Invesco Ltd. Grows Stock Position in Topgolf Callaway Brands Corp. $MODG

Key Points

• Invesco Ltd. has increased its stake in Topgolf Callaway Brands Corp. by 7.6% during the first quarter, bringing its total ownership to approximately $11.29 million.
• The company's stock has a 52-week range from $5.42 to $11.61, and it currently has a market cap of $1.79 billion with a negative price-to-earnings ratio of -1.20.
• Topgolf Callaway Brands reported earnings per share (EPS) of $0.24 in its latest quarterly report, significantly exceeding the consensus estimate of $0.03.

Invesco Ltd. boosted its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 7.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,713,085 shares of the company's stock after acquiring an additional 121,343 shares during the period. Invesco Ltd. owned about 0.93% of Topgolf Callaway Brands worth $11,289,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Raymond James Financial Inc. acquired a new stake in shares of Topgolf Callaway Brands in the fourth quarter worth $380,000. Barclays PLC increased its holdings in shares of Topgolf Callaway Brands by 3.5% during the 4th quarter. Barclays PLC now owns 304,344 shares of the company's stock valued at $2,393,000 after purchasing an additional 10,264 shares in the last quarter. Guggenheim Capital LLC increased its holdings in shares of Topgolf Callaway Brands by 64.3% during the 4th quarter. Guggenheim Capital LLC now owns 29,193 shares of the company's stock valued at $229,000 after purchasing an additional 11,420 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Topgolf Callaway Brands during the 4th quarter valued at approximately $135,000. Finally, CANADA LIFE ASSURANCE Co increased its holdings in shares of Topgolf Callaway Brands by 4.4% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 171,430 shares of the company's stock valued at $1,344,000 after purchasing an additional 7,220 shares in the last quarter. 84.69% of the stock is owned by hedge funds and other institutional investors.

Topgolf Callaway Brands Trading Down 2.2%

NYSE:MODG traded down $0.22 on Friday, reaching $9.54. 1,991,278 shares of the company's stock were exchanged, compared to its average volume of 3,091,812. The company has a quick ratio of 1.25, a current ratio of 1.85 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $1.75 billion, a price-to-earnings ratio of -1.17 and a beta of 1.26. The business has a fifty day moving average of $9.13 and a 200-day moving average of $7.54. Topgolf Callaway Brands Corp. has a 52-week low of $5.42 and a 52-week high of $11.41.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.03 by $0.21. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates 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 business's revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 earnings per share. As a group, analysts expect that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Insiders Place Their Bets

In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 25,704 shares of the business's stock in a transaction dated Friday, August 8th. The shares were 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 in the company, valued at $190,614.75. This represents a 55.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Adebayo O. Ogunlesi purchased 38,782 shares of the stock in a transaction that occurred on 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 completion of the acquisition, the director directly owned 845,284 shares of the company's stock, valued at $6,415,705.56. This represents a 4.81% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 845,284 shares of company stock worth $5,533,600 over the last three months. Company insiders own 2.40% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on MODG shares. Cfra reissued a "hold" rating and issued a $9.00 price target on shares of Topgolf Callaway Brands in a research note on Friday, July 11th. B. Riley reissued a "neutral" rating and issued 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. dropped their price target on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 27th. Morgan Stanley started coverage on shares of Topgolf Callaway Brands in a research note on Friday, July 18th. They issued an "equal weight" rating and a $9.50 price target on the stock. Finally, Wall Street Zen raised shares of Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Three analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, Topgolf Callaway Brands currently has a consensus 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.