Topgolf Callaway Brands Corp. $MODG Shares Acquired by State of Alaska Department of Revenue

State of Alaska Department of Revenue grew its position in Topgolf Callaway Brands Corp. (NYSE:MODG) by 7.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 83,997 shares of the company’s stock after purchasing an additional 5,568 shares during the quarter. State of Alaska Department of Revenue’s holdings in Topgolf Callaway Brands were worth $676,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Long Focus Capital Management LLC grew its position in shares of Topgolf Callaway Brands by 44.8% in the 1st quarter. Long Focus Capital Management LLC now owns 2,950,844 shares of the company’s stock valued at $19,446,000 after buying an additional 912,844 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Topgolf Callaway Brands by 21.7% in the 1st quarter. Alliancebernstein L.P. now owns 2,618,608 shares of the company’s stock valued at $17,257,000 after buying an additional 466,043 shares during the last quarter. PDT Partners LLC grew its position in shares of Topgolf Callaway Brands by 3,281.5% in the 1st quarter. PDT Partners LLC now owns 369,390 shares of the company’s stock valued at $2,434,000 after buying an additional 358,466 shares during the last quarter. Trexquant Investment LP grew its position in shares of Topgolf Callaway Brands by 120.1% in the 1st quarter. Trexquant Investment LP now owns 470,060 shares of the company’s stock valued at $3,098,000 after buying an additional 256,503 shares during the last quarter. Finally, Graham Capital Management L.P. grew its position in shares of Topgolf Callaway Brands by 669.5% in the 1st quarter. Graham Capital Management L.P. now owns 293,695 shares of the company’s stock valued at $1,935,000 after buying an additional 255,528 shares during the last quarter. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Topgolf Callaway Brands Stock Down 3.1%

Shares of NYSE:MODG opened at $9.14 on Wednesday. The company has a market cap of $1.68 billion, a price-to-earnings ratio of -1.12 and a beta of 1.24. The firm’s 50-day simple moving average is $9.36 and its 200-day simple moving average is $8.06. The company has a quick ratio of 1.25, a current ratio of 1.85 and a debt-to-equity ratio of 0.48. Topgolf Callaway Brands Corp. has a fifty-two week low of $5.42 and a fifty-two week high of $11.09.

Topgolf Callaway Brands (NYSE:MODG) last issued its earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.21. The business had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.08 billion. Topgolf Callaway Brands had a negative net margin of 36.08% and a positive return on equity of 0.37%. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.42 earnings per share. As a group, equities research analysts predict that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Insider Activity

In other news, Director Erik J. Anderson sold 25,704 shares of Topgolf Callaway Brands stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $9.25, for a total value of $237,762.00. Following the sale, the director owned 20,607 shares of the company’s stock, valued at $190,614.75. The trade was a 55.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Artie Starrs sold 106,734 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $8.64, for a total transaction of $922,181.76. Following the completion of the sale, the chief executive officer owned 105,823 shares of the company’s stock, valued at $914,310.72. This trade represents a 50.21% decrease in their position. The disclosure for this sale can be found here. 2.49% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on MODG shares. Morgan Stanley started coverage on shares of Topgolf Callaway Brands in a research report on Friday, July 18th. They issued an “equal weight” rating and a $9.50 target price on the stock. Wall Street Zen raised shares of Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Weiss Ratings reissued a “sell (d)” rating on shares of Topgolf Callaway Brands in a research report on Saturday, September 27th. B. Riley reissued a “neutral” rating and set a $9.50 price objective (up from $7.00) on shares of Topgolf Callaway Brands in a research report on Monday, August 11th. Finally, Cfra reissued a “hold” rating and set a $9.00 price objective on shares of Topgolf Callaway Brands in a research report on Friday, July 11th. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $9.75.

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.