Squarepoint Ops LLC acquired a new position in shares of Topgolf Callaway Brands Corp. (NYSE:CALY – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 205,097 shares of the company’s stock, valued at approximately $3,854,000.
A number of other hedge funds have also added to or reduced their stakes in CALY. Nykredit A S bought a new stake in shares of Topgolf Callaway Brands during the second quarter valued at about $43,000. Hsbc Holdings PLC purchased a new stake in shares of Topgolf Callaway Brands in the second quarter worth about $256,000. Northwestern Mutual Wealth Management Co. bought a new position in shares of Topgolf Callaway Brands in the second quarter valued at approximately $341,000. HighTower Advisors LLC bought a new position in shares of Topgolf Callaway Brands in the second quarter valued at approximately $348,000. Finally, Arizona State Retirement System purchased a new position in Topgolf Callaway Brands during the second quarter valued at approximately $708,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on CALY shares. Zacks Research lowered shares of Topgolf Callaway Brands from a “strong-buy” rating to a “hold” rating in a report on Thursday, August 6th. Wall Street Zen upgraded shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating in a research report on Saturday, May 16th. UBS Group upped their price target on shares of Topgolf Callaway Brands from $15.00 to $19.00 and gave the stock a “neutral” rating in a report on Friday, June 26th. KeyCorp increased their price objective on Topgolf Callaway Brands from $19.00 to $22.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. lifted their price objective on Topgolf Callaway Brands to $18.00 and gave the company a “neutral” rating in a research note on Thursday, June 11th. Three equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Topgolf Callaway Brands presently has a consensus rating of “Hold” and an average price target of $20.17.
Topgolf Callaway Brands Price Performance
Shares of NYSE:CALY opened at $15.49 on Friday. Topgolf Callaway Brands Corp. has a 52-week low of $8.39 and a 52-week high of $20.28. The stock has a fifty day moving average of $17.24. The stock has a market capitalization of $2.77 billion, a price-to-earnings ratio of 36.03 and a beta of 0.93.
Topgolf Callaway Brands (NYSE:CALY – Get Free Report) last released its quarterly earnings results 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 business had revenue of $612.20 million for the quarter. The business’s revenue for the quarter was down 44.9% compared to the same quarter last year. Equities analysts predict that Topgolf Callaway Brands Corp. will post 0.75 earnings per share for the current fiscal year.
Insider Activity
In related news, CEO Oliver G. Brewer III sold 67,474 shares of the business’s stock in a transaction that occurred on Thursday, August 6th. The stock was 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 $3,683,350.80. The trade was a 25.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Glenn F. Hickey sold 28,843 shares of the company’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $18.74, for a total value of $540,517.82. Following the completion of the sale, the executive vice president directly owned 72,239 shares of the company’s stock, valued at approximately $1,353,758.86. This represents a 28.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 97,717 shares of company stock worth $1,800,492 over the last quarter. Corporate insiders own 2.91% of the company’s stock.
Topgolf Callaway Brands Company Profile
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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