Quantbot Technologies LP Reduces Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Quantbot Technologies LP decreased its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 51.3% in the fourth quarter, HoldingsChannel reports. The fund owned 72,954 shares of the company’s stock after selling 76,901 shares during the quarter. Quantbot Technologies LP’s holdings in Topgolf Callaway Brands were worth $573,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of MODG. Asset Planning Inc bought a new stake in Topgolf Callaway Brands during the fourth quarter valued at about $33,000. KBC Group NV lifted its position in shares of Topgolf Callaway Brands by 81.8% during the 4th quarter. KBC Group NV now owns 8,330 shares of the company’s stock valued at $65,000 after buying an additional 3,749 shares in the last quarter. Xponance Inc. bought a new position in shares of Topgolf Callaway Brands during the 4th quarter valued at approximately $87,000. Cibc World Markets Corp purchased a new stake in Topgolf Callaway Brands in the 4th quarter worth approximately $104,000. Finally, PNC Financial Services Group Inc. raised its stake in Topgolf Callaway Brands by 170.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,757 shares of the company’s stock worth $108,000 after acquiring an additional 8,672 shares during the period. 84.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MODG. JPMorgan Chase & Co. dropped their price target on shares of Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, January 23rd. Roth Mkm reaffirmed a “buy” rating and issued a $11.00 target price (down previously from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Jefferies Financial Group raised Topgolf Callaway Brands from a “hold” rating to a “buy” rating and raised their price target for the company from $11.00 to $13.00 in a report on Thursday, January 2nd. Finally, Truist Financial dropped their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Topgolf Callaway Brands currently has a consensus rating of “Hold” and an average price target of $13.91.

Topgolf Callaway Brands Stock Performance

Topgolf Callaway Brands stock opened at $6.91 on Friday. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. Topgolf Callaway Brands Corp. has a twelve month low of $5.59 and a twelve month high of $16.89. The company’s 50-day moving average price is $7.13 and its 200-day moving average price is $8.48. The company has a market cap of $1.27 billion, a PE ratio of -86.33 and a beta of 1.70.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings data on Monday, February 24th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.07. The business had revenue of $924.40 million for the quarter, compared to the consensus estimate of $1.13 billion. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. On average, equities research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

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.