Palogic Value Management L.P. Acquires Shares of 126,000 Topgolf Callaway Brands Corp. $MODG

Palogic Value Management L.P. bought a new position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm bought 126,000 shares of the company’s stock, valued at approximately $1,014,000. Palogic Value Management L.P. owned about 0.07% of Topgolf Callaway Brands as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in MODG. Public Employees Retirement System of Ohio raised 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 valued at $51,000 after acquiring an additional 1,240 shares in the last quarter. Jump Financial LLC boosted its holdings in Topgolf Callaway Brands by 3.1% in the first quarter. Jump Financial LLC now owns 75,685 shares of the company’s stock worth $499,000 after purchasing an additional 2,265 shares during the period. Covestor Ltd increased its stake in Topgolf Callaway Brands by 26.9% during the first quarter. Covestor Ltd now owns 11,785 shares of the company’s stock valued at $78,000 after purchasing an additional 2,499 shares during the last quarter. CWM LLC raised its holdings in shares of Topgolf Callaway Brands by 124.0% during the second quarter. CWM LLC now owns 4,679 shares of the company’s stock worth $38,000 after purchasing an additional 2,590 shares during the period. Finally, TrueWealth Advisors LLC lifted its position in shares of Topgolf Callaway Brands by 13.0% in the 2nd quarter. TrueWealth Advisors LLC now owns 23,050 shares of the company’s stock worth $186,000 after buying an additional 2,650 shares during the last quarter. Institutional investors and hedge funds own 84.69% of the company’s stock.

Topgolf Callaway Brands Stock Performance

Shares of MODG stock opened at $9.42 on Friday. Topgolf Callaway Brands Corp. has a 12-month low of $5.42 and a 12-month high of $10.74. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.85 and a quick ratio of 1.25. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of -1.16 and a beta of 1.24. The business has a 50 day simple moving average of $9.44 and a 200 day simple moving average of $8.46.

Topgolf Callaway Brands (NYSE:MODG) last announced 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. Topgolf Callaway Brands had a positive return on equity of 0.37% and a negative net margin of 36.08%.The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter in the previous year, the business earned $0.42 EPS. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. On average, equities research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MODG shares. B. Riley reaffirmed a “neutral” rating and set a $9.50 price objective (up previously from $7.00) on shares of Topgolf Callaway Brands in a research report on Monday, August 11th. Cfra restated a “hold” rating and issued a $9.00 target price on shares of Topgolf Callaway Brands in a research note on Friday, July 11th. UBS Group started coverage on Topgolf Callaway Brands in a report on Friday, October 17th. They set a “neutral” rating and a $10.00 target price for the company. Wall Street Zen upgraded Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, Zacks Research raised Topgolf Callaway Brands from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Topgolf Callaway Brands currently has a consensus rating of “Hold” and an average price target of $9.78.

Insider Transactions at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 25,704 shares of the firm’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $9.25, for a total transaction of $237,762.00. Following the transaction, the director owned 20,607 shares of the company’s stock, valued at approximately $190,614.75. This trade represents a 55.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Artie Starrs sold 106,734 shares of the business’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $8.64, for a total transaction of $922,181.76. Following the sale, the chief executive officer owned 105,823 shares in the company, valued at $914,310.72. This trade represents a 50.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.40% of the stock is owned by insiders.

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.