BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Makes New $13.40 Million Investment in Topgolf Callaway Brands Corp. (NYSE:MODG)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp acquired a new position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 875,960 shares of the company’s stock, valued at approximately $13,402,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned about 0.48% of Topgolf Callaway Brands as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of MODG. Fifth Third Bancorp increased its holdings in Topgolf Callaway Brands by 327.6% during the 2nd quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock worth $39,000 after purchasing an additional 1,936 shares during the last quarter. Dnca Finance purchased a new stake in Topgolf Callaway Brands during the 2nd quarter worth approximately $134,000. Caas Capital Management LP bought a new stake in shares of Topgolf Callaway Brands in the 4th quarter valued at approximately $148,000. Koss Olinger Consulting LLC bought a new stake in shares of Topgolf Callaway Brands in the 2nd quarter valued at approximately $160,000. Finally, Simon Quick Advisors LLC bought a new stake in shares of Topgolf Callaway Brands in the 2nd quarter valued at approximately $161,000. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

Topgolf Callaway Brands Stock Down 3.3 %

Shares of Topgolf Callaway Brands stock opened at $10.25 on Wednesday. The firm has a market capitalization of $1.88 billion, a PE ratio of 27.70, a price-to-earnings-growth ratio of 6.08 and a beta of 1.75. Topgolf Callaway Brands Corp. has a 12-month low of $9.05 and a 12-month high of $16.89. The company has a quick ratio of 1.15, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. The stock’s fifty day moving average is $12.21 and its 200-day moving average is $14.27.

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

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on MODG shares. KeyCorp downgraded Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 8th. Bank of America lowered their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, September 12th. TD Cowen lowered their price objective on Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating for the company in a research note on Tuesday, September 17th. Jefferies Financial Group downgraded Topgolf Callaway Brands from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $40.00 to $12.00 in a research note on Thursday, August 29th. Finally, Raymond James downgraded Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research note on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $16.00.

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.