TimesSquare Capital Management LLC Trims Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

TimesSquare Capital Management LLC trimmed its stake in Topgolf Callaway Brands Corp. (NYSE:MODG) by 22.5% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,305,745 shares of the company’s stock after selling 378,490 shares during the period. TimesSquare Capital Management LLC owned about 0.71% of Topgolf Callaway Brands worth $18,724,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in MODG. Shapiro Capital Management LLC increased its position in Topgolf Callaway Brands by 651.6% during the 3rd quarter. Shapiro Capital Management LLC now owns 9,659,158 shares of the company’s stock valued at $133,683,000 after purchasing an additional 8,373,946 shares during the period. Assenagon Asset Management S.A. purchased a new position in Topgolf Callaway Brands during the fourth quarter valued at approximately $9,412,000. First Dallas Securities Inc. raised its stake in Topgolf Callaway Brands by 1,004.7% in the third quarter. First Dallas Securities Inc. now owns 611,466 shares of the company’s stock worth $8,463,000 after buying an additional 556,116 shares in the last quarter. Motley Fool Wealth Management LLC purchased a new stake in Topgolf Callaway Brands during the fourth quarter worth $6,659,000. Finally, Dark Forest Capital Management LP bought a new stake in Topgolf Callaway Brands during the 3rd quarter valued at $3,963,000. 84.69% of the stock is currently owned by institutional investors.

Insider Transactions at Topgolf Callaway Brands

In related news, Director Erik J. Anderson sold 5,000 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.55, for a total value of $72,750.00. Following the transaction, the director now owns 777,959 shares in the company, valued at approximately $11,319,303.45. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Erik J. Anderson sold 2,028 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $14.79, for a total transaction of $29,994.12. Following the completion of the transaction, the director now directly owns 2,242 shares in the company, valued at $33,159.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Erik J. Anderson sold 5,000 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $14.55, for a total value of $72,750.00. Following the sale, the director now directly owns 777,959 shares in the company, valued at $11,319,303.45. The disclosure for this sale can be found here. Company insiders own 2.49% of the company’s stock.

Topgolf Callaway Brands Stock Performance

MODG stock traded up $0.07 during trading on Friday, reaching $15.32. The company had a trading volume of 136,048 shares, compared to its average volume of 2,460,940. The company has a market cap of $2.81 billion, a price-to-earnings ratio of 33.15, a price-to-earnings-growth ratio of 1.67 and a beta of 1.84. Topgolf Callaway Brands Corp. has a twelve month low of $9.84 and a twelve month high of $20.75. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.88 and a current ratio of 1.72. The firm has a 50-day simple moving average of $15.49 and a 200-day simple moving average of $14.08.

Topgolf Callaway Brands (NYSE:MODG) last posted its quarterly earnings data on Wednesday, May 8th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.01 by $0.08. The business had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.16 billion. Topgolf Callaway Brands had a net margin of 2.22% and a return on equity of 2.39%. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.17 earnings per share. As a group, sell-side analysts expect that Topgolf Callaway Brands Corp. will post 0.29 earnings per share for the current year.

Wall Street Analyst Weigh In

MODG has been the subject of a number of analyst reports. KeyCorp decreased their price objective on Topgolf Callaway Brands from $20.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th. Tigress Financial reissued a “buy” rating and set a $38.00 price target on shares of Topgolf Callaway Brands in a research report on Friday, April 12th. Truist Financial lifted their price objective on shares of Topgolf Callaway Brands from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 29th. Finally, B. Riley increased their target price on shares of Topgolf Callaway Brands from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $19.91.

Topgolf Callaway Brands 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.