Topgolf Callaway Brands Corp. (NYSE:MODG) Stock Position Decreased by Grace & White Inc. NY

Grace & White Inc. NY cut its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 0.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 659,494 shares of the company’s stock after selling 3,600 shares during the period. Topgolf Callaway Brands accounts for about 1.3% of Grace & White Inc. NY’s investment portfolio, making the stock its 25th largest position. Grace & White Inc. NY owned approximately 0.36% of Topgolf Callaway Brands worth $7,241,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Topgolf Callaway Brands by 13.6% during the 4th quarter. Vanguard Group Inc. now owns 15,403,379 shares of the company’s stock valued at $220,884,000 after acquiring an additional 1,845,864 shares during the last quarter. Davis Investment Partners LLC acquired a new position in shares of Topgolf Callaway Brands during the 1st quarter valued at about $906,000. First Dallas Securities Inc. increased its holdings in shares of Topgolf Callaway Brands by 13.2% during the 1st quarter. First Dallas Securities Inc. now owns 72,950 shares of the company’s stock valued at $1,180,000 after acquiring an additional 8,500 shares during the last quarter. Redmont Wealth Advisors LLC increased its holdings in shares of Topgolf Callaway Brands by 8.3% during the 1st quarter. Redmont Wealth Advisors LLC now owns 48,959 shares of the company’s stock valued at $792,000 after acquiring an additional 3,751 shares during the last quarter. Finally, Commonwealth Equity Services LLC increased its holdings in shares of Topgolf Callaway Brands by 34.2% during the 1st quarter. Commonwealth Equity Services LLC now owns 38,807 shares of the company’s stock valued at $628,000 after acquiring an additional 9,884 shares during the last quarter. 84.69% of the stock is owned by hedge funds and other institutional investors.

Topgolf Callaway Brands Price Performance

Shares of NYSE:MODG opened at $10.41 on Tuesday. Topgolf Callaway Brands Corp. has a 1-year low of $9.05 and a 1-year high of $16.89. The firm has a market capitalization of $1.91 billion, a PE ratio of 28.12, a PEG ratio of 6.42 and a beta of 1.75. The business’s 50 day moving average is $10.58 and its 200-day moving average is $13.63. The company has a current ratio of 1.93, a quick ratio of 1.15 and a debt-to-equity ratio of 0.37.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. The Goldman Sachs Group lowered their price objective on Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating on the stock in a report on Friday, August 9th. Truist Financial lowered their target price on Topgolf Callaway Brands from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. TD Cowen lowered their target price on Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating on the stock in a report on Tuesday, September 17th. Morgan Stanley lowered their target price on Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating on the stock in a report on Thursday, August 8th. Finally, B. Riley lowered Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and lowered their target price for the company from $18.00 to $12.00 in a report on Thursday, October 17th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $15.31.

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.