Topgolf Callaway Brands Corp. (NYSE:MODG) Stock Holdings Lifted by Rhumbline Advisers

Rhumbline Advisers raised its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 0.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 462,111 shares of the company’s stock after purchasing an additional 1,962 shares during the period. Rhumbline Advisers’ holdings in Topgolf Callaway Brands were worth $7,070,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in MODG. Louisiana State Employees Retirement System increased its holdings in Topgolf Callaway Brands by 1.0% in the second quarter. Louisiana State Employees Retirement System now owns 71,100 shares of the company’s stock worth $1,088,000 after buying an additional 700 shares during the last quarter. Texas Permanent School Fund Corp grew its position in Topgolf Callaway Brands by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 124,043 shares of the company’s stock worth $2,006,000 after acquiring an additional 1,633 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Topgolf Callaway Brands by 5.2% during the 2nd quarter. SG Americas Securities LLC now owns 36,961 shares of the company’s stock worth $566,000 after purchasing an additional 1,819 shares during the last quarter. Blair William & Co. IL raised its holdings in shares of Topgolf Callaway Brands by 2.0% during the 1st quarter. Blair William & Co. IL now owns 96,389 shares of the company’s stock valued at $1,559,000 after purchasing an additional 1,899 shares in the last quarter. Finally, US Bancorp DE lifted 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 valued at $2,218,000 after purchasing an additional 1,922 shares during the last quarter. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Topgolf Callaway Brands Price Performance

Shares of Topgolf Callaway Brands stock opened at $10.21 on Friday. The firm has a fifty day moving average price of $12.79 and a two-hundred day moving average price of $14.44. 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 current ratio of 1.93 and a quick ratio of 1.15. The company has a market cap of $1.88 billion, a PE ratio of 27.60, a price-to-earnings-growth ratio of 6.08 and a beta of 1.74.

Topgolf Callaway Brands (NYSE:MODG) last released its earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.14. The business had revenue of $1.16 billion for 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%. The firm’s revenue for the quarter was down 1.9% compared to the same quarter last year. During the same period last year, the business earned $0.39 earnings per share. Analysts expect that Topgolf Callaway Brands Corp. will post 0.18 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on MODG. Jefferies Financial Group downgraded shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating and lowered their target price for the stock from $40.00 to $12.00 in a research report on Thursday, August 29th. Morgan Stanley lowered their price objective 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. Bank of America reduced their target price on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday. KeyCorp downgraded Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 8th. Finally, Truist Financial dropped their price target on shares of Topgolf Callaway Brands from $20.00 to $16.00 and set a “buy” rating on the stock in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $16.23.

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.