Harbor Capital Advisors Inc. Cuts Stake in Topgolf Callaway Brands Corp. (NYSE:MODG)

Harbor Capital Advisors Inc. trimmed its position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 50.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 931,516 shares of the company's stock after selling 954,980 shares during the period. Harbor Capital Advisors Inc. owned about 0.51% of Topgolf Callaway Brands worth $6,139,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in MODG. KBC Group NV grew its stake in Topgolf Callaway Brands by 81.8% in the 4th quarter. KBC Group NV now owns 8,330 shares of the company's stock worth $65,000 after acquiring an additional 3,749 shares in the last quarter. Empowered Funds LLC lifted its position in Topgolf Callaway Brands by 5.1% during the fourth quarter. Empowered Funds LLC now owns 325,106 shares of the company's stock valued at $2,555,000 after acquiring an additional 15,857 shares during the last quarter. Augustine Asset Management Inc. raised its holdings in shares of Topgolf Callaway Brands by 7.4% in the fourth quarter. Augustine Asset Management Inc. now owns 21,843 shares of the company's stock worth $172,000 after buying an additional 1,500 shares during the last quarter. Asset Planning Inc purchased a new position in shares of Topgolf Callaway Brands in the fourth quarter worth $33,000. Finally, Principal Financial Group Inc. raised its holdings in shares of Topgolf Callaway Brands by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 686,480 shares of the company's stock worth $5,396,000 after buying an additional 19,257 shares during the last quarter. 84.69% of the stock is currently owned by institutional investors.

Topgolf Callaway Brands Trading Up 1.2%

Shares of MODG traded up $0.09 during trading on Thursday, reaching $7.90. 2,812,484 shares of the company traded hands, compared to its average volume of 2,802,480. Topgolf Callaway Brands Corp. has a twelve month low of $5.42 and a twelve month high of $16.89. The stock has a 50-day simple moving average of $6.60 and a 200-day simple moving average of $7.18. The stock has a market cap of $1.45 billion, a PE ratio of -98.74 and a beta of 1.21. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last announced its earnings results on Monday, May 12th. The company reported $0.11 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.15. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. The firm had revenue of $1.09 billion for the quarter, compared to the consensus estimate of $1.08 billion. During the same period in the prior year, the firm earned $0.08 EPS. The firm's revenue for the quarter was down 4.5% on a year-over-year basis. On average, analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on MODG. JPMorgan Chase & Co. reduced their target price on shares of Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating for the company in a report on Tuesday, May 27th. B. Riley initiated coverage on shares of Topgolf Callaway Brands in a research report on Friday, May 16th. They issued a "neutral" rating and a $7.00 target price on the stock. Wall Street Zen downgraded shares of Topgolf Callaway Brands from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Roth Mkm reissued a "buy" rating and issued a $11.00 price target (down from $16.00) on shares of Topgolf Callaway Brands in a research note on Tuesday, February 25th. Finally, Truist Financial reduced their target price on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $10.30.

Insiders Place Their Bets

In other Topgolf Callaway Brands news, CEO Oliver G. Brewer III acquired 20,000 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were bought at an average cost of $6.40 per share, for a total transaction of $128,000.00. Following the completion of the purchase, the chief executive officer now owns 1,009,297 shares in the company, valued at $6,459,500.80. This trade represents a 2.02% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Adebayo O. Ogunlesi acquired 38,782 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was acquired at an average price of $7.59 per share, for a total transaction of $294,355.38. Following the completion of the purchase, the director now owns 845,284 shares of the company's stock, valued at $6,415,705.56. This trade represents a 4.81% increase in their position. The disclosure for this purchase can be found here. Insiders bought 905,284 shares of company stock worth $5,922,500 in the last 90 days. Corporate insiders own 2.40% of the company's stock.

Topgolf Callaway Brands 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.