Grace & White Inc. NY Sells 4,200 Shares of Topgolf Callaway Brands Corp. $MODG

Grace & White Inc. NY decreased its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 0.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 577,144 shares of the company’s stock after selling 4,200 shares during the quarter. Grace & White Inc. NY owned 0.31% of Topgolf Callaway Brands worth $4,646,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. KLP Kapitalforvaltning AS lifted its position in Topgolf Callaway Brands by 27.3% during the second quarter. KLP Kapitalforvaltning AS now owns 31,700 shares of the company’s stock worth $255,000 after purchasing an additional 6,800 shares during the period. O Keefe Stevens Advisory Inc. acquired a new stake in shares of Topgolf Callaway Brands in the 2nd quarter valued at approximately $106,000. Boyar Asset Management Inc. grew its holdings in shares of Topgolf Callaway Brands by 5.0% during the 2nd quarter. Boyar Asset Management Inc. now owns 115,483 shares of the company’s stock valued at $930,000 after purchasing an additional 5,499 shares during the last quarter. Pure Financial Advisors LLC acquired a new position in Topgolf Callaway Brands during the 2nd quarter worth approximately $88,000. Finally, Signaturefd LLC lifted its stake in Topgolf Callaway Brands by 1,669.0% in the 2nd quarter. Signaturefd LLC now owns 3,078 shares of the company’s stock valued at $25,000 after purchasing an additional 2,904 shares during the last quarter. Institutional investors own 84.69% of the company’s stock.

Analyst Upgrades and Downgrades

MODG has been the topic of a number of research analyst reports. Cfra restated a “hold” rating and issued a $9.00 target price on shares of Topgolf Callaway Brands in a research report on Friday, July 11th. Morgan Stanley initiated coverage on shares of Topgolf Callaway Brands in a research report on Friday, July 18th. They issued an “equal weight” rating and a $9.50 target price on the stock. Wall Street Zen upgraded shares of Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. B. Riley restated a “neutral” rating and issued a $9.50 target price (up previously from $7.00) on shares of Topgolf Callaway Brands in a research report on Monday, August 11th. Finally, Zacks Research raised Topgolf Callaway Brands from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $9.75.

Insider Buying and Selling

In other Topgolf Callaway Brands news, CEO Artie Starrs sold 106,734 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $8.64, for a total transaction of $922,181.76. Following the completion of the sale, the chief executive officer owned 105,823 shares of the company’s stock, valued at approximately $914,310.72. This represents a 50.21% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Erik J. Anderson sold 25,704 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $9.25, for a total transaction of $237,762.00. Following the sale, the director directly owned 20,607 shares of the company’s stock, valued at $190,614.75. This represents a 55.50% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company’s stock.

Topgolf Callaway Brands Stock Performance

Topgolf Callaway Brands stock opened at $8.40 on Friday. The business has a 50 day moving average of $9.36 and a 200-day moving average of $8.10. Topgolf Callaway Brands Corp. has a 1 year low of $5.42 and a 1 year high of $11.09. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.85 and a quick ratio of 1.25. The company has a market capitalization of $1.54 billion, a P/E ratio of -1.03 and a beta of 1.24.

Topgolf Callaway Brands (NYSE:MODG) last released its earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.03 by $0.21. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.08 billion. Topgolf Callaway Brands had a negative net margin of 36.08% and a positive return on equity of 0.37%. The company’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.42 EPS. On average, equities research analysts predict that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current 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.