Topgolf Callaway Brands Corp. $MODG Stock Holdings Lessened by Maryland State Retirement & Pension System

Maryland State Retirement & Pension System lessened its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 13.6% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 41,305 shares of the company’s stock after selling 6,488 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Topgolf Callaway Brands were worth $272,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sterling Capital Management LLC raised its position in Topgolf Callaway Brands by 821.5% during the fourth quarter. Sterling Capital Management LLC now owns 4,543 shares of the company’s stock valued at $36,000 after acquiring an additional 4,050 shares in the last quarter. Dynamic Advisor Solutions LLC acquired a new position in Topgolf Callaway Brands during the first quarter valued at approximately $66,000. Capstone Financial Advisors Inc. acquired a new position in Topgolf Callaway Brands during the first quarter valued at approximately $66,000. Schwarz Dygos Wheeler Investment Advisors LLC acquired a new position in Topgolf Callaway Brands during the first quarter valued at approximately $73,000. Finally, FORA Capital LLC acquired a new position in Topgolf Callaway Brands during the fourth quarter valued at approximately $81,000. Institutional investors own 84.69% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on MODG shares. B. Riley restated a “neutral” rating and issued a $9.50 price objective (up previously from $7.00) on shares of Topgolf Callaway Brands in a research note on Monday, August 11th. Cfra restated a “hold” rating and issued a $9.00 price objective on shares of Topgolf Callaway Brands in a research note on Friday, July 11th. JPMorgan Chase & Co. lowered their price objective on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Tuesday, May 27th. Morgan Stanley started coverage on shares of Topgolf Callaway Brands in a research note on Friday, July 18th. They issued an “equal weight” rating and a $9.50 price objective on the stock. Finally, Wall Street Zen upgraded shares of Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $10.00.

Insider Buying and Selling at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 25,704 shares of Topgolf Callaway Brands stock in a transaction on Friday, August 8th. The stock was sold at an average price of $9.25, for a total transaction of $237,762.00. Following the completion of the transaction, the director directly owned 20,607 shares of the company’s stock, valued at approximately $190,614.75. This trade represents a 55.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Adebayo O. Ogunlesi acquired 384,731 shares of the business’s stock in a transaction on Friday, June 6th. The shares were bought at an average cost of $6.48 per share, with a total value of $2,493,056.88. Following the completion of the acquisition, the director owned 768,432 shares of the company’s stock, valued at approximately $4,979,439.36. This trade represents a 100.27% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders purchased 845,284 shares of company stock valued at $5,533,600. 2.49% of the stock is currently owned by company insiders.

Topgolf Callaway Brands Stock Down 0.5%

MODG opened at $9.81 on Tuesday. Topgolf Callaway Brands Corp. has a fifty-two week low of $5.42 and a fifty-two week high of $11.94. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.85 and a quick ratio of 1.25. The firm’s fifty day moving average price is $8.85 and its two-hundred day moving average price is $7.41. The company has a market capitalization of $1.80 billion, a P/E ratio of -1.21 and a beta of 1.26.

Topgolf Callaway Brands (NYSE:MODG) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.21. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.08 billion. Topgolf Callaway Brands had a negative net margin of 36.08% and a positive return on equity of 0.37%. The business’s revenue was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.42 earnings per share. On average, analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

About Topgolf Callaway Brands

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.