Topgolf Callaway Brands Corp. (NYSE:MODG) Shares Bought by AREX Capital Management LP

AREX Capital Management LP boosted its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 225.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 482,197 shares of the company’s stock after acquiring an additional 334,260 shares during the period. Topgolf Callaway Brands accounts for about 8.4% of AREX Capital Management LP’s portfolio, making the stock its 4th biggest holding. AREX Capital Management LP’s holdings in Topgolf Callaway Brands were worth $7,378,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MODG. Fifth Third Bancorp boosted its holdings in shares of Topgolf Callaway Brands by 327.6% in the 2nd quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock valued at $39,000 after buying an additional 1,936 shares in the last quarter. Dnca Finance acquired a new position in shares of Topgolf Callaway Brands in the 2nd quarter valued at $134,000. Caas Capital Management LP acquired a new position in shares of Topgolf Callaway Brands in the 4th quarter valued at $148,000. Koss Olinger Consulting LLC acquired a new position in shares of Topgolf Callaway Brands in the 2nd quarter valued at $160,000. Finally, Simon Quick Advisors LLC acquired a new position in shares of Topgolf Callaway Brands in the 2nd quarter valued at $161,000. Institutional investors and hedge funds own 84.69% of the company’s stock.

Topgolf Callaway Brands Stock Down 1.7 %

Shares of Topgolf Callaway Brands stock opened at $10.70 on Monday. The company has a market cap of $1.96 billion, a P/E ratio of 28.92, a PEG ratio of 6.08 and a beta of 1.74. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.15 and a current ratio of 1.93. Topgolf Callaway Brands Corp. has a one year low of $9.05 and a one year high of $16.89. The firm has a fifty day moving average of $12.40 and a two-hundred day moving average of $14.32.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.14. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.19 billion. Topgolf Callaway Brands had a net margin of 0.50% and a return on equity of 2.07%. Topgolf Callaway Brands’s quarterly revenue was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.39 EPS. On average, analysts forecast that Topgolf Callaway Brands Corp. will post 0.18 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Morgan Stanley lowered their target price on shares of Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating for the company in a report on Thursday, August 8th. KeyCorp cut shares of Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 8th. Raymond James downgraded shares of Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research report on Friday, August 23rd. Jefferies Financial Group downgraded shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating and reduced their price target for the company from $40.00 to $12.00 in a research report on Thursday, August 29th. Finally, Bank of America reduced their price target on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, September 12th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $16.00.

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.