PNC Financial Services Group Inc. Sells 1,954 Shares of Topgolf Callaway Brands Corp. $MODG

PNC Financial Services Group Inc. cut its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 14.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,803 shares of the company’s stock after selling 1,954 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Topgolf Callaway Brands were worth $78,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MODG. Sterling Capital Management LLC boosted its stake in shares of Topgolf Callaway Brands by 821.5% in the 4th quarter. Sterling Capital Management LLC now owns 4,543 shares of the company’s stock worth $36,000 after buying an additional 4,050 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in shares of Topgolf Callaway Brands during the first quarter valued at approximately $66,000. Schwarz Dygos Wheeler Investment Advisors LLC bought a new stake in Topgolf Callaway Brands during the first quarter worth $73,000. FORA Capital LLC purchased a new position in Topgolf Callaway Brands in the fourth quarter worth $81,000. Finally, Stifel Financial Corp bought a new position in Topgolf Callaway Brands in the 4th quarter valued at $83,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Insider Buying and Selling at Topgolf Callaway Brands

In related news, Director Adebayo O. Ogunlesi purchased 38,782 shares of the business’s stock in a transaction dated Tuesday, June 10th. The stock was purchased at an average cost of $7.59 per share, with a total value of $294,355.38. Following the completion of the acquisition, the director directly owned 845,284 shares of the company’s stock, valued at approximately $6,415,705.56. The trade was a 4.81% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Erik J. Anderson sold 25,704 shares of Topgolf Callaway Brands stock in a transaction on Friday, August 8th. The shares were sold at an average price of $9.25, for a total value of $237,762.00. Following the completion of the transaction, the director 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 disclosure for this sale can be found here. Insiders have acquired 845,284 shares of company stock valued at $5,533,600 in the last 90 days. 2.40% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. B. Riley reiterated a “neutral” rating and set a $9.50 target price (up from $7.00) on shares of Topgolf Callaway Brands in a research note on Monday, August 11th. Morgan Stanley began coverage on shares of Topgolf Callaway Brands in a report on Friday, July 18th. They set an “equal weight” rating and a $9.50 price objective for the company. Cfra reaffirmed a “hold” rating and issued a $9.00 price objective on shares of Topgolf Callaway Brands in a research report on Friday, July 11th. 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. Finally, JPMorgan Chase & Co. reduced their target price on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Tuesday, May 27th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $10.00.

Topgolf Callaway Brands Price Performance

Shares of NYSE:MODG opened at $9.3780 on Thursday. The firm has a market capitalization of $1.72 billion, a PE ratio of -1.15 and a beta of 1.26. The company has a quick ratio of 1.25, a current ratio of 1.85 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average price of $8.92 and a two-hundred day moving average price of $7.44. Topgolf Callaway Brands Corp. has a twelve month low of $5.42 and a twelve month high of $11.77.

Topgolf Callaway Brands (NYSE:MODG) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.21. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates 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 company’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.42 earnings per share. Equities analysts forecast 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.