State Street Corp Trims Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

State Street Corp lessened its stake in Topgolf Callaway Brands Corp. (NYSE:MODG) by 0.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,377,437 shares of the company’s stock after selling 23,177 shares during the period. State Street Corp owned 2.93% of Topgolf Callaway Brands worth $59,044,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Leonard Green & Partners L.P. purchased a new stake in shares of Topgolf Callaway Brands in the second quarter valued at about $97,173,000. Charles Schwab Investment Management Inc. boosted its holdings in Topgolf Callaway Brands by 8.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,995,667 shares of the company’s stock valued at $21,912,000 after purchasing an additional 148,451 shares in the last quarter. PDT Partners LLC purchased a new stake in Topgolf Callaway Brands in the 3rd quarter valued at approximately $1,934,000. Harbor Capital Advisors Inc. raised its stake in shares of Topgolf Callaway Brands by 115.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,644,741 shares of the company’s stock worth $18,059,000 after buying an additional 881,535 shares in the last quarter. Finally, Empowered Funds LLC acquired a new stake in shares of Topgolf Callaway Brands in the 3rd quarter valued at approximately $3,396,000. 84.69% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. The Goldman Sachs Group cut their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, November 14th. Jefferies Financial Group downgraded shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating and cut their price target for the company from $40.00 to $12.00 in a report on Thursday, August 29th. TD Cowen decreased their price objective on shares of Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating on the stock in a report on Tuesday, September 17th. JPMorgan Chase & Co. lowered their target price on shares of Topgolf Callaway Brands from $13.00 to $11.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 13th. Finally, B. Riley downgraded shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and reduced their price target for the company from $18.00 to $12.00 in a research report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $14.92.

Topgolf Callaway Brands Price Performance

Shares of NYSE:MODG opened at $7.52 on Thursday. Topgolf Callaway Brands Corp. has a one year low of $7.52 and a one year high of $16.89. The stock has a market cap of $1.38 billion, a PE ratio of -93.99, a price-to-earnings-growth ratio of 5.62 and a beta of 1.70. The business’s fifty day moving average price is $9.13 and its two-hundred day moving average price is $11.64. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93.

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.