Louisiana State Employees Retirement System Sells 2,700 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG)

Louisiana State Employees Retirement System reduced its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 3.8% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 68,400 shares of the company’s stock after selling 2,700 shares during the period. Louisiana State Employees Retirement System’s holdings in Topgolf Callaway Brands were worth $751,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Commonwealth Equity Services LLC boosted its stake in Topgolf Callaway Brands by 34.2% during the 1st quarter. Commonwealth Equity Services LLC now owns 38,807 shares of the company’s stock valued at $628,000 after purchasing an additional 9,884 shares during the period. BNP Paribas Financial Markets boosted its position in shares of Topgolf Callaway Brands by 7.5% in the first quarter. BNP Paribas Financial Markets now owns 272,599 shares of the company’s stock valued at $4,408,000 after acquiring an additional 18,965 shares during the period. Texas Permanent School Fund Corp grew its stake in shares of Topgolf Callaway Brands by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 124,043 shares of the company’s stock worth $2,006,000 after acquiring an additional 1,633 shares during the last quarter. SG Americas Securities LLC increased its position in Topgolf Callaway Brands by 50.8% during the first quarter. SG Americas Securities LLC now owns 35,142 shares of the company’s stock worth $568,000 after acquiring an additional 11,841 shares during the period. Finally, Illinois Municipal Retirement Fund acquired a new position in Topgolf Callaway Brands during the 1st quarter valued at $1,360,000. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Topgolf Callaway Brands Stock Up 1.3 %

Shares of MODG opened at $9.92 on Tuesday. The business’s 50 day simple moving average is $10.26 and its 200-day simple moving average is $13.20. Topgolf Callaway Brands Corp. has a one year low of $9.05 and a one year high of $16.89. The company has a market capitalization of $1.82 billion, a P/E ratio of 99.20, a PEG ratio of 6.24 and a beta of 1.75. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.15.

Topgolf Callaway Brands (NYSE:MODG) last announced its earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.14. The company had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.19 billion. Topgolf Callaway Brands had a return on equity of 2.07% and a net margin of 0.50%. The firm’s quarterly revenue was down 1.9% compared to the same quarter last year. During the same period last year, the company posted $0.39 earnings per share. As a group, sell-side analysts predict that Topgolf Callaway Brands Corp. will post 0.18 EPS for the current fiscal year.

Analyst Ratings Changes

MODG has been the topic of several research reports. Jefferies Financial Group downgraded shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $40.00 to $12.00 in a report on Thursday, August 29th. Morgan Stanley cut their price target on Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating for the company in a report on Thursday, August 8th. The Goldman Sachs Group reduced their price objective on Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. TD Cowen lowered their price objective on Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating on the stock in a research report on Tuesday, September 17th. Finally, KeyCorp cut Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a research report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Topgolf Callaway Brands presently has a consensus rating of “Hold” and an average price target of $15.31.

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.