Gotham Asset Management LLC Takes Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Gotham Asset Management LLC bought a new position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 42,819 shares of the company’s stock, valued at approximately $337,000.

Several other institutional investors and hedge funds also recently bought and sold shares of MODG. Thompson Investment Management Inc. grew its stake in shares of Topgolf Callaway Brands by 11.1% in the fourth quarter. Thompson Investment Management Inc. now owns 362,299 shares of the company’s stock worth $2,848,000 after acquiring an additional 36,201 shares in the last quarter. Wealthfront Advisers LLC lifted its position in shares of Topgolf Callaway Brands by 589.5% during the 4th quarter. Wealthfront Advisers LLC now owns 85,807 shares of the company’s stock worth $674,000 after purchasing an additional 73,362 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Topgolf Callaway Brands by 14.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,286,719 shares of the company’s stock worth $17,974,000 after purchasing an additional 291,052 shares during the last quarter. Invesco Ltd. lifted its position in shares of Topgolf Callaway Brands by 41.9% during the 4th quarter. Invesco Ltd. now owns 1,591,742 shares of the company’s stock worth $12,511,000 after purchasing an additional 469,728 shares during the last quarter. Finally, Requisite Capital Management LLC purchased a new stake in shares of Topgolf Callaway Brands during the 4th quarter worth $2,426,000. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Topgolf Callaway Brands Stock Up 3.3%

Shares of NYSE MODG opened at $6.79 on Wednesday. Topgolf Callaway Brands Corp. has a 1 year low of $5.42 and a 1 year high of $16.89. The firm’s 50 day moving average price is $6.54 and its 200 day moving average price is $7.45. The firm has a market cap of $1.25 billion, a P/E ratio of -84.86 and a beta of 1.25. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93.

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on MODG. JPMorgan Chase & Co. dropped their price objective on shares of 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. B. Riley began coverage on shares of Topgolf Callaway Brands in a research note on Friday, May 16th. They issued a “neutral” rating and a $7.00 price objective on the stock. Truist Financial dropped their price objective on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Finally, Roth Mkm restated a “buy” rating and issued a $11.00 price objective (down from $16.00) on shares of Topgolf Callaway Brands in a research note on Tuesday, February 25th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $10.50.

Insider Buying and Selling

In other Topgolf Callaway Brands news, Director Russell L. Fleischer purchased 30,000 shares of the firm’s stock in a transaction dated Wednesday, May 14th. The stock was acquired at an average cost of $6.41 per share, with a total value of $192,300.00. Following the acquisition, the director now owns 116,187 shares of the company’s stock, valued at approximately $744,758.67. This represents a 34.81% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Oliver G. Brewer III bought 20,000 shares of Topgolf Callaway Brands stock in a transaction on Wednesday, May 14th. The shares were purchased at an average cost of $6.40 per share, with a total value of $128,000.00. Following the completion of the purchase, the chief executive officer now directly owns 1,009,297 shares in the company, valued at $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. Insiders have bought 60,000 shares of company stock valued at $388,900 in the last quarter. Company insiders own 2.40% of the company’s stock.

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.