Bank of New York Mellon Corp Decreases Stock Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Bank of New York Mellon Corp lowered its stake in Topgolf Callaway Brands Corp. (NYSE:MODG) by 14.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 948,781 shares of the company’s stock after selling 158,599 shares during the quarter. Bank of New York Mellon Corp owned about 0.52% of Topgolf Callaway Brands worth $7,457,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of MODG. Charles Schwab Investment Management Inc. increased its holdings in shares of 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 worth $21,912,000 after buying an additional 148,451 shares during the last quarter. Thompson Investment Management Inc. increased its holdings in shares of Topgolf Callaway Brands by 11.1% in the 4th quarter. Thompson Investment Management Inc. now owns 362,299 shares of the company’s stock worth $2,848,000 after buying an additional 36,201 shares during the last quarter. PDT Partners LLC bought a new stake in shares of Topgolf Callaway Brands in the 3rd quarter worth about $1,934,000. Empowered Funds LLC bought a new stake in shares of Topgolf Callaway Brands in the 3rd quarter worth about $3,396,000. Finally, Requisite Capital Management LLC bought a new stake in shares of Topgolf Callaway Brands in the 4th quarter worth about $2,426,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Topgolf Callaway Brands Price Performance

Shares of MODG stock opened at $6.19 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14. The company has a market capitalization of $1.14 billion, a P/E ratio of -77.30 and a beta of 1.70. The company’s 50-day simple moving average is $7.46 and its two-hundred day simple moving average is $8.70. Topgolf Callaway Brands Corp. has a one year low of $5.59 and a one year high of $16.89.

Topgolf Callaway Brands (NYSE:MODG) last issued its earnings results on Monday, February 24th. The company reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.07. The business had revenue of $924.40 million for the quarter, compared to the consensus estimate of $1.13 billion. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. As a group, equities analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on MODG shares. Truist Financial reduced their target price on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Jefferies Financial Group upgraded shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating and boosted their target price for the stock from $11.00 to $13.00 in a report on Thursday, January 2nd. JPMorgan Chase & Co. cut their price target on shares of Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating on the stock in a report on Thursday, January 23rd. Finally, Roth Mkm reiterated a “buy” rating and set a $11.00 price target (down from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $13.91.

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.