Inspire Investing LLC Cuts Stock Holdings in Topgolf Callaway Brands Corp. $MODG

Inspire Investing LLC trimmed its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 7.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,772 shares of the company’s stock after selling 3,667 shares during the period. Inspire Investing LLC’s holdings in Topgolf Callaway Brands were worth $393,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Public Employees Retirement System of Ohio raised its stake in shares of Topgolf Callaway Brands by 24.6% during the second quarter. Public Employees Retirement System of Ohio now owns 6,275 shares of the company’s stock valued at $51,000 after acquiring an additional 1,240 shares during the last quarter. Boyar Asset Management Inc. raised its stake in shares of Topgolf Callaway Brands by 1.7% during the first quarter. Boyar Asset Management Inc. now owns 109,984 shares of the company’s stock valued at $725,000 after acquiring an additional 1,857 shares during the last quarter. Jump Financial LLC raised its stake in shares of Topgolf Callaway Brands by 3.1% during the first quarter. Jump Financial LLC now owns 75,685 shares of the company’s stock valued at $499,000 after acquiring an additional 2,265 shares during the last quarter. Covestor Ltd raised its stake in shares of Topgolf Callaway Brands by 26.9% during the first quarter. Covestor Ltd now owns 11,785 shares of the company’s stock valued at $78,000 after acquiring an additional 2,499 shares during the last quarter. Finally, TrueWealth Advisors LLC raised its stake in Topgolf Callaway Brands by 13.0% in the second quarter. TrueWealth Advisors LLC now owns 23,050 shares of the company’s stock worth $186,000 after buying an additional 2,650 shares in the last quarter. 84.69% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MODG. B. Riley reissued a “neutral” rating and issued a $9.50 price target (up from $7.00) on shares of Topgolf Callaway Brands in a research note on Monday, August 11th. Cfra reaffirmed a “hold” rating and set a $9.00 target price on shares of Topgolf Callaway Brands in a research note on Friday, July 11th. Morgan Stanley started coverage on shares of Topgolf Callaway Brands in a research note on Friday, July 18th. They set an “equal weight” rating and a $9.50 target price for the company. Zacks Research raised shares of Topgolf Callaway Brands from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Finally, Wall Street Zen raised shares of Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $9.75.

Insider Activity at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, CEO Artie Starrs sold 106,734 shares of the stock in a transaction that occurred on 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 in the company, 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Erik J. Anderson sold 25,704 shares of the stock in a transaction that occurred on 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 owned 20,607 shares in the company, valued at $190,614.75. The trade was a 55.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.49% of the company’s stock.

Topgolf Callaway Brands Trading Up 5.8%

Shares of MODG stock opened at $8.88 on Tuesday. Topgolf Callaway Brands Corp. has a 12-month low of $5.42 and a 12-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’s 50 day moving average is $9.36 and its 200 day moving average is $8.13. The stock has a market capitalization of $1.63 billion, a P/E ratio of -1.09 and a beta of 1.24.

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