Engineers Gate Manager LP purchased a new stake in Topgolf Callaway Brands Corp. (NYSE:CALY – Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 279,035 shares of the company’s stock, valued at approximately $5,243,000.
Several other hedge funds also recently added to or reduced their stakes in the stock. Wellington Management Group LLP acquired a new position in shares of Topgolf Callaway Brands during the second quarter worth about $268,370,000. Hsbc Holdings PLC acquired a new stake in shares of Topgolf Callaway Brands in the second quarter valued at about $256,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Topgolf Callaway Brands during the 2nd quarter valued at about $6,239,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Topgolf Callaway Brands during the 2nd quarter valued at about $341,000. Finally, Nykredit A S acquired a new position in Topgolf Callaway Brands during the 2nd quarter worth approximately $43,000. 84.69% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of equities analysts have weighed in on CALY shares. Zacks Research cut Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. UBS Group lifted their price objective on shares of Topgolf Callaway Brands from $15.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, June 26th. JPMorgan Chase & Co. boosted their target price on shares of Topgolf Callaway Brands to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, June 11th. Truist Financial upped their target price on shares of Topgolf Callaway Brands from $19.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, September 1st. Finally, Wall Street Zen raised shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating in a report on Saturday, May 16th. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $20.17.
Insider Activity at Topgolf Callaway Brands
In related news, CEO Oliver G. Brewer III sold 67,474 shares of Topgolf Callaway Brands stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $18.30, for a total value of $1,234,774.20. Following the completion of the sale, the chief executive officer owned 201,276 shares in the company, valued at approximately $3,683,350.80. The trade was a 25.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Glenn F. Hickey sold 28,843 shares of the company’s stock in a transaction on Thursday, August 6th. The shares were sold at an average price of $18.74, for a total transaction of $540,517.82. Following the completion of the sale, the executive vice president directly owned 72,239 shares in the company, valued at $1,353,758.86. This represents a 28.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 97,717 shares of company stock valued at $1,800,492. Company insiders own 2.91% of the company’s stock.
Topgolf Callaway Brands Stock Performance
NYSE:CALY opened at $15.49 on Friday. The firm has a market capitalization of $2.77 billion, a PE ratio of 36.03 and a beta of 0.93. Topgolf Callaway Brands Corp. has a one year low of $8.39 and a one year high of $20.28. The stock has a 50-day simple moving average of $17.24.
Topgolf Callaway Brands (NYSE:CALY – Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.35 by $0.04. Topgolf Callaway Brands had a return on equity of 5.86% and a net margin of 3.37%.The firm had revenue of $612.20 million during the quarter. The business’s revenue was down 44.9% on a year-over-year basis. As a group, equities research analysts expect that Topgolf Callaway Brands Corp. will post 0.75 EPS for the current fiscal year.
About Topgolf Callaway Brands
Topgolf Callaway Brands Corp. is a golf-focused company that combines golf equipment, apparel and footwear businesses with technology-enabled golf entertainment. Its portfolio has included Callaway golf clubs, golf balls and accessories; Odyssey putters and equipment; TravisMathew apparel and footwear; and Jack Wolfskin outdoor apparel and equipment.
The company has also operated Topgolf, a network of technologically enhanced golf entertainment venues where customers can play interactive games, receive instruction, dine and attend social or corporate events.
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