Harbor Capital Advisors Inc. Decreases Stock Holdings in Topgolf Callaway Brands Corp. $MODG

Harbor Capital Advisors Inc. reduced its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 72.6% in the third quarter, according to its most recent filing with the SEC. The fund owned 259,277 shares of the company’s stock after selling 687,336 shares during the quarter. Harbor Capital Advisors Inc. owned about 0.14% of Topgolf Callaway Brands worth $2,463,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MODG. Hsbc Holdings PLC raised its stake in Topgolf Callaway Brands by 76.6% during the first quarter. Hsbc Holdings PLC now owns 58,707 shares of the company’s stock valued at $384,000 after purchasing an additional 25,469 shares in the last quarter. AlphaQuest LLC raised its position in shares of Topgolf Callaway Brands by 50.6% during the 1st quarter. AlphaQuest LLC now owns 21,246 shares of the company’s stock valued at $140,000 after buying an additional 7,143 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of Topgolf Callaway Brands by 52.0% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 10,636 shares of the company’s stock valued at $70,000 after buying an additional 3,640 shares in the last quarter. Jump Financial LLC lifted its holdings in shares of Topgolf Callaway Brands by 3.1% in the 1st quarter. Jump Financial LLC now owns 75,685 shares of the company’s stock valued at $499,000 after acquiring an additional 2,265 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp grew its position in Topgolf Callaway Brands by 156.7% in the first quarter. OMERS ADMINISTRATION Corp now owns 170,734 shares of the company’s stock worth $1,125,000 after acquiring an additional 104,234 shares in the last quarter. 84.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on MODG shares. JPMorgan Chase & Co. upped their price objective on Topgolf Callaway Brands from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Wednesday, November 12th. Roth Capital reissued a “buy” rating and set a $14.00 target price on shares of Topgolf Callaway Brands in a research report on Wednesday, November 19th. UBS Group restated a “neutral” rating and set a $11.00 price target on shares of Topgolf Callaway Brands in a report on Monday, November 24th. Zacks Research upgraded shares of Topgolf Callaway Brands from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, December 3rd. Finally, Truist Financial boosted their price objective on shares of Topgolf Callaway Brands from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $11.17.

Topgolf Callaway Brands Price Performance

MODG opened at $11.87 on Friday. The business has a fifty day moving average of $10.83 and a 200 day moving average of $9.69. The stock has a market cap of $2.18 billion, a P/E ratio of -1.45 and a beta of 0.94. The company has a quick ratio of 1.30, a current ratio of 1.87 and a debt-to-equity ratio of 0.60. Topgolf Callaway Brands Corp. has a 52-week low of $5.42 and a 52-week high of $12.99.

Topgolf Callaway Brands (NYSE:MODG) last released its earnings results on Thursday, November 6th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.21) by $0.16. The business had revenue of $465.30 million during the quarter, compared to the consensus estimate of $903.96 million. Topgolf Callaway Brands had a negative return on equity of 0.13% and a negative net margin of 37.06%.The business’s revenue for the quarter was down 7.8% compared to the same quarter last year. During the same period last year, the company earned $0.02 earnings per share. As a group, sell-side analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Topgolf Callaway Brands Profile

Topgolf Callaway Brands plc (NYSE: MODG) is a leading global sports and entertainment company formed through the merger of Callaway Golf Company and Topgolf Entertainment Group in July 2022. The company combines Callaway’s heritage in golf equipment design and manufacturing with Topgolf’s innovative, technology-driven entertainment venues. Topgolf Callaway Brands serves a diverse audience of golf enthusiasts, casual players and social visitors, offering experiences that span both competitive sport and leisure activities.

Under the Callaway Golf brand, the company develops and markets a broad portfolio of premium golf clubs, balls, accessories and apparel.