Triumph Capital Management Trims Stock Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Triumph Capital Management cut its stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 21.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 26,832 shares of the company’s stock after selling 7,360 shares during the period. Triumph Capital Management’s holdings in Topgolf Callaway Brands were worth $211,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MODG. Asset Planning Inc purchased a new stake in Topgolf Callaway Brands during the 4th quarter valued at approximately $33,000. Sterling Capital Management LLC raised its stake in Topgolf Callaway Brands by 821.5% during the 4th quarter. Sterling Capital Management LLC now owns 4,543 shares of the company’s stock valued at $36,000 after acquiring an additional 4,050 shares during the last quarter. KBC Group NV increased its position in Topgolf Callaway Brands by 81.8% during the 4th quarter. KBC Group NV now owns 8,330 shares of the company’s stock worth $65,000 after purchasing an additional 3,749 shares during the period. Covestor Ltd increased its position in Topgolf Callaway Brands by 147.2% during the 4th quarter. Covestor Ltd now owns 9,286 shares of the company’s stock worth $73,000 after purchasing an additional 5,530 shares during the period. Finally, Stifel Financial Corp acquired a new position in Topgolf Callaway Brands during the 4th quarter worth approximately $83,000. 84.69% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Topgolf Callaway Brands

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

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Roth Mkm reiterated a “buy” rating and set a $11.00 target price (down previously from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. JPMorgan Chase & Co. dropped their target price on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating on the stock in a research report on Thursday, January 23rd. Truist Financial dropped their target price 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. Finally, B. Riley assumed coverage on Topgolf Callaway Brands in a research report on Friday. They set a “neutral” rating and a $7.00 target price on the stock. Two equities research 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.com, the stock has an average rating of “Hold” and an average price target of $10.50.

Topgolf Callaway Brands Stock Performance

MODG opened at $7.01 on Friday. The stock has a market cap of $1.29 billion, a P/E ratio of -87.65 and a beta of 1.25. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14. The stock’s 50 day simple moving average is $6.52 and its 200 day simple moving average is $7.49. Topgolf Callaway Brands Corp. has a 1-year low of $5.42 and a 1-year high of $16.89.

Topgolf Callaway Brands (NYSE:MODG) last released its quarterly earnings results on Monday, May 12th. The company reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.15. The business had revenue of $1.09 billion for the quarter, compared to analysts’ expectations of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The company’s revenue was down 4.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.08 EPS. As a group, equities analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 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. 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.