Northern Trust Corp Sells 360,921 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG)

Northern Trust Corp reduced its position in Topgolf Callaway Brands Corp. (NYSE:MODG) by 19.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,541,601 shares of the company’s stock after selling 360,921 shares during the period. Northern Trust Corp owned approximately 0.84% of Topgolf Callaway Brands worth $12,117,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Susquehanna Fundamental Investments LLC bought a new position in shares of Topgolf Callaway Brands in the 4th quarter worth $2,796,000. Two Sigma Securities LLC lifted its stake in Topgolf Callaway Brands by 35.2% during the 4th quarter. Two Sigma Securities LLC now owns 15,270 shares of the company’s stock valued at $120,000 after acquiring an additional 3,977 shares in the last quarter. Orvieto Partners L.P. bought a new position in Topgolf Callaway Brands during the 4th quarter valued at $1,258,000. Long Focus Capital Management LLC lifted its stake in Topgolf Callaway Brands by 10.6% during the 4th quarter. Long Focus Capital Management LLC now owns 2,038,000 shares of the company’s stock valued at $16,019,000 after acquiring an additional 195,000 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in Topgolf Callaway Brands by 10.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 96,124 shares of the company’s stock valued at $756,000 after acquiring an additional 9,369 shares in the last quarter. 84.69% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, Director Russell L. Fleischer acquired 30,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 14th. The stock was bought at an average price of $6.41 per share, with a total value of $192,300.00. Following the acquisition, the director now owns 116,187 shares in the company, valued at $744,758.67. The trade was a 34.81% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Oliver G. Brewer III acquired 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 14th. The stock was purchased at an average cost of $6.40 per share, with a total value of $128,000.00. Following the acquisition, the chief executive officer now owns 1,009,297 shares in the company, valued at $6,459,500.80. The trade was a 2.02% increase in their position. The disclosure for this purchase can be found here. 2.40% of the stock is currently owned by insiders.

Topgolf Callaway Brands Trading Up 5.9%

Shares of Topgolf Callaway Brands stock opened at $7.01 on Friday. The stock has a fifty day moving average price of $6.52 and a 200-day moving average price of $7.51. Topgolf Callaway Brands Corp. has a 1 year low of $5.42 and a 1 year high of $16.89. The firm has a market cap of $1.29 billion, a PE ratio of -87.65 and a beta of 1.25. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14.

Topgolf Callaway Brands (NYSE:MODG) last announced its quarterly earnings data on Monday, May 12th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.15. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the firm posted $0.08 EPS. The firm’s revenue for the quarter was down 4.5% on a year-over-year basis. Equities research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Truist Financial dropped their price objective on Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Roth Mkm restated a “buy” rating and set a $11.00 price objective (down from $16.00) on shares of Topgolf Callaway Brands in a research note on Tuesday, February 25th. B. Riley began coverage on Topgolf Callaway Brands in a research note on Friday. They set a “neutral” rating and a $7.00 price objective on the stock. Finally, JPMorgan Chase & Co. decreased their target price on 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. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $10.50.

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.