Topgolf Callaway Brands Corp. $MODG Shares Bought by Boyar Asset Management Inc.

Boyar Asset Management Inc. increased its stake in Topgolf Callaway Brands Corp. (NYSE:MODG) by 5.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 115,483 shares of the company’s stock after purchasing an additional 5,499 shares during the quarter. Boyar Asset Management Inc. owned 0.06% of Topgolf Callaway Brands worth $930,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in MODG. Long Focus Capital Management LLC increased its holdings in shares of Topgolf Callaway Brands by 44.8% in the 1st quarter. Long Focus Capital Management LLC now owns 2,950,844 shares of the company’s stock valued at $19,446,000 after purchasing an additional 912,844 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Topgolf Callaway Brands by 21.7% in the 1st quarter. Alliancebernstein L.P. now owns 2,618,608 shares of the company’s stock valued at $17,257,000 after purchasing an additional 466,043 shares in the last quarter. PDT Partners LLC increased its holdings in shares of Topgolf Callaway Brands by 3,281.5% in the 1st quarter. PDT Partners LLC now owns 369,390 shares of the company’s stock valued at $2,434,000 after purchasing an additional 358,466 shares in the last quarter. Trexquant Investment LP increased its holdings in shares of Topgolf Callaway Brands by 120.1% in the 1st quarter. Trexquant Investment LP now owns 470,060 shares of the company’s stock valued at $3,098,000 after purchasing an additional 256,503 shares in the last quarter. Finally, Graham Capital Management L.P. increased its holdings in shares of Topgolf Callaway Brands by 669.5% in the 1st quarter. Graham Capital Management L.P. now owns 293,695 shares of the company’s stock valued at $1,935,000 after purchasing an additional 255,528 shares in the last quarter. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MODG. Weiss Ratings reiterated a “sell (d)” rating on shares of Topgolf Callaway Brands in a report on Saturday, September 27th. Wall Street Zen upgraded shares of Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. B. Riley restated a “neutral” rating and set a $9.50 target price (up from $7.00) on shares of Topgolf Callaway Brands in a report on Monday, August 11th. Morgan Stanley assumed coverage on shares of Topgolf Callaway Brands in a report on Friday, July 18th. They set an “equal weight” rating and a $9.50 target price for the company. Finally, Cfra restated a “hold” rating and set a $9.00 target price on shares of Topgolf Callaway Brands in a report on Friday, July 11th. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Topgolf Callaway Brands presently has a consensus rating of “Hold” and a consensus target price of $9.75.

Insider Transactions at Topgolf Callaway Brands

In other news, CEO Artie Starrs sold 106,734 shares of Topgolf Callaway Brands stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $8.64, for a total transaction of $922,181.76. Following the completion of the sale, the chief executive officer directly owned 105,823 shares in the company, valued at $914,310.72. The trade was a 50.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Erik J. Anderson sold 25,704 shares of Topgolf Callaway Brands stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $9.25, for a total transaction of $237,762.00. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 2.40% of the company’s stock.

Topgolf Callaway Brands Stock Performance

NYSE:MODG opened at $9.94 on Friday. The company has a market capitalization of $1.83 billion, a P/E ratio of -1.22 and a beta of 1.24. Topgolf Callaway Brands Corp. has a twelve month low of $5.42 and a twelve month high of $11.09. The company has a current ratio of 1.85, a quick ratio of 1.25 and a debt-to-equity ratio of 0.48. The firm has a 50-day moving average price of $9.38 and a two-hundred day moving average price of $8.02.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.21. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.08 billion. Topgolf Callaway Brands had a negative net margin of 36.08% and a positive return on equity of 0.37%. The company’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.42 earnings per share. As a group, research analysts expect that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

About Topgolf Callaway Brands

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.