Topgolf Callaway Brands Corp. $MODG Shares Sold by Grace & White Inc. NY

Grace & White Inc. NY trimmed its position in Topgolf Callaway Brands Corp. (NYSE:MODG) by 9.3% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 523,294 shares of the company’s stock after selling 53,850 shares during the period. Grace & White Inc. NY owned approximately 0.28% of Topgolf Callaway Brands worth $4,971,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the company. Signaturefd LLC boosted its holdings in shares of Topgolf Callaway Brands by 1,669.0% in the second quarter. Signaturefd LLC now owns 3,078 shares of the company’s stock valued at $25,000 after acquiring an additional 2,904 shares in the last quarter. GAMMA Investing LLC acquired a new position in Topgolf Callaway Brands during the 2nd quarter worth approximately $36,000. CWM LLC raised its stake in shares of Topgolf Callaway Brands by 124.0% during the 2nd quarter. CWM LLC now owns 4,679 shares of the company’s stock worth $38,000 after buying an additional 2,590 shares in the last quarter. Public Employees Retirement System of Ohio lifted 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 valued at $51,000 after buying an additional 1,240 shares during the period. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Topgolf Callaway Brands in the second quarter valued at approximately $53,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Topgolf Callaway Brands Stock Performance

NYSE:MODG opened at $13.56 on Friday. 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 company has a market capitalization of $2.49 billion, a P/E ratio of -1.66 and a beta of 0.92. The firm has a 50-day moving average price of $11.37 and a two-hundred day moving average price of $9.99. Topgolf Callaway Brands Corp. has a twelve month low of $5.42 and a twelve month high of $13.64.

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

Topgolf Callaway Brands announced that its board has approved a share repurchase plan on Monday, January 5th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 9.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on MODG shares. B. Riley reiterated a “neutral” rating and issued a $11.00 price objective (up previously from $9.50) on shares of Topgolf Callaway Brands in a research report on Monday, November 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Topgolf Callaway Brands in a report on Monday, December 29th. Truist Financial raised 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 note on Tuesday, November 4th. Compass Point upped their target price on shares of Topgolf Callaway Brands from $14.50 to $17.50 and gave the stock a “buy” rating in a research report on Monday. Finally, JPMorgan Chase & Co. lifted their price target on shares of Topgolf Callaway Brands from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Wednesday, November 12th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $11.67.

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.