000. HighTower Advisors LLC purchased a new position in shares of Topgolf Callaway Brands in the 2nd quarter worth approximately $348,000. Finally, Arizona State Retirement System bought a new position in shares of Topgolf Callaway Brands in the second quarter valued at approximately $708,000. 84.69% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CALY has been the subject of a number of research analyst reports. B. Riley Financial reaffirmed a "buy" rating and set a $23.00 price target (up from $19.00) on shares of Topgolf Callaway Brands in a research report on Wednesday, August 5th. The Goldman Sachs Group boosted their price objective on Topgolf Callaway Brands from $17.00 to $19.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 5th. Truist Financial upped their price objective on Topgolf Callaway Brands from $19.00 to $20.00 and gave the company a "buy" rating in a research note on Tuesday, September 1st. Zacks Research lowered Topgolf Callaway Brands from a "strong-buy" rating to a "hold" rating in a research report on Thursday, August 6th. Finally, KeyCorp lifted their target price on Topgolf Callaway Brands from $19.00 to $22.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 5th. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $20.17.

Insider Activity

In other Topgolf Callaway Brands news, CEO Oliver Brewer, III sold 1,400 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $18.00, for a total transaction of $25,200.00. Following the completion of the transaction, the chief executive officer owned 200,983 shares in the company, valued at $3,617,694. This trade represents a 0.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Glenn Hickey sold 28,843 shares of Topgolf Callaway Brands stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $18.74, for a total transaction of $540,517.82. Following the completion of the transaction, the executive vice president owned 72,239 shares of the company's stock, valued at $1,353,758.86. The trade was a 28.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 97,717 shares of company stock valued at $1,800,492. 2.91% of the stock is currently owned by insiders.

Topgolf Callaway Brands Stock Up 1.3%

NYSE:CALY opened at $15.49 on Friday. The stock has a fifty day moving average price of $17.24. Topgolf Callaway Brands Corp. has a 1 year low of $8.39 and a 1 year high of $20.28. The stock has a market capitalization of $2.77 billion, a P/E ratio of 36.03 and a beta of 0.93.

Topgolf Callaway Brands (NYSE:CALY - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.35 by $0.04. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%.The firm had revenue of $612.20 million for the quarter. The business's revenue was down 44.9% compared to the same quarter last year. Analysts forecast that Topgolf Callaway Brands Corp. will post 0.75 EPS for the current year.

Topgolf Callaway Brands Company Profile

Topgolf Callaway Brands Corp. is a golf-focused company that combines golf equipment, apparel and footwear businesses with technology-enabled golf entertainment. Its portfolio has included Callaway golf clubs, golf balls and accessories; Odyssey putters and equipment; TravisMathew apparel and footwear; and Jack Wolfskin outdoor apparel and equipment.

The company has also operated Topgolf, a network of technologically enhanced golf entertainment venues where customers can play interactive games, receive instruction, dine and attend social or corporate events.

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