Squarepoint Ops LLC Cuts Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

Squarepoint Ops LLC lessened its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 9.9% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 844,722 shares of the company's stock after selling 93,185 shares during the period. Squarepoint Ops LLC owned 0.46% of Topgolf Callaway Brands worth $6,640,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Asset Planning Inc bought a new position in Topgolf Callaway Brands during the fourth quarter worth $33,000. Sterling Capital Management LLC raised its stake in Topgolf Callaway Brands by 821.5% during the fourth quarter. Sterling Capital Management LLC now owns 4,543 shares of the company's stock worth $36,000 after buying an additional 4,050 shares during the last quarter. KBC Group NV raised its stake in Topgolf Callaway Brands by 81.8% during the fourth quarter. KBC Group NV now owns 8,330 shares of the company's stock worth $65,000 after buying an additional 3,749 shares during the last quarter. Covestor Ltd raised its stake in Topgolf Callaway Brands by 147.2% during the fourth quarter. Covestor Ltd now owns 9,286 shares of the company's stock worth $73,000 after buying an additional 5,530 shares during the last quarter. Finally, FORA Capital LLC bought a new position in Topgolf Callaway Brands during the fourth quarter worth $81,000. Institutional investors own 84.69% of the company's stock.

Insider Activity

In other news, Director Russell L. Fleischer purchased 30,000 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The shares were acquired at an average cost of $6.41 per share, for a total transaction of $192,300.00. Following the completion of the acquisition, the director now owns 116,187 shares in the company, valued at $744,758.67. This trade represents a 34.81% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Oliver G. Brewer III purchased 20,000 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The shares were purchased at an average price of $6.40 per share, for a total transaction of $128,000.00. Following the completion of the acquisition, the chief executive officer now owns 1,009,297 shares of the company's stock, valued at $6,459,500.80. The trade was a 2.02% increase in their position. The disclosure for this purchase can be found here. Insiders acquired 60,000 shares of company stock worth $388,900 over the last three months. 2.40% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

MODG has been the subject of a number of analyst reports. B. Riley initiated coverage on shares of Topgolf Callaway Brands in a research note on Friday, May 16th. They set a "neutral" rating and a $7.00 target price for the company. Truist Financial decreased their price target on shares of 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. JPMorgan Chase & Co. decreased their price target on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating for the company in a research note on Tuesday. Wall Street Zen downgraded shares of Topgolf Callaway Brands from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Finally, Roth Mkm reaffirmed a "buy" rating and issued a $11.00 price target (down from $16.00) on shares of Topgolf Callaway Brands in a research note on Tuesday, February 25th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $10.30.

Topgolf Callaway Brands Stock Up 0.1%

Shares of NYSE MODG traded up $0.01 during mid-day trading on Friday, reaching $6.42. 477,613 shares of the company's stock traded hands, compared to its average volume of 2,749,342. The stock has a market cap of $1.18 billion, a P/E ratio of -80.18 and a beta of 1.25. The business has a 50-day simple moving average of $6.52 and a 200 day simple moving average of $7.30. Topgolf Callaway Brands Corp. has a 1-year low of $5.42 and a 1-year high of $16.89. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its quarterly earnings data on Monday, May 12th. The company reported $0.11 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.15. The firm had revenue of $1.09 billion during the quarter, compared to analysts' expectations of $1.08 billion. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. The business's revenue was down 4.5% on a year-over-year basis. During the same period last year, the company earned $0.08 earnings per share. On average, analysts expect that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

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.