Illinois Municipal Retirement Fund Decreases Stake in Topgolf Callaway Brands Corp. (NYSE:MODG)

Illinois Municipal Retirement Fund lowered its position in Topgolf Callaway Brands Corp. (NYSE:MODG) by 3.4% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 77,230 shares of the company’s stock after selling 2,684 shares during the period. Illinois Municipal Retirement Fund’s holdings in Topgolf Callaway Brands were worth $607,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in Topgolf Callaway Brands by 8.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,995,667 shares of the company’s stock valued at $21,912,000 after purchasing an additional 148,451 shares in the last quarter. Thompson Investment Management Inc. lifted its holdings 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 in the last quarter. PDT Partners LLC purchased a new position in Topgolf Callaway Brands in the 3rd quarter valued at $1,934,000. Empowered Funds LLC purchased a new position in shares of Topgolf Callaway Brands during the 3rd quarter worth $3,396,000. Finally, Requisite Capital Management LLC purchased a new position in shares of Topgolf Callaway Brands during the 4th quarter worth $2,426,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Wall Street Analyst Weigh In

MODG has been the topic of several analyst reports. The Goldman Sachs Group reduced their price target on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating on the stock in a report on Thursday, November 14th. Jefferies Financial Group upgraded Topgolf Callaway Brands from a “hold” rating to a “buy” rating and lifted their price target for the stock from $11.00 to $13.00 in a report on Thursday, January 2nd. Roth Mkm reiterated a “buy” rating and set a $11.00 price target (down previously from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. JPMorgan Chase & Co. reduced their price target on Topgolf Callaway Brands from $11.00 to $9.00 and set a “neutral” rating on the stock in a report on Thursday, January 23rd. Finally, Truist Financial reduced their price target on Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $13.91.

Topgolf Callaway Brands Stock Down 4.6 %

Shares of MODG opened at $6.23 on Tuesday. The firm has a market cap of $1.15 billion, a P/E ratio of -77.87 and a beta of 1.70. Topgolf Callaway Brands Corp. has a 12-month low of $6.11 and a 12-month high of $16.89. The company’s 50-day moving average price is $7.83 and its 200 day moving average price is $9.02. The company has a current ratio of 1.93, a quick ratio of 1.14 and a debt-to-equity ratio of 0.37.

Topgolf Callaway Brands (NYSE:MODG) last released its earnings results on Monday, February 24th. The company reported ($0.33) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.07. The company 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%. On average, sell-side analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current 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.