PDT Partners LLC Boosts Holdings in Topgolf Callaway Brands Corp. $MODG

Key Points

• PDT Partners LLC significantly increased its stake in Topgolf Callaway Brands Corp. by 3,281.5% during the 1st quarter, acquiring a total of 369,390 shares valued at approximately $2.43 million.
• CEO Artie Starrs sold 106,734 shares of the company at an average price of $8.64, reducing his ownership by 50.21% to 105,823 shares.
• Topgolf Callaway Brands reported earnings of $0.24 per share for the last quarter, exceeding analysts' expectations, alongside a revenue of $1.11 billion, despite a 4.1% decline year-over-year.

PDT Partners LLC boosted its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 3,281.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 369,390 shares of the company's stock after purchasing an additional 358,466 shares during the quarter. PDT Partners LLC owned about 0.20% of Topgolf Callaway Brands worth $2,434,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Topgolf Callaway Brands during the fourth quarter valued at approximately $289,000. Novem Group purchased a new stake in shares of Topgolf Callaway Brands during the first quarter valued at approximately $538,000. Dynamic Advisor Solutions LLC purchased a new stake in shares of Topgolf Callaway Brands during the first quarter valued at approximately $66,000. Fox Run Management L.L.C. purchased a new stake in shares of Topgolf Callaway Brands during the first quarter valued at approximately $265,000. Finally, Triumph Capital Management grew its holdings in shares of Topgolf Callaway Brands by 389.9% during the first quarter. Triumph Capital Management now owns 131,437 shares of the company's stock valued at $866,000 after buying an additional 104,605 shares during the last quarter. Hedge funds and other institutional investors own 84.69% of the company's stock.

Insider Transactions at Topgolf Callaway Brands

In other news, CEO Artie Starrs sold 106,734 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $8.64, for a total value of $922,181.76. Following the completion of the sale, the chief executive officer owned 105,823 shares of the company's stock, valued at approximately $914,310.72. This represents a 50.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Adebayo O. Ogunlesi purchased 38,782 shares of the stock in a transaction dated Tuesday, June 10th. The stock was acquired at an average cost of $7.59 per share, with a total value of $294,355.38. Following the transaction, the director directly owned 845,284 shares in the company, valued at approximately $6,415,705.56. This trade represents a 4.81% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.49% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. B. Riley reiterated a "neutral" rating and set a $9.50 price target (up previously from $7.00) on shares of Topgolf Callaway Brands in a report on Monday, August 11th. Wall Street Zen upgraded shares of Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Cfra reiterated a "hold" rating and set a $9.00 price target on shares of Topgolf Callaway Brands in a report on Friday, July 11th. Morgan Stanley started coverage on shares of Topgolf Callaway Brands in a report on Friday, July 18th. They issued an "equal weight" rating and a $9.50 target price on the stock. Finally, JPMorgan Chase & Co. dropped their target price on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Tuesday, May 27th. Three research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $10.00.

Topgolf Callaway Brands Trading Up 1.2%

NYSE:MODG traded up $0.11 during mid-day trading on Friday, hitting $9.23. 1,711,259 shares of the stock traded hands, compared to its average volume of 2,315,421. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of -1.13 and a beta of 1.25. Topgolf Callaway Brands Corp. has a 52 week low of $5.42 and a 52 week high of $11.28. The firm's 50 day moving average is $9.25 and its two-hundred day moving average is $7.61. 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 released its quarterly earnings data on Wednesday, August 6th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.21. The company had revenue of $1.11 billion during the quarter, compared to analysts' expectations of $1.08 billion. Topgolf Callaway Brands had a negative net margin of 36.08% and a positive return on equity of 0.37%. The firm's quarterly revenue was down 4.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.42 EPS. On average, equities research analysts predict that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current 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.