Topgolf Callaway Brands Corp. $MODG Shares Sold by Grace & White Inc. NY

Grace & White Inc. NY trimmed its position in Topgolf Callaway Brands Corp. (NYSE:MODG) by 9.3% during the third quarter, Holdings Channel.com reports. The firm owned 523,294 shares of the company’s stock after selling 53,850 shares during the period. Grace & White Inc. NY’s holdings in Topgolf Callaway Brands were worth $4,971,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MODG. Inspire Investing LLC purchased a new position in Topgolf Callaway Brands during the first quarter worth about $346,000. Bryce Point Capital LLC purchased a new stake in Topgolf Callaway Brands in the 2nd quarter valued at about $762,000. O Keefe Stevens Advisory Inc. increased its stake in shares of Topgolf Callaway Brands by 2,528.5% during the 3rd quarter. O Keefe Stevens Advisory Inc. now owns 347,008 shares of the company’s stock valued at $3,297,000 after acquiring an additional 333,806 shares during the last quarter. Hill Path Capital LP purchased a new position in shares of Topgolf Callaway Brands during the 2nd quarter worth about $37,722,000. Finally, AlphaQuest LLC lifted its holdings in shares of Topgolf Callaway Brands by 353.9% during the 2nd quarter. AlphaQuest LLC now owns 96,433 shares of the company’s stock worth $776,000 after acquiring an additional 75,187 shares during the period. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

Topgolf Callaway Brands Stock Performance

Shares of MODG stock opened at $13.56 on Friday. The company has a current ratio of 1.87, a quick ratio of 1.30 and a debt-to-equity ratio of 0.60. The company has a market cap of $2.49 billion, a PE ratio of -1.66 and a beta of 0.92. The company’s fifty day simple moving average is $11.37 and its 200-day simple moving average is $9.99. Topgolf Callaway Brands Corp. has a 52 week low of $5.42 and a 52 week high of $13.64.

Topgolf Callaway Brands (NYSE:MODG) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.21) by $0.16. Topgolf Callaway Brands had a negative return on equity of 0.13% and a negative net margin of 37.06%.The company had revenue of $465.30 million for the quarter, compared to analyst estimates of $903.96 million. During the same period last year, the company posted $0.02 earnings per share. The firm’s revenue was down 7.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Topgolf Callaway Brands announced that its Board of Directors has initiated a stock buyback plan on Monday, January 5th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the company to reacquire up to 9.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Compass Point boosted their target price on shares of Topgolf Callaway Brands from $14.50 to $17.50 and gave the company a “buy” rating in a report on Monday. UBS Group reissued a “neutral” rating and set a $11.00 price objective on shares of Topgolf Callaway Brands in a research note on Monday, November 24th. B. Riley restated a “neutral” rating and set a $11.00 price objective (up from $9.50) on shares of Topgolf Callaway Brands in a report on Monday, November 10th. Zacks Research upgraded Topgolf Callaway Brands from a “hold” rating to a “strong-buy” rating in a report on Wednesday, December 3rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Topgolf Callaway Brands in a research report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $11.67.

Topgolf Callaway Brands Profile

Topgolf Callaway Brands plc (NYSE: MODG) is a leading global sports and entertainment company formed through the merger of Callaway Golf Company and Topgolf Entertainment Group in July 2022. The company combines Callaway’s heritage in golf equipment design and manufacturing with Topgolf’s innovative, technology-driven entertainment venues. Topgolf Callaway Brands serves a diverse audience of golf enthusiasts, casual players and social visitors, offering experiences that span both competitive sport and leisure activities.

Under the Callaway Golf brand, the company develops and markets a broad portfolio of premium golf clubs, balls, accessories and apparel.