US Bancorp DE Decreases Stock Position in Topgolf Callaway Brands Corp. $MODG

US Bancorp DE lowered its stake in Topgolf Callaway Brands Corp. (NYSE:MODG) by 3.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 138,815 shares of the company’s stock after selling 5,669 shares during the quarter. US Bancorp DE owned about 0.08% of Topgolf Callaway Brands worth $1,117,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Signaturefd LLC increased its holdings in shares of Topgolf Callaway Brands by 1,669.0% in the 2nd quarter. Signaturefd LLC now owns 3,078 shares of the company’s stock worth $25,000 after buying an additional 2,904 shares during the last quarter. GAMMA Investing LLC bought a new stake in shares of Topgolf Callaway Brands in the 2nd quarter worth about $36,000. Public Employees Retirement System of Ohio increased its holdings in shares of Topgolf Callaway Brands by 24.6% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 6,275 shares of the company’s stock worth $51,000 after buying an additional 1,240 shares during the last quarter. Dynamic Advisor Solutions LLC bought a new stake in shares of Topgolf Callaway Brands in the 1st quarter worth about $66,000. Finally, Capstone Financial Advisors Inc. bought a new stake in shares of Topgolf Callaway Brands in the 1st quarter worth about $66,000. 84.69% of the stock is currently owned by institutional investors.

Insider Transactions at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, CEO Artie Starrs sold 106,734 shares of the company’s stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $8.64, for a total value of $922,181.76. Following the transaction, the chief executive officer directly owned 105,823 shares in the company, valued at $914,310.72. This represents a 50.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Erik J. Anderson sold 25,704 shares of the company’s stock in a transaction that occurred 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 sale, the director directly owned 20,607 shares of the company’s stock, valued at $190,614.75. The trade was a 55.50% decrease in their position. The disclosure for this sale can be found here. 2.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Morgan Stanley assumed coverage on shares of Topgolf Callaway Brands in a report on Friday, July 18th. They issued an “equal weight” rating and a $9.50 target price on the stock. Wall Street Zen upgraded shares of Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. UBS Group began coverage on shares of Topgolf Callaway Brands in a report on Friday. They set a “neutral” rating and a $10.00 price target on the stock. Zacks Research upgraded shares of Topgolf Callaway Brands from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. Finally, B. Riley reiterated a “neutral” rating and set a $9.50 price target (up from $7.00) on shares of Topgolf Callaway Brands in a report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $9.78.

Topgolf Callaway Brands Price Performance

Shares of MODG stock opened at $9.16 on Friday. 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 company has a market capitalization of $1.68 billion, a P/E ratio of -1.13 and a beta of 1.24. The company’s 50-day simple moving average is $9.39 and its two-hundred day simple moving average is $8.19. Topgolf Callaway Brands Corp. has a one year low of $5.42 and a one year high of $11.09.

Topgolf Callaway Brands (NYSE:MODG) last issued its earnings results on Wednesday, August 6th. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.21. The business 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 company’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 EPS. As a group, equities analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Topgolf Callaway Brands Company 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.