Thrivent Financial for Lutherans Sells 7,502,734 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG)

Thrivent Financial for Lutherans lowered its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 98.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,664 shares of the company’s stock after selling 7,502,734 shares during the period. Thrivent Financial for Lutherans owned approximately 0.06% of Topgolf Callaway Brands worth $862,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Augustine Asset Management Inc. increased its position in Topgolf Callaway Brands by 7.4% during the fourth quarter. Augustine Asset Management Inc. now owns 21,843 shares of the company’s stock valued at $172,000 after acquiring an additional 1,500 shares during the last quarter. Crossmark Global Holdings Inc. grew its stake in shares of Topgolf Callaway Brands by 7.8% during the 4th quarter. Crossmark Global Holdings Inc. now owns 37,329 shares of the company’s stock valued at $293,000 after purchasing an additional 2,712 shares during the period. KBC Group NV increased its position in shares of Topgolf Callaway Brands by 81.8% during the 4th quarter. KBC Group NV now owns 8,330 shares of the company’s stock valued at $65,000 after purchasing an additional 3,749 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Topgolf Callaway Brands by 1.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 355,256 shares of the company’s stock worth $3,901,000 after purchasing an additional 3,841 shares during the period. Finally, Asset Planning Inc bought a new stake in Topgolf Callaway Brands during the fourth quarter valued at approximately $33,000. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

Topgolf Callaway Brands Stock Performance

NYSE MODG opened at $6.29 on Wednesday. Topgolf Callaway Brands Corp. has a fifty-two week low of $5.59 and a fifty-two week high of $16.89. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93. The firm has a market capitalization of $1.16 billion, a P/E ratio of -78.55 and a beta of 1.70. The stock has a 50-day simple moving average of $7.03 and a two-hundred day simple moving average of $8.40.

Topgolf Callaway Brands (NYSE:MODG) last released its quarterly earnings results on Monday, February 24th. The company reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.07. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. The firm had revenue of $924.40 million for the quarter, compared to analysts’ expectations of $1.13 billion. On average, equities analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on MODG shares. Jefferies Financial Group upgraded shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating and raised their target price for the stock from $11.00 to $13.00 in a research note on Thursday, January 2nd. Truist Financial decreased their price target on Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Roth Mkm reaffirmed a “buy” rating and issued a $11.00 price objective (down previously from $16.00) on shares of Topgolf Callaway Brands in a research note on Tuesday, February 25th. Finally, JPMorgan Chase & Co. decreased their target price on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating on the stock in a research note on Thursday, January 23rd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus 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.