Palogic Value Management L.P. Takes $1.01 Million Position in Topgolf Callaway Brands Corp. $MODG

Palogic Value Management L.P. acquired a new position in Topgolf Callaway Brands Corp. (NYSE:MODG) during the second quarter, Holdings Channel reports. The firm acquired 126,000 shares of the company’s stock, valued at approximately $1,014,000.

Several other large investors have also bought and sold shares of the company. Teacher Retirement System of Texas acquired a new position in Topgolf Callaway Brands during the first quarter worth about $133,000. Principal Financial Group Inc. lifted its holdings in Topgolf Callaway Brands by 2.7% in the 1st quarter. Principal Financial Group Inc. now owns 704,970 shares of the company’s stock valued at $4,646,000 after acquiring an additional 18,490 shares during the last quarter. Cerity Partners LLC boosted its position in shares of Topgolf Callaway Brands by 48.5% during the 1st quarter. Cerity Partners LLC now owns 16,177 shares of the company’s stock valued at $107,000 after purchasing an additional 5,286 shares in the last quarter. Schwarz Dygos Wheeler Investment Advisors LLC acquired a new position in shares of Topgolf Callaway Brands in the 1st quarter worth approximately $73,000. Finally, Private Advisor Group LLC acquired a new position in shares of Topgolf Callaway Brands in the 1st quarter worth approximately $685,000. Institutional investors own 84.69% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on MODG shares. B. Riley reissued a “neutral” rating and set a $9.50 target price (up from $7.00) on shares of Topgolf Callaway Brands in a research note on Monday, August 11th. Wall Street Zen raised Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Morgan Stanley started coverage on Topgolf Callaway Brands in a research report on Friday, July 18th. They set an “equal weight” rating and a $9.50 price objective for the company. Weiss Ratings restated a “sell (d)” rating on shares of Topgolf Callaway Brands in a report on Wednesday, October 8th. Finally, Cfra reaffirmed a “hold” rating and set a $9.00 target price on shares of Topgolf Callaway Brands in a research report on Friday, July 11th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $9.78.

Topgolf Callaway Brands Trading Up 2.7%

Topgolf Callaway Brands stock opened at $9.42 on Friday. Topgolf Callaway Brands Corp. has a 52 week low of $5.42 and a 52 week high of $10.74. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.25 and a current ratio of 1.85. 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 company has a 50 day moving average price of $9.44 and a 200 day moving average price of $8.46.

Topgolf Callaway Brands (NYSE:MODG) last released its earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.03 by $0.21. The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 0.37% and a negative net margin of 36.08%.The company’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.42 earnings per share. Research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Insider Transactions at Topgolf Callaway Brands

In other news, Director Erik J. Anderson sold 25,704 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $9.25, for a total value of $237,762.00. Following the completion of the sale, the director directly owned 20,607 shares of the company’s stock, valued at $190,614.75. This represents a 55.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Artie Starrs sold 106,734 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $914,310.72. This represents a 50.21% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 2.40% of the company’s stock.

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.