Norges Bank Buys New Shares in Topgolf Callaway Brands Corp. (NYSE:MODG)

Norges Bank bought a new stake in Topgolf Callaway Brands Corp. (NYSE:MODGFree Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 729,900 shares of the company’s stock, valued at approximately $10,467,000. Norges Bank owned about 0.40% of Topgolf Callaway Brands at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC acquired a new position in Topgolf Callaway Brands in the fourth quarter valued at $44,000. JFS Wealth Advisors LLC increased its stake in Topgolf Callaway Brands by 6,063.5% during the fourth quarter. JFS Wealth Advisors LLC now owns 4,561 shares of the company’s stock worth $65,000 after acquiring an additional 4,487 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in Topgolf Callaway Brands by 151.5% during the third quarter. PNC Financial Services Group Inc. now owns 7,241 shares of the company’s stock worth $100,000 after acquiring an additional 4,362 shares during the last quarter. Ranch Capital Advisors Inc. acquired a new stake in Topgolf Callaway Brands during the third quarter worth about $140,000. Finally, Oak Thistle LLC acquired a new stake in Topgolf Callaway Brands during the fourth quarter worth about $150,000. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Topgolf Callaway Brands Trading Up 1.0 %

Shares of MODG opened at $15.64 on Thursday. The company has a market capitalization of $2.87 billion, a P/E ratio of 42.26, a P/E/G ratio of 2.59 and a beta of 1.80. Topgolf Callaway Brands Corp. has a one year low of $9.84 and a one year high of $20.75. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.02 and a current ratio of 1.82. The stock has a 50-day moving average price of $15.75 and a 200 day moving average price of $14.51.

Topgolf Callaway Brands (NYSE:MODGGet Free Report) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.01 by $0.08. Topgolf Callaway Brands had a return on equity of 1.93% and a net margin of 1.80%. The firm had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the prior year, the business posted $0.17 earnings per share. Topgolf Callaway Brands’s revenue for the quarter was down 2.0% on a year-over-year basis. Sell-side analysts forecast that Topgolf Callaway Brands Corp. will post 0.34 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on MODG shares. KeyCorp dropped their price target on Topgolf Callaway Brands from $20.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th. Tigress Financial restated a “buy” rating and set a $38.00 price target on shares of Topgolf Callaway Brands in a research note on Friday, April 12th. TD Cowen upped their target price on Topgolf Callaway Brands from $10.00 to $13.00 and gave the stock a “hold” rating in a research report on Monday, May 13th. Truist Financial upped their target price on Topgolf Callaway Brands from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 29th. Finally, B. Riley upped their target price on Topgolf Callaway Brands from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, Topgolf Callaway Brands currently has a consensus rating of “Hold” and a consensus price target of $19.33.

Get Our Latest Report on Topgolf Callaway Brands

Insiders Place Their Bets

In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 7,500 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $15.37, for a total transaction of $115,275.00. Following the transaction, the director now owns 760,459 shares of the company’s stock, valued at approximately $11,688,254.83. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Erik J. Anderson sold 10,000 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $15.19, for a total transaction of $151,900.00. Following the sale, the director now directly owns 767,959 shares in the company, valued at approximately $11,665,297.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Erik J. Anderson sold 7,500 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $15.37, for a total value of $115,275.00. Following the sale, the director now owns 760,459 shares in the company, valued at $11,688,254.83. The disclosure for this sale can be found here. 2.49% of the stock is currently owned by company insiders.

Topgolf Callaway Brands Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Topgolf Callaway Brands (NYSE:MODG)

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