PDT Partners LLC Boosts Stake 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 raised its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 3,281.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 369,390 shares of the company's stock after purchasing an additional 358,466 shares during the quarter. PDT Partners LLC owned 0.20% of Topgolf Callaway Brands worth $2,434,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Long Focus Capital Management LLC boosted its stake in shares of Topgolf Callaway Brands by 44.8% during the 1st quarter. Long Focus Capital Management LLC now owns 2,950,844 shares of the company's stock worth $19,446,000 after acquiring an additional 912,844 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Topgolf Callaway Brands by 57.8% during the 4th quarter. Ameriprise Financial Inc. now owns 2,086,700 shares of the company's stock worth $16,401,000 after acquiring an additional 764,322 shares in the last quarter. Shapiro Capital Management LLC boosted its stake in shares of Topgolf Callaway Brands by 3.6% during the 4th quarter. Shapiro Capital Management LLC now owns 10,520,632 shares of the company's stock worth $82,692,000 after acquiring an additional 366,192 shares in the last quarter. Prentice Capital Management LP purchased a new stake in shares of Topgolf Callaway Brands during the 4th quarter worth approximately $2,510,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Topgolf Callaway Brands during the 4th quarter worth approximately $2,364,000. Hedge funds and other institutional investors own 84.69% of the company's stock.

Topgolf Callaway Brands Trading Up 1.2%

MODG traded up $0.11 during trading on Friday, hitting $9.23. The company's stock had a trading volume of 1,711,259 shares, compared to its average volume of 2,397,053. The firm's 50 day moving average price is $9.25 and its 200-day moving average price is $7.60. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.85 and a quick ratio of 1.25. The stock has a market cap of $1.70 billion, a PE ratio of -1.13 and a beta of 1.25. Topgolf Callaway Brands Corp. has a twelve month low of $5.42 and a twelve month high of $11.28.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share 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 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 revenue was down 4.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.42 EPS. On average, analysts expect that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Insider Buying and Selling at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, Director Adebayo O. Ogunlesi purchased 38,782 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The stock was purchased at an average cost of $7.59 per share, with a total value of $294,355.38. Following the transaction, the director owned 845,284 shares in the company, valued at approximately $6,415,705.56. This trade represents a 4.81% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Erik J. Anderson sold 25,704 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $9.25, for a total transaction of $237,762.00. Following the sale, the director directly owned 20,607 shares of the company's stock, valued at approximately $190,614.75. This trade represents a 55.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.40% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MODG. B. Riley reissued a "neutral" rating and set a $9.50 price target (up previously from $7.00) on shares of Topgolf Callaway Brands in a research note on Monday, August 11th. JPMorgan Chase & Co. cut 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. Wall Street Zen upgraded 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 set an "equal weight" rating and a $9.50 price objective for the company. Finally, Cfra restated a "hold" rating and set a $9.00 price objective on shares of Topgolf Callaway Brands in a research report on Friday, July 11th. Three analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, Topgolf Callaway Brands presently has an average rating of "Hold" and a consensus price target of $10.00.

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.