Bayforest Capital Ltd Purchases Shares of 63,630 Topgolf Callaway Brands Corp. $MODG

Bayforest Capital Ltd acquired a new position in Topgolf Callaway Brands Corp. (NYSE:MODG) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 63,630 shares of the company’s stock, valued at approximately $604,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Signaturefd LLC grew its stake in Topgolf Callaway Brands by 1,669.0% during the second quarter. Signaturefd LLC now owns 3,078 shares of the company’s stock worth $25,000 after purchasing an additional 2,904 shares during the period. GAMMA Investing LLC acquired a new position in Topgolf Callaway Brands in the second quarter valued at approximately $36,000. CWM LLC boosted its holdings in shares of Topgolf Callaway Brands by 124.0% during the 2nd quarter. CWM LLC now owns 4,679 shares of the company’s stock worth $38,000 after buying an additional 2,590 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in shares of Topgolf Callaway Brands by 24.6% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 6,275 shares of the company’s stock worth $51,000 after buying an additional 1,240 shares during the period. Finally, FNY Investment Advisers LLC bought a new stake in shares of Topgolf Callaway Brands in the 2nd quarter valued at $53,000. 84.69% of the stock is owned by institutional investors and hedge funds.

Topgolf Callaway Brands Price Performance

Shares of NYSE MODG opened at $13.77 on Friday. The stock has a market cap of $2.53 billion, a price-to-earnings ratio of -1.68 and a beta of 0.92. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.30 and a current ratio of 1.87. Topgolf Callaway Brands Corp. has a fifty-two week low of $5.42 and a fifty-two week high of $13.86. The firm’s 50-day simple moving average is $11.45 and its 200 day simple moving average is $10.04.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.21) by $0.16. Topgolf Callaway Brands had a negative return on equity of 0.13% and a negative net margin of 37.06%.The firm had revenue of $465.30 million during the quarter, compared to the consensus estimate of $903.96 million. During the same period in the prior year, the business posted $0.02 earnings per share. The company’s quarterly revenue was down 7.8% compared to the same quarter last year. As a group, research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

Topgolf Callaway Brands announced that its Board of Directors has approved a stock buyback plan on Monday, January 5th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to buy up to 9.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

MODG has been the topic of several research analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Topgolf Callaway Brands in a research note on Monday, December 29th. UBS Group reissued a “neutral” rating and set a $11.00 price objective on shares of Topgolf Callaway Brands in a research report on Monday, November 24th. B. Riley restated a “neutral” rating and issued a $11.00 target price (up from $9.50) on shares of Topgolf Callaway Brands in a research note on Monday, November 10th. Zacks Research raised Topgolf Callaway Brands from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 3rd. Finally, Roth Capital reiterated a “buy” rating and issued a $14.00 price target on shares of Topgolf Callaway Brands in a report on Wednesday, November 19th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $11.67.

About Topgolf Callaway Brands

Topgolf Callaway Brands plc (NYSE: MODG) is a leading global sports and entertainment company formed through the merger of Callaway Golf Company and Topgolf Entertainment Group in July 2022. The company combines Callaway’s heritage in golf equipment design and manufacturing with Topgolf’s innovative, technology-driven entertainment venues. Topgolf Callaway Brands serves a diverse audience of golf enthusiasts, casual players and social visitors, offering experiences that span both competitive sport and leisure activities.

Under the Callaway Golf brand, the company develops and markets a broad portfolio of premium golf clubs, balls, accessories and apparel.