Topgolf Callaway Brands Corp. $MODG Shares Bought by OMERS ADMINISTRATION Corp

Key Points

• OMERS ADMINISTRATION Corp increased its holding in Topgolf Callaway Brands Corp. by 156.7%, owning approximately 0.09% of the company, valued at $1,125,000 as of the end of the latest quarter.
• Analysts have mixed ratings on Topgolf Callaway Brands, with three giving a Buy rating and seven issuing a Hold rating, resulting in an average target price of $10.00.
• Topgolf reported a quarterly earnings surpassing estimates with an EPS of $0.24, despite a 4.1% decline in revenue compared to the previous year.

OMERS ADMINISTRATION Corp boosted its stake in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 156.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 170,734 shares of the company's stock after acquiring an additional 104,234 shares during the period. OMERS ADMINISTRATION Corp owned 0.09% of Topgolf Callaway Brands worth $1,125,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MODG. Boyar Asset Management Inc. grew its stake in shares of Topgolf Callaway Brands by 1.7% in the 1st quarter. Boyar Asset Management Inc. now owns 109,984 shares of the company's stock valued at $725,000 after purchasing an additional 1,857 shares during the last quarter. Jump Financial LLC lifted its holdings in shares of Topgolf Callaway Brands by 3.1% during the first quarter. Jump Financial LLC now owns 75,685 shares of the company's stock worth $499,000 after purchasing an additional 2,265 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of Topgolf Callaway Brands by 2.9% during the fourth quarter. MetLife Investment Management LLC now owns 82,820 shares of the company's stock worth $651,000 after purchasing an additional 2,303 shares during the period. Covestor Ltd lifted its holdings in shares of Topgolf Callaway Brands by 26.9% during the first quarter. Covestor Ltd now owns 11,785 shares of the company's stock worth $78,000 after purchasing an additional 2,499 shares during the period. Finally, Tidal Investments LLC lifted its holdings in shares of Topgolf Callaway Brands by 11.6% during the fourth quarter. Tidal Investments LLC now owns 24,898 shares of the company's stock worth $196,000 after purchasing an additional 2,596 shares during the period. 84.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

MODG has been the subject of several recent research reports. Wall Street Zen raised Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. JPMorgan Chase & Co. decreased their price target on Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating for the company in a report on Tuesday, May 27th. Morgan Stanley initiated coverage on Topgolf Callaway Brands in a report on Friday, July 18th. They set an "equal weight" rating and a $9.50 price target for the company. Cfra reaffirmed a "hold" rating and set a $9.00 price target on shares of Topgolf Callaway Brands in a report on Friday, July 11th. Finally, B. Riley reaffirmed a "neutral" rating and set a $9.50 price target (up from $7.00) on shares of Topgolf Callaway Brands in a report on Monday, August 11th. Three investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Topgolf Callaway Brands presently has an average rating of "Hold" and an average target price of $10.00.

Insider Buying and Selling at Topgolf Callaway Brands

In related news, CEO Artie Starrs sold 106,734 shares of the stock in a transaction on 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 owned 105,823 shares of the company's stock, valued at $914,310.72. This trade represents a 50.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Erik J. Anderson sold 25,704 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $9.25, for a total value of $237,762.00. Following the sale, the director directly owned 20,607 shares in the company, valued at approximately $190,614.75. The trade was a 55.50% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 461,583 shares of company stock valued at $3,054,283. Insiders own 2.49% of the company's stock.

Topgolf Callaway Brands Price Performance

Topgolf Callaway Brands stock traded down $0.09 during midday trading on Thursday, reaching $9.12. The company's stock had a trading volume of 2,204,064 shares, compared to its average volume of 2,926,957. Topgolf Callaway Brands Corp. has a fifty-two week low of $5.42 and a fifty-two week high of $11.41. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.25 and a current ratio of 1.85. The stock's 50 day simple moving average is $9.20 and its 200 day simple moving average is $7.58. The firm has a market capitalization of $1.68 billion, a PE ratio of -1.12 and a beta of 1.25.

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

Topgolf Callaway Brands 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.