American Century Companies Inc. Sells 2,363,723 Shares of Topgolf Callaway Brands Corp. $MODG

American Century Companies Inc. decreased its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 90.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 239,824 shares of the company’s stock after selling 2,363,723 shares during the quarter. American Century Companies Inc.’s holdings in Topgolf Callaway Brands were worth $1,580,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Boyar Asset Management Inc. grew its stake in shares of Topgolf Callaway Brands by 1.7% during the 1st quarter. Boyar Asset Management Inc. now owns 109,984 shares of the company’s stock worth $725,000 after acquiring an additional 1,857 shares during the period. Covestor Ltd boosted its stake in Topgolf Callaway Brands by 26.9% in the 1st quarter. Covestor Ltd now owns 11,785 shares of the company’s stock worth $78,000 after purchasing an additional 2,499 shares during the period. Tidal Investments LLC boosted its stake in Topgolf Callaway Brands by 11.6% in the 4th quarter. Tidal Investments LLC now owns 24,898 shares of the company’s stock worth $196,000 after purchasing an additional 2,596 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Topgolf Callaway Brands by 4.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 80,716 shares of the company’s stock worth $634,000 after purchasing an additional 3,084 shares during the period. Finally, Cerity Partners LLC boosted its stake in Topgolf Callaway Brands by 48.5% in the 1st quarter. Cerity Partners LLC now owns 16,177 shares of the company’s stock worth $107,000 after purchasing an additional 5,286 shares during the period. Institutional investors own 84.69% of the company’s stock.

Topgolf Callaway Brands Price Performance

Shares of Topgolf Callaway Brands stock opened at $9.42 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.85 and a quick ratio of 1.25. The business’s 50 day simple moving average is $9.18 and its two-hundred day simple moving average is $7.57. The stock has a market capitalization of $1.73 billion, a P/E ratio of -1.16 and a beta of 1.25. Topgolf Callaway Brands Corp. has a one year low of $5.42 and a one year high of $11.41.

Topgolf Callaway Brands (NYSE:MODG) last announced 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 for the quarter, compared to analysts’ expectations of $1.08 billion. Topgolf Callaway Brands had a positive return on equity of 0.37% and a negative net margin of 36.08%.The business’s quarterly revenue was down 4.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.42 EPS. Analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Insiders Place Their Bets

In other Topgolf Callaway Brands news, CEO Artie Starrs sold 106,734 shares of Topgolf Callaway Brands stock in a transaction that occurred on Tuesday, August 12th. The stock was 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 $914,310.72. The trade was a 50.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Erik J. Anderson sold 25,704 shares of Topgolf Callaway Brands stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $9.25, for a total value of $237,762.00. Following the completion of the transaction, the director directly owned 20,607 shares in the company, valued at $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 have purchased 784,399 shares of company stock valued at $5,139,674 in the last ninety days. Company insiders own 2.49% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on MODG shares. Cfra restated a “hold” rating and issued a $9.00 target price on shares of Topgolf Callaway Brands in a research note on Friday, July 11th. JPMorgan Chase & Co. cut their target price on Topgolf Callaway Brands from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Tuesday, May 27th. Morgan Stanley started coverage on Topgolf Callaway Brands in a research note on Friday, July 18th. They issued an “equal weight” rating and a $9.50 target price for the company. B. Riley reiterated a “neutral” rating and set a $9.50 price target (up previously from $7.00) on shares of Topgolf Callaway Brands in a research report on Monday, August 11th. Finally, Wall Street Zen upgraded Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Three equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $10.00.

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.