Topgolf Callaway Brands Corp. (NYSE:MODG) Shares Bought by Ameriprise Financial Inc.

Ameriprise Financial Inc. grew its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG) by 57.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,086,700 shares of the company’s stock after buying an additional 764,322 shares during the period. Ameriprise Financial Inc.’s holdings in Topgolf Callaway Brands were worth $16,401,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its stake in Topgolf Callaway Brands by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 15,860,996 shares of the company’s stock valued at $124,667,000 after acquiring an additional 224,578 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Topgolf Callaway Brands by 14.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,286,719 shares of the company’s stock worth $17,974,000 after purchasing an additional 291,052 shares during the last quarter. Alliancebernstein L.P. grew its position in shares of Topgolf Callaway Brands by 97.6% in the fourth quarter. Alliancebernstein L.P. now owns 2,152,565 shares of the company’s stock valued at $16,919,000 after purchasing an additional 1,063,033 shares in the last quarter. Long Focus Capital Management LLC grew its position in shares of Topgolf Callaway Brands by 10.6% in the fourth quarter. Long Focus Capital Management LLC now owns 2,038,000 shares of the company’s stock valued at $16,019,000 after purchasing an additional 195,000 shares in the last quarter. Finally, Bwcp LP increased its holdings in shares of Topgolf Callaway Brands by 2.4% in the fourth quarter. Bwcp LP now owns 1,981,553 shares of the company’s stock valued at $15,575,000 after purchasing an additional 45,818 shares during the last quarter. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Russell L. Fleischer purchased 30,000 shares of the business’s stock in a transaction on Wednesday, May 14th. The shares were bought at an average price of $6.41 per share, for a total transaction of $192,300.00. Following the acquisition, the director now directly owns 116,187 shares in the company, valued at $744,758.67. This trade represents a 34.81% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Oliver G. Brewer III purchased 20,000 shares of Topgolf Callaway Brands stock in a transaction on Wednesday, May 14th. The stock was bought at an average cost of $6.40 per share, for a total transaction of $128,000.00. Following the transaction, the chief executive officer now directly owns 1,009,297 shares in the company, valued at $6,459,500.80. This represents a 2.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 2.40% of the company’s stock.

Topgolf Callaway Brands Trading Up 5.9%

MODG opened at $7.01 on Friday. Topgolf Callaway Brands Corp. has a 52 week low of $5.42 and a 52 week high of $16.89. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. The business has a fifty day simple moving average of $6.52 and a 200-day simple moving average of $7.51. The firm has a market cap of $1.29 billion, a P/E ratio of -87.65 and a beta of 1.25.

Topgolf Callaway Brands (NYSE:MODG) last announced its earnings results on Monday, May 12th. The company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.15. The company had revenue of $1.09 billion during the quarter, compared to analysts’ expectations of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. Topgolf Callaway Brands’s revenue for the quarter was down 4.5% on a year-over-year basis. During the same period last year, the business posted $0.08 EPS. On average, equities analysts expect that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. lowered their price objective on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, January 23rd. Roth Mkm reiterated a “buy” rating and set a $11.00 price target (down previously from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. B. Riley assumed coverage on shares of Topgolf Callaway Brands in a research report on Friday. They set a “neutral” rating and a $7.00 price target on the stock. Finally, Truist Financial cut their price objective on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Topgolf Callaway Brands has an average rating of “Hold” and a consensus target price of $10.50.

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.