Topgolf Callaway Brands Corp. (NYSE:MODG) Shares Bought by Fifth Third Bancorp

Fifth Third Bancorp lifted its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 327.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,527 shares of the company’s stock after buying an additional 1,936 shares during the period. Fifth Third Bancorp’s holdings in Topgolf Callaway Brands were worth $39,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in MODG. Leeward Investments LLC MA increased its stake in Topgolf Callaway Brands by 5.6% during the second quarter. Leeward Investments LLC MA now owns 672,087 shares of the company’s stock worth $10,283,000 after acquiring an additional 35,688 shares during the last quarter. Davis Investment Partners LLC raised its holdings in Topgolf Callaway Brands by 35.8% in the second quarter. Davis Investment Partners LLC now owns 75,810 shares of the company’s stock valued at $1,134,000 after buying an additional 19,988 shares during the period. Advisor Resource Council purchased a new stake in Topgolf Callaway Brands during the second quarter worth approximately $236,000. Dnca Finance acquired a new stake in shares of Topgolf Callaway Brands in the second quarter worth $134,000. Finally, SG Americas Securities LLC raised its stake in shares of Topgolf Callaway Brands by 5.2% in the 2nd quarter. SG Americas Securities LLC now owns 36,961 shares of the company’s stock valued at $566,000 after acquiring an additional 1,819 shares during the period. 84.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MODG. KeyCorp downgraded Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 8th. The Goldman Sachs Group lowered their target price on Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Bank of America lowered Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $18.00 to $13.00 in a research report on Thursday, August 8th. Roth Mkm reaffirmed a “buy” rating and issued a $17.00 price objective (down previously from $20.00) on shares of Topgolf Callaway Brands in a research report on Thursday, August 8th. Finally, Morgan Stanley reduced their target price on shares of 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. Two research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $16.67.

Topgolf Callaway Brands Price Performance

Shares of MODG stock opened at $11.18 on Tuesday. The firm has a market cap of $2.05 billion, a P/E ratio of 30.22, a P/E/G ratio of 2.55 and a beta of 1.77. The firm has a fifty day moving average of $14.26 and a two-hundred day moving average of $14.88. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.82 and a quick ratio of 1.02. Topgolf Callaway Brands Corp. has a 1-year low of $9.84 and a 1-year high of $17.64.

Topgolf Callaway Brands (NYSE:MODG) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.14. Topgolf Callaway Brands had a return on equity of 1.93% and a net margin of 1.80%. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.19 billion. During the same period last year, the firm earned $0.39 earnings per share. The company’s revenue for the quarter was down 1.9% compared to the same quarter last year. As a group, research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.34 earnings per share for the current fiscal 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.