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

Profit Investment Management LLC reduced its stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 29.2% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 106,390 shares of the company's stock after selling 43,780 shares during the period. Profit Investment Management LLC owned about 0.06% of Topgolf Callaway Brands worth $701,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MODG. Augustine Asset Management Inc. boosted its stake in shares of Topgolf Callaway Brands by 7.4% in the 4th 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. MetLife Investment Management LLC lifted its stake in Topgolf Callaway Brands by 2.9% in the fourth quarter. MetLife Investment Management LLC now owns 82,820 shares of the company's stock valued at $651,000 after purchasing an additional 2,303 shares during the last quarter. Tidal Investments LLC lifted its stake in Topgolf Callaway Brands by 11.6% in the fourth quarter. Tidal Investments LLC now owns 24,898 shares of the company's stock valued at $196,000 after purchasing an additional 2,596 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Topgolf Callaway Brands by 4.0% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 80,716 shares of the company's stock valued at $634,000 after purchasing an additional 3,084 shares during the last quarter. Finally, Boyar Asset Management Inc. lifted its stake in Topgolf Callaway Brands by 3.4% in the fourth quarter. Boyar Asset Management Inc. now owns 108,127 shares of the company's stock valued at $850,000 after purchasing an additional 3,587 shares during the last quarter. 84.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on MODG shares. Wall Street Zen cut shares of Topgolf Callaway Brands from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Truist Financial decreased their target price on 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. Roth Mkm reaffirmed a "buy" rating and issued a $11.00 target price (down from $16.00) on shares of Topgolf Callaway Brands in a research note on Tuesday, February 25th. B. Riley started coverage on shares of Topgolf Callaway Brands in a research report on Friday, May 16th. They set a "neutral" rating and a $7.00 target price for the company. Finally, JPMorgan Chase & Co. dropped 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 research report on Tuesday, May 27th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Topgolf Callaway Brands currently has an average rating of "Hold" and an average price target of $10.30.

Insider Activity at Topgolf Callaway Brands

In related news, Director Russell L. Fleischer purchased 30,000 shares of the firm's stock in a transaction on Wednesday, May 14th. The stock was acquired at an average price of $6.41 per share, with a total value of $192,300.00. Following the completion of the acquisition, the director now owns 116,187 shares in the company, valued at approximately $744,758.67. This represents a 34.81% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Glenn F. Hickey purchased 10,000 shares of the firm's stock in a transaction on Monday, May 19th. The stock was bought at an average cost of $6.86 per share, with a total value of $68,600.00. Following the acquisition, the executive vice president now owns 10,000 shares of the company's stock, valued at approximately $68,600. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders bought 60,000 shares of company stock valued at $388,900 over the last 90 days. Insiders own 2.40% of the company's stock.

Topgolf Callaway Brands Trading Down 0.3%

NYSE:MODG traded down $0.02 during mid-day trading on Thursday, hitting $6.51. 598,195 shares of the stock traded hands, compared to its average volume of 2,758,260. The stock has a market capitalization of $1.20 billion, a price-to-earnings ratio of -81.36 and a beta of 1.21. Topgolf Callaway Brands Corp. has a 52 week low of $5.42 and a 52 week high of $16.89. The firm's 50 day moving average is $6.48 and its two-hundred day moving average is $7.23. 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 issued its earnings results on Monday, May 12th. The company reported $0.11 EPS for the quarter, topping analysts' consensus estimates 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 business 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 company's revenue for the quarter was down 4.5% compared to the same quarter last year. On average, equities research analysts predict 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.