Topgolf Callaway Brands Corp. $MODG Shares Sold by Thompson Investment Management Inc.

Thompson Investment Management Inc. cut its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 98.2% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,455 shares of the company’s stock after selling 359,285 shares during the quarter. Thompson Investment Management Inc.’s holdings in Topgolf Callaway Brands were worth $61,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in MODG. O Keefe Stevens Advisory Inc. grew its position in shares of Topgolf Callaway Brands by 2,528.5% during the third quarter. O Keefe Stevens Advisory Inc. now owns 347,008 shares of the company’s stock worth $3,297,000 after buying an additional 333,806 shares in the last quarter. Corient Private Wealth LLC bought a new position in Topgolf Callaway Brands during the 2nd quarter valued at $209,000. Nomura Holdings Inc. acquired a new position in Topgolf Callaway Brands during the 2nd quarter worth $875,000. Public Sector Pension Investment Board increased its position in shares of Topgolf Callaway Brands by 7.4% in the 2nd quarter. Public Sector Pension Investment Board now owns 482,053 shares of the company’s stock worth $3,881,000 after purchasing an additional 33,131 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in shares of Topgolf Callaway Brands by 339.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 19,167 shares of the company’s stock valued at $154,000 after purchasing an additional 14,801 shares in the last quarter. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

Topgolf Callaway Brands Trading Down 1.0%

Shares of NYSE MODG opened at $11.75 on Monday. Topgolf Callaway Brands Corp. has a 12-month low of $5.42 and a 12-month high of $12.99. The company has a market cap of $2.16 billion, a price-to-earnings ratio of -1.43 and a beta of 0.94. The company has a current ratio of 1.87, a quick ratio of 1.30 and a debt-to-equity ratio of 0.60. The stock’s 50 day simple moving average is $10.88 and its 200 day simple moving average is $9.75.

Topgolf Callaway Brands (NYSE:MODG) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.16. The firm 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 firm’s revenue was down 7.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.02 EPS. Equities research analysts expect that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on MODG. Zacks Research upgraded Topgolf Callaway Brands from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, December 3rd. B. Riley reiterated a “neutral” rating and issued a $11.00 target price (up previously from $9.50) on shares of Topgolf Callaway Brands in a research report on Monday, November 10th. Roth Capital reiterated a “buy” rating and issued a $14.00 price target on shares of Topgolf Callaway Brands in a report on Wednesday, November 19th. Weiss Ratings restated a “sell (d-)” rating on shares of Topgolf Callaway Brands in a research note on Monday, December 22nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Topgolf Callaway Brands from $9.00 to $10.00 and gave the company a “neutral” rating in a research note on Wednesday, November 12th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Topgolf Callaway Brands currently has an average rating of “Hold” and an average price target of $11.17.

About Topgolf Callaway Brands

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.