Topgolf Callaway Brands Corp. (MODG) Affected by Wildfires in Canada - InvestingChannel

Topgolf Callaway Brands Corp. (MODG) Affected by Wildfires in Canada

TimesSquare Capital Management, an equity investment management company, released its “U.S. Small Cap Growth Strategy” third-quarter investor letter. A copy of the same can be downloaded here. In the quarter the fund returned -3.67% (net), compared to -7.32% return for the Russell 2000 Growth Index. Year-to-date the fund returned 11.56% (net) compared to 9.59% return for the index. The third quarter saw a decline in global equities markets, but they remained positive YTD. Value has generally outperformed Growth, as demonstrated by the style factors and market indexes. In addition, please check the fund’s top five holdings to know its best picks in 2023.

TimesSquare Capital U.S. Small Cap Growth Strategy highlighted stocks like Topgolf Callaway Brands Corp. (NYSE:MODG) in the third quarter 2023 investor letter. Headquartered in Carlsbad, California, Topgolf Callaway Brands Corp. (NYSE:MODG) manufactures and distributes golf equipment and accessories. On December 6, 2023, Topgolf Callaway Brands Corp. (NYSE:MODG) stock closed at $12.38 per share. One-month return of Topgolf Callaway Brands Corp. (NYSE:MODG) was 19.61%, and its shares lost 44.26% of their value over the last 52 weeks. Topgolf Callaway Brands Corp. (NYSE:MODG) has a market capitalization of $2.284 billion.

TimesSquare Capital U.S. Small Cap Growth Strategy made the following comment about Topgolf Callaway Brands Corp. (NYSE:MODG) in its Q3 2023 investor letter:

“Slipping by -30% were the shares of Topgolf Callaway Brands Corp. (NYSE:MODG), which manufactures golf equipment and accessories, as well as operates entertainment venues. Revenues were shy of expectations because recent wildfires in Canada led to temporary closures of Topgolf locations there. However, the company’s equipment sales showed larger-than-expected volumes and recent golf industry data indicated higher activity levels.”

A close up of a golf course mower, showcasing the intricate precision of its components.

Topgolf Callaway Brands Corp. (NYSE:MODG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 27 hedge fund portfolios held Topgolf Callaway Brands Corp. (NYSE:MODG)at the end of third quarter which was 30 in the previous quarter.

We discussed Topgolf Callaway Brands Corp. (NYSE:MODG) in another article and shared the long-term returns of Jana Partners’ activist targets. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

 

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Disclosure: None. This article is originally published at Insider Monkey.

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