Topgolf Callaway Brands Corp. $MODG Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC lifted its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG) by 76.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 58,707 shares of the company’s stock after acquiring an additional 25,469 shares during the quarter. Hsbc Holdings PLC’s holdings in Topgolf Callaway Brands were worth $384,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MODG. Ameriprise Financial Inc. increased its stake in shares of Topgolf Callaway Brands by 57.8% in the fourth quarter. Ameriprise Financial Inc. now owns 2,086,700 shares of the company’s stock worth $16,401,000 after acquiring an additional 764,322 shares during the period. Shapiro Capital Management LLC boosted its holdings in Topgolf Callaway Brands by 3.6% during the fourth quarter. Shapiro Capital Management LLC now owns 10,520,632 shares of the company’s stock worth $82,692,000 after buying an additional 366,192 shares in the last quarter. Prentice Capital Management LP purchased a new stake in Topgolf Callaway Brands during the fourth quarter worth $2,510,000. Cubist Systematic Strategies LLC purchased a new stake in Topgolf Callaway Brands during the fourth quarter worth $2,364,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Topgolf Callaway Brands by 8.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,478,250 shares of the company’s stock worth $16,332,000 after buying an additional 191,531 shares in the last quarter. Institutional investors and hedge funds own 84.69% of the company’s stock.

Topgolf Callaway Brands Stock Performance

MODG opened at $9.42 on Wednesday. The company has a quick ratio of 1.25, a current ratio of 1.85 and a debt-to-equity ratio of 0.48. The company has a market cap of $1.73 billion, a price-to-earnings ratio of -1.16 and a beta of 1.25. Topgolf Callaway Brands Corp. has a 52-week low of $5.42 and a 52-week high of $11.41. The firm’s fifty day simple moving average is $9.18 and its two-hundred day simple moving average is $7.57.

Topgolf Callaway Brands (NYSE:MODG) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.21. The business had revenue of $1.11 billion for 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 revenue was down 4.1% compared to the same quarter last year. During the same period last year, the firm posted $0.42 earnings per share. Equities analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MODG. Cfra reissued a “hold” rating and set a $9.00 price target on shares of Topgolf Callaway Brands in a report on Friday, July 11th. JPMorgan Chase & Co. lowered their price target on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a “neutral” rating on the stock in a report on Tuesday, May 27th. Wall Street Zen raised shares of Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. B. Riley reissued a “neutral” rating and set a $9.50 price target (up from $7.00) on shares of Topgolf Callaway Brands in a report on Monday, August 11th. Finally, Morgan Stanley started coverage on shares of Topgolf Callaway Brands in a report on Friday, July 18th. They set an “equal weight” rating and a $9.50 price target on the stock. Three investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $10.00.

Insider Transactions at Topgolf Callaway Brands

In other news, CEO Artie Starrs sold 106,734 shares of the firm’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $8.64, for a total value of $922,181.76. Following the transaction, the chief executive officer directly owned 105,823 shares of the company’s stock, valued at approximately $914,310.72. This trade represents a 50.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Erik J. Anderson sold 25,704 shares of the firm’s 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 completion of the transaction, the director directly owned 20,607 shares in the company, valued at approximately $190,614.75. This represents a 55.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have acquired 784,399 shares of company stock valued at $5,139,674. Corporate insiders own 2.49% of the company’s stock.

Topgolf Callaway Brands Company 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.