Assenagon Asset Management S.A. Invests $482,000 in Topgolf Callaway Brands Corp. (NYSE:MODG)

Assenagon Asset Management S.A. purchased a new stake in Topgolf Callaway Brands Corp. (NYSE:MODG) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 43,874 shares of the company’s stock, valued at approximately $482,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC lifted its holdings in shares of Topgolf Callaway Brands by 998.0% during the third quarter. International Assets Investment Management LLC now owns 15,032 shares of the company’s stock worth $165,000 after buying an additional 13,663 shares in the last quarter. Everence Capital Management Inc. boosted its holdings in Topgolf Callaway Brands by 63.1% in the 3rd quarter. Everence Capital Management Inc. now owns 27,900 shares of the company’s stock valued at $306,000 after purchasing an additional 10,790 shares during the period. nVerses Capital LLC acquired a new position in shares of Topgolf Callaway Brands during the 3rd quarter worth approximately $133,000. Park Avenue Securities LLC increased its holdings in shares of Topgolf Callaway Brands by 13.5% during the third quarter. Park Avenue Securities LLC now owns 16,679 shares of the company’s stock worth $183,000 after purchasing an additional 1,985 shares during the period. Finally, Truist Financial Corp raised its position in shares of Topgolf Callaway Brands by 63.9% in the second quarter. Truist Financial Corp now owns 45,972 shares of the company’s stock valued at $703,000 after buying an additional 17,931 shares in the last quarter. 84.69% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on MODG. Morgan Stanley reduced their price target on Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating on the stock in a research report on Thursday, August 8th. Bank of America lowered their target price 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. KeyCorp lowered shares of Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 8th. B. Riley downgraded shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $18.00 to $12.00 in a research note on Thursday, October 17th. Finally, Jefferies Financial Group lowered Topgolf Callaway Brands from a “buy” rating to a “hold” rating and cut their price target for the company from $40.00 to $12.00 in a research note on Thursday, August 29th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $15.31.

Topgolf Callaway Brands Trading Up 0.8 %

Shares of MODG stock opened at $9.79 on Monday. Topgolf Callaway Brands Corp. has a fifty-two week low of $9.05 and a fifty-two week high of $16.89. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.15 and a current ratio of 1.93. The stock has a 50 day simple moving average of $10.29 and a two-hundred day simple moving average of $13.23. The company has a market cap of $1.80 billion, a P/E ratio of 97.90, a PEG ratio of 6.24 and a beta of 1.75.

Topgolf Callaway Brands (NYSE:MODG) last released its earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.14. The company had revenue of $1.16 billion for 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% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.39 EPS. Research analysts forecast that Topgolf Callaway Brands Corp. will post 0.18 earnings per share for the current year.

Topgolf Callaway Brands 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.