Arizona State Retirement System Reduces Stock Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Arizona State Retirement System lowered its stake in Topgolf Callaway Brands Corp. (NYSE:MODG) by 1.9% during the 4th quarter, HoldingsChannel reports. The firm owned 41,479 shares of the company’s stock after selling 798 shares during the period. Arizona State Retirement System’s holdings in Topgolf Callaway Brands were worth $595,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MODG. Steward Partners Investment Advisory LLC bought a new position in Topgolf Callaway Brands in the first quarter worth approximately $29,000. Advisory Services Network LLC bought a new position in Topgolf Callaway Brands in the first quarter worth approximately $30,000. Wolff Wiese Magana LLC raised its position in Topgolf Callaway Brands by 87.8% in the third quarter. Wolff Wiese Magana LLC now owns 3,317 shares of the company’s stock worth $46,000 after acquiring an additional 1,551 shares during the period. Harbour Investments Inc. raised its position in Topgolf Callaway Brands by 270,000.0% in the second quarter. Harbour Investments Inc. now owns 2,701 shares of the company’s stock worth $54,000 after acquiring an additional 2,700 shares during the period. Finally, Advisors Asset Management Inc. bought a new position in Topgolf Callaway Brands in the first quarter worth approximately $66,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Insider Activity at Topgolf Callaway Brands

In related news, Director Erik J. Anderson sold 2,028 shares of the firm’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $14.79, for a total transaction of $29,994.12. Following the completion of the transaction, the director now directly owns 2,242 shares of the company’s stock, valued at $33,159.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 5,000 shares of Topgolf Callaway Brands stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $14.55, for a total value of $72,750.00. Following the completion of the transaction, the director now directly owns 777,959 shares of the company’s stock, valued at approximately $11,319,303.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Erik J. Anderson sold 2,028 shares of Topgolf Callaway Brands stock in a transaction on Friday, February 16th. The stock was sold at an average price of $14.79, for a total transaction of $29,994.12. Following the completion of the transaction, the director now directly owns 2,242 shares of the company’s stock, valued at $33,159.18. The disclosure for this sale can be found here. 11.97% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MODG. KeyCorp decreased their price target on shares of Topgolf Callaway Brands from $20.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 14th. Tigress Financial restated a “buy” rating and set a $38.00 price objective on shares of Topgolf Callaway Brands in a research report on Friday, April 12th. Finally, Raymond James raised their price objective on shares of Topgolf Callaway Brands from $14.00 to $16.00 and gave the company an “outperform” rating in a research report on Thursday, January 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Topgolf Callaway Brands has a consensus rating of “Moderate Buy” and a consensus target price of $20.64.

Topgolf Callaway Brands Stock Performance

MODG opened at $15.60 on Friday. The stock has a market capitalization of $2.86 billion, a price-to-earnings ratio of 33.91, a PEG ratio of 1.67 and a beta of 1.87. The company has a fifty day moving average of $15.04 and a 200 day moving average of $13.81. Topgolf Callaway Brands Corp. has a fifty-two week low of $9.84 and a fifty-two week high of $23.01. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.88 and a current ratio of 1.72.

Topgolf Callaway Brands (NYSE:MODG) last posted its earnings results on Tuesday, February 13th. The company reported ($0.30) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.04. The company had revenue of $897.10 million during the quarter, compared to analysts’ expectations of $867.25 million. Topgolf Callaway Brands had a net margin of 2.22% and a return on equity of 2.39%. Topgolf Callaway Brands’s quarterly revenue was up 5.4% on a year-over-year basis. During the same period last year, the company posted ($0.27) earnings per share. As a group, sell-side analysts forecast that Topgolf Callaway Brands Corp. will post 0.29 earnings per share 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.