Dimensional Fund Advisors LP Purchases 1,549,222 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG)

Dimensional Fund Advisors LP boosted its position in Topgolf Callaway Brands Corp. (NYSE:MODG) by 21.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,646,731 shares of the company’s stock after buying an additional 1,549,222 shares during the period. Dimensional Fund Advisors LP owned approximately 4.71% of Topgolf Callaway Brands worth $132,296,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Louisiana State Employees Retirement System boosted its stake in Topgolf Callaway Brands by 1.0% during the 2nd quarter. Louisiana State Employees Retirement System now owns 71,100 shares of the company’s stock valued at $1,088,000 after purchasing an additional 700 shares during the last quarter. Texas Permanent School Fund Corp boosted its stake in shares of Topgolf Callaway Brands by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 124,043 shares of the company’s stock worth $2,006,000 after buying an additional 1,633 shares during the last quarter. SG Americas Securities LLC boosted its stake in shares of Topgolf Callaway Brands by 5.2% in the 2nd quarter. SG Americas Securities LLC now owns 36,961 shares of the company’s stock worth $566,000 after buying an additional 1,819 shares during the last quarter. Blair William & Co. IL boosted its stake in shares of Topgolf Callaway Brands by 2.0% in the 1st quarter. Blair William & Co. IL now owns 96,389 shares of the company’s stock worth $1,559,000 after buying an additional 1,899 shares during the last quarter. Finally, US Bancorp DE boosted its stake in shares of Topgolf Callaway Brands by 1.4% in the 1st quarter. US Bancorp DE now owns 137,187 shares of the company’s stock worth $2,218,000 after buying an additional 1,922 shares during the last quarter. Institutional investors and hedge funds own 84.69% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Raymond James downgraded Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research note on Friday, August 23rd. Morgan Stanley cut their target price on Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating on the stock in a research note on Thursday, August 8th. Bank of America cut their target price on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a research note on Thursday, September 12th. Truist Financial dropped their price objective on Topgolf Callaway Brands from $20.00 to $16.00 and set a “buy” rating on the stock in a research note on Thursday, August 8th. Finally, Jefferies Financial Group downgraded Topgolf Callaway Brands from a “buy” rating to a “hold” rating and dropped their price objective for the company from $40.00 to $12.00 in a research note on Thursday, August 29th. Two investment 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $16.00.

Topgolf Callaway Brands Trading Down 1.7 %

Shares of MODG stock opened at $10.70 on Monday. The company’s fifty day simple moving average is $12.40 and its two-hundred day simple moving average is $14.32. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.15. Topgolf Callaway Brands Corp. has a 1 year low of $9.05 and a 1 year high of $16.89. The stock has a market capitalization of $1.96 billion, a price-to-earnings ratio of 28.92, a PEG ratio of 6.08 and a beta of 1.74.

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