Voya Investment Management LLC Decreases Stake in Topgolf Callaway Brands Corp. (NYSE:MODG)

Voya Investment Management LLC decreased its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 6.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,917 shares of the company’s stock after selling 2,990 shares during the quarter. Voya Investment Management LLC’s holdings in Topgolf Callaway Brands were worth $337,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MODG. Tidal Investments LLC increased its stake in shares of Topgolf Callaway Brands by 35.7% in the 3rd quarter. Tidal Investments LLC now owns 22,302 shares of the company’s stock worth $245,000 after acquiring an additional 5,862 shares during the last quarter. Crossmark Global Holdings Inc. increased its position in Topgolf Callaway Brands by 7.8% during the fourth quarter. Crossmark Global Holdings Inc. now owns 37,329 shares of the company’s stock worth $293,000 after purchasing an additional 2,712 shares during the last quarter. SG Americas Securities LLC purchased a new position in Topgolf Callaway Brands during the fourth quarter worth about $433,000. Requisite Capital Management LLC purchased a new position in Topgolf Callaway Brands during the fourth quarter worth about $2,426,000. Finally, KBC Group NV boosted its holdings in Topgolf Callaway Brands by 81.8% in 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. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Roth Mkm reaffirmed a “buy” rating and set a $11.00 price target (down previously from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. JPMorgan Chase & Co. lowered their price target on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating for the company in a report on Thursday, January 23rd. Finally, Truist Financial reduced their price objective on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a “buy” rating on the stock in a report on Monday, April 14th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $11.00.

Topgolf Callaway Brands Trading Up 2.4%

NYSE MODG opened at $7.35 on Monday. 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 cap of $1.35 billion, a price-to-earnings ratio of -91.86 and a beta of 1.25. The firm has a 50 day simple moving average of $6.44 and a 200-day simple moving average of $7.58. Topgolf Callaway Brands Corp. has a one year low of $5.42 and a one year high of $16.89.

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