New York State Common Retirement Fund Sells 78,643 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG)

New York State Common Retirement Fund cut its position in Topgolf Callaway Brands Corp. (NYSE:MODG) by 63.9% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 44,514 shares of the company’s stock after selling 78,643 shares during the period. New York State Common Retirement Fund’s holdings in Topgolf Callaway Brands were worth $350,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in MODG. Charles Schwab Investment Management Inc. lifted its stake in Topgolf Callaway Brands by 8.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,995,667 shares of the company’s stock valued at $21,912,000 after acquiring an additional 148,451 shares during the last quarter. Thompson Investment Management Inc. lifted its stake in Topgolf Callaway Brands by 11.1% in the 4th quarter. Thompson Investment Management Inc. now owns 362,299 shares of the company’s stock valued at $2,848,000 after purchasing an additional 36,201 shares during the last quarter. PDT Partners LLC acquired a new stake in Topgolf Callaway Brands in the 3rd quarter valued at about $1,934,000. Empowered Funds LLC bought a new position in Topgolf Callaway Brands during the third quarter worth about $3,396,000. Finally, Requisite Capital Management LLC acquired a new position in Topgolf Callaway Brands during the fourth quarter worth approximately $2,426,000. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. cut their price objective on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating for the company in a research report on Thursday, January 23rd. The Goldman Sachs Group cut their price target on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, November 14th. Roth Mkm reiterated a “buy” rating and issued a $11.00 price objective (down from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Jefferies Financial Group raised shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating and increased their price objective for the company from $11.00 to $13.00 in a research report on Thursday, January 2nd. Finally, Truist Financial reduced their target price on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $13.91.

Topgolf Callaway Brands Price Performance

Shares of NYSE MODG opened at $6.09 on Wednesday. The stock has a market capitalization of $1.12 billion, a PE ratio of -76.05 and a beta of 1.70. Topgolf Callaway Brands Corp. has a fifty-two week low of $5.95 and a fifty-two week high of $16.89. 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 business has a fifty day moving average price of $7.79 and a two-hundred day moving average price of $8.98.

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

Topgolf Callaway Brands Company Profile

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.