Texas Permanent School Fund Corp Decreases Stock Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

Texas Permanent School Fund Corp cut its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG) by 9.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 112,330 shares of the company’s stock after selling 11,713 shares during the period. Texas Permanent School Fund Corp owned about 0.06% of Topgolf Callaway Brands worth $1,719,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Louisiana State Employees Retirement System boosted its stake in shares of Topgolf Callaway Brands by 1.0% during the second quarter. Louisiana State Employees Retirement System now owns 71,100 shares of the company’s stock worth $1,088,000 after buying an additional 700 shares during the period. SG Americas Securities LLC grew its position in Topgolf Callaway Brands by 5.2% during the second quarter. SG Americas Securities LLC now owns 36,961 shares of the company’s stock worth $566,000 after buying an additional 1,819 shares during the period. Blair William & Co. IL boosted its stake in shares of Topgolf Callaway Brands by 2.0% during the 1st quarter. Blair William & Co. IL now owns 96,389 shares of the company’s stock worth $1,559,000 after acquiring an additional 1,899 shares in the last quarter. US Bancorp DE raised its holdings in Topgolf Callaway Brands by 1.4% during the first quarter. US Bancorp DE now owns 137,187 shares of the company’s stock worth $2,218,000 after purchasing an additional 1,922 shares during the last quarter. Finally, Fifth Third Bancorp increased its position in shares of Topgolf Callaway Brands by 327.6% in the second quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock valued at $39,000 after buying an additional 1,936 shares in the last quarter. 84.69% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on MODG shares. Truist Financial lowered their target price on Topgolf Callaway Brands from $20.00 to $16.00 and set a “buy” rating on the stock in a report on Thursday, August 8th. Bank of America cut their price objective on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, September 12th. Raymond James downgraded Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a report on Friday, August 23rd. Morgan Stanley lowered their price objective on Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating for the company in a research report on Thursday, August 8th. Finally, Roth Mkm reissued a “buy” rating and issued a $17.00 price target on shares of Topgolf Callaway Brands in a research note on Thursday, September 5th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Topgolf Callaway Brands presently has an average rating of “Hold” and a consensus target price of $16.00.

Topgolf Callaway Brands Price Performance

MODG opened at $10.61 on Thursday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.15 and a current ratio of 1.93. Topgolf Callaway Brands Corp. has a 1-year low of $9.05 and a 1-year high of $16.89. The company has a 50-day moving average of $12.56 and a 200-day moving average of $14.36. The company has a market capitalization of $1.95 billion, a P/E ratio of 28.66, a PEG ratio of 6.08 and a beta of 1.74.

Topgolf Callaway Brands (NYSE:MODG) last issued its earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.14. Topgolf Callaway Brands had a net margin of 0.50% and a return on equity of 2.07%. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the prior year, the company earned $0.39 earnings per share. The firm’s revenue was down 1.9% compared to the same quarter last year. Equities analysts expect that Topgolf Callaway Brands Corp. will post 0.18 EPS for the current fiscal year.

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.