Raymond James & Associates raised its position in Topgolf Callaway Brands Corp. (NYSE:MODG – Free Report) by 63.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 97,411 shares of the company’s stock after purchasing an additional 37,918 shares during the quarter. Raymond James & Associates owned 0.05% of Topgolf Callaway Brands worth $1,934,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP purchased a new stake in Topgolf Callaway Brands in the 1st quarter worth about $138,500,000. State Street Corp raised its position in Topgolf Callaway Brands by 3.6% in the 1st quarter. State Street Corp now owns 4,655,685 shares of the company’s stock worth $100,656,000 after purchasing an additional 161,200 shares during the period. Boston Partners purchased a new stake in Topgolf Callaway Brands in the 1st quarter worth about $93,883,000. Fisher Asset Management LLC purchased a new stake in Topgolf Callaway Brands in the 1st quarter worth about $67,824,000. Finally, Geode Capital Management LLC purchased a new stake in Topgolf Callaway Brands in the 1st quarter worth about $57,769,000. 82.13% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
MODG has been the topic of a number of recent analyst reports. B. Riley reissued a “buy” rating and issued a $31.00 price objective on shares of Topgolf Callaway Brands in a research report on Thursday, September 28th. Compass Point dropped their target price on shares of Topgolf Callaway Brands from $34.00 to $31.00 and set a “buy” rating on the stock in a research note on Monday, August 21st. Truist Financial dropped their target price on shares of Topgolf Callaway Brands from $30.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, August 9th. The Goldman Sachs Group dropped their target price on shares of Topgolf Callaway Brands from $29.00 to $20.00 and set a “neutral” rating on the stock in a research note on Friday, August 11th. Finally, Stephens dropped their target price on shares of Topgolf Callaway Brands from $33.00 to $26.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 9th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Topgolf Callaway Brands presently has a consensus rating of “Moderate Buy” and an average price target of $25.90.
Insider Buying and Selling at Topgolf Callaway Brands
In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $17.51, for a total value of $262,650.00. Following the completion of the sale, the director now directly owns 847,959 shares in the company, valued at $14,847,762.09. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO Oliver G. Brewer III purchased 10,000 shares of the firm’s stock in a transaction on Friday, August 25th. The stock was acquired at an average price of $16.21 per share, with a total value of $162,100.00. Following the completion of the acquisition, the chief executive officer now owns 847,556 shares in the company, valued at approximately $13,738,882.76. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Erik J. Anderson sold 15,000 shares of the firm’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $17.51, for a total transaction of $262,650.00. Following the completion of the transaction, the director now directly owns 847,959 shares of the company’s stock, valued at approximately $14,847,762.09. The disclosure for this sale can be found here. Insiders sold a total of 30,000 shares of company stock worth $510,600 over the last three months. Corporate insiders own 11.97% of the company’s stock.
Topgolf Callaway Brands Price Performance
NYSE MODG opened at $12.30 on Tuesday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.88 and a current ratio of 1.78. The firm’s 50 day moving average price is $14.77 and its 200-day moving average price is $17.76. Topgolf Callaway Brands Corp. has a 52-week low of $12.05 and a 52-week high of $25.96. The company has a market cap of $2.28 billion, a PE ratio of 23.21, a P/E/G ratio of 1.36 and a beta of 1.80.
Topgolf Callaway Brands (NYSE:MODG – Get Free Report) last released its quarterly earnings data on Tuesday, August 8th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.06. The firm had revenue of $1.18 billion for the quarter, compared to the consensus estimate of $1.19 billion. Topgolf Callaway Brands had a net margin of 2.58% and a return on equity of 2.74%. Sell-side analysts forecast that Topgolf Callaway Brands Corp. will post 0.64 EPS for the current fiscal year.
Topgolf Callaway Brands Company 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. It operates through three segments: Topgolf; Golf Equipment; and Active Lifestyle. 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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