Triumph Capital Management Grows Stock Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

Triumph Capital Management grew its stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 389.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 131,437 shares of the company's stock after acquiring an additional 104,605 shares during the period. Triumph Capital Management owned 0.07% of Topgolf Callaway Brands worth $866,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of MODG. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Topgolf Callaway Brands during the 1st quarter worth about $265,000. TAGStone Capital Inc. bought a new position in Topgolf Callaway Brands in the first quarter worth $90,000. Private Advisor Group LLC bought a new position in Topgolf Callaway Brands in the first quarter worth $685,000. Schwarz Dygos Wheeler Investment Advisors LLC bought a new stake in Topgolf Callaway Brands in the first quarter valued at $73,000. Finally, Cerity Partners LLC grew its position in Topgolf Callaway Brands by 48.5% in the first quarter. Cerity Partners LLC now owns 16,177 shares of the company's stock valued at $107,000 after acquiring an additional 5,286 shares during the period. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

Topgolf Callaway Brands Price Performance

Shares of NYSE MODG traded up $0.19 during mid-day trading on Friday, hitting $9.89. 3,244,673 shares of the stock traded hands, compared to its average volume of 2,951,558. The company has a debt-to-equity ratio of 0.60, a current ratio of 2.12 and a quick ratio of 1.41. Topgolf Callaway Brands Corp. has a twelve month low of $5.42 and a twelve month high of $16.89. The company has a market cap of $1.82 billion, a PE ratio of -1.25 and a beta of 1.27. The firm has a 50 day simple moving average of $7.91 and a two-hundred day simple moving average of $7.31.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported $0.11 EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.15. Topgolf Callaway Brands had a positive return on equity of 1.51% and a negative net margin of 34.68%. The business had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the company posted $0.08 EPS. The firm's revenue was down 4.5% compared to the same quarter last year. As a group, equities research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

Insider Activity

In other Topgolf Callaway Brands news, CEO Oliver G. Brewer III purchased 20,000 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The shares were bought at an average cost of $6.40 per share, for a total transaction of $128,000.00. Following the purchase, the chief executive officer owned 1,009,297 shares of the company's stock, valued at $6,459,500.80. This represents a 2.02% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Adebayo O. Ogunlesi bought 384,731 shares of Topgolf Callaway Brands stock in a transaction on Friday, June 6th. The shares were bought at an average cost of $6.48 per share, with a total value of $2,493,056.88. Following the acquisition, the director directly owned 768,432 shares in the company, valued at approximately $4,979,439.36. This represents a 100.27% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 905,284 shares of company stock worth $5,922,500 in the last quarter. 2.40% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Wall Street Zen downgraded Topgolf Callaway Brands from a "hold" rating to a "sell" rating in a research report on Sunday, July 6th. Truist Financial reduced their price target on Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Cfra reiterated a "hold" rating and issued a $9.00 price objective on shares of Topgolf Callaway Brands in a report on Friday, July 11th. JPMorgan Chase & Co. dropped their price objective 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. Finally, Morgan Stanley started coverage on Topgolf Callaway Brands in a research note on Friday, July 18th. They set an "equal weight" rating and a $9.50 price objective on the stock. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Topgolf Callaway Brands has an average rating of "Hold" and an average price target of $10.14.

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.