Shapiro Capital Management LLC Buys 366,192 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG)

Shapiro Capital Management LLC grew its stake in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 3.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,520,632 shares of the company's stock after purchasing an additional 366,192 shares during the quarter. Topgolf Callaway Brands makes up about 2.8% of Shapiro Capital Management LLC's holdings, making the stock its 19th largest position. Shapiro Capital Management LLC owned approximately 5.72% of Topgolf Callaway Brands worth $82,692,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Prentice Capital Management LP bought a new stake in Topgolf Callaway Brands during the fourth quarter worth $2,510,000. ProShare Advisors LLC lifted its holdings in Topgolf Callaway Brands by 44.5% during the fourth quarter. ProShare Advisors LLC now owns 42,740 shares of the company's stock worth $336,000 after acquiring an additional 13,155 shares during the period. OMERS ADMINISTRATION Corp bought a new stake in Topgolf Callaway Brands during the fourth quarter worth $523,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Topgolf Callaway Brands by 4.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 80,716 shares of the company's stock valued at $634,000 after buying an additional 3,084 shares during the period. Finally, Gotham Asset Management LLC bought a new stake in shares of Topgolf Callaway Brands in the fourth quarter valued at $337,000. 84.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on MODG. JPMorgan Chase & Co. lowered their target price on Topgolf Callaway Brands from $11.00 to $9.00 and set a "neutral" rating on the stock in a research note on Thursday, January 23rd. Roth Mkm restated a "buy" rating and issued a $11.00 target price (down from $16.00) on shares of Topgolf Callaway Brands in a research note on Tuesday, February 25th. Finally, Truist Financial reduced their target price on Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Topgolf Callaway Brands has a consensus rating of "Hold" and an average price target of $11.00.

Insider Buying and Selling

In other Topgolf Callaway Brands news, CEO Oliver G. Brewer III bought 20,000 shares of the business's stock in a transaction dated Wednesday, May 14th. The shares were purchased at an average price of $6.40 per share, with a total value of $128,000.00. Following the completion of the purchase, the chief executive officer now owns 1,009,297 shares in the company, valued at $6,459,500.80. This represents a 2.02% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Russell L. Fleischer bought 30,000 shares of the business's stock in a transaction dated Wednesday, May 14th. The shares were acquired at an average cost of $6.41 per share, for a total transaction of $192,300.00. Following the purchase, the director now owns 116,187 shares of the company's stock, valued at approximately $744,758.67. The trade was a 34.81% increase in their position. The disclosure for this purchase can be found here. 2.40% of the stock is currently owned by company insiders.

Topgolf Callaway Brands Price Performance

NYSE:MODG opened at $6.62 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. The business's 50-day simple moving average is $6.50 and its two-hundred day simple moving average is $7.53. The stock has a market cap of $1.22 billion, a PE ratio of -82.74 and a beta of 1.25. Topgolf Callaway Brands Corp. has a 52 week low of $5.42 and a 52 week high of $16.89.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its earnings results on Monday, May 12th. The company reported $0.11 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.15. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The firm had revenue of $1.09 billion for the quarter, compared to analysts' expectations of $1.08 billion. During the same period in the previous year, the firm posted $0.08 earnings per share. The business's revenue was down 4.5% compared to the same quarter last year. As a group, analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal 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.

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