Northern Trust Corp Lowers Stock Position in Topgolf Callaway Brands Corp. $MODG

Key Points

• Northern Trust Corp reduced its holdings in Topgolf Callaway Brands Corp. by 1.9%, now owning about 0.82% of the company, valued at approximately $9.97 million.
• Topgolf Callaway Brands reported better-than-expected earnings, with an EPS of $0.24 and revenue of $1.11 billion for the last quarter, surpassing analyst expectations.
• Multiple analysts have adjusted their price targets on Topgolf Callaway Brands, with a consensus target price set at $10.00 and several firms maintaining a "Hold" rating.

Northern Trust Corp lowered its position in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 1.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,512,759 shares of the company's stock after selling 28,842 shares during the quarter. Northern Trust Corp owned approximately 0.82% of Topgolf Callaway Brands worth $9,969,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wealth Enhancement Advisory Services LLC purchased a new stake in Topgolf Callaway Brands in the fourth quarter worth approximately $289,000. Novem Group purchased a new stake in Topgolf Callaway Brands in the first quarter worth approximately $538,000. Dynamic Advisor Solutions LLC purchased a new stake in shares of Topgolf Callaway Brands during the first quarter valued at approximately $66,000. Fox Run Management L.L.C. purchased a new stake in shares of Topgolf Callaway Brands during the first quarter valued at approximately $265,000. Finally, Triumph Capital Management boosted its stake in shares of Topgolf Callaway Brands by 389.9% during the first quarter. Triumph Capital Management now owns 131,437 shares of the company's stock valued at $866,000 after purchasing an additional 104,605 shares during the period. Hedge funds and other institutional investors own 84.69% of the company's stock.

Topgolf Callaway Brands Trading Up 4.3%

MODG stock traded up $0.40 on Thursday, reaching $9.67. The company's stock had a trading volume of 2,155,387 shares, compared to its average volume of 2,149,916. The business has a fifty day simple moving average of $9.30 and a two-hundred day simple moving average of $7.67. Topgolf Callaway Brands Corp. has a 12-month low of $5.42 and a 12-month high of $11.28. The firm has a market cap of $1.78 billion, a PE ratio of -1.19 and a beta of 1.25. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.25 and a current ratio of 1.85.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.03 by $0.21. Topgolf Callaway Brands had a positive return on equity of 0.37% and a negative net margin of 36.08%.The company had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.08 billion. During the same quarter last year, the firm posted $0.42 earnings per share. The firm's revenue was down 4.1% on a year-over-year basis. As a group, research analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Wall Street Analyst Weigh In

MODG has been the subject of a number of analyst reports. JPMorgan Chase & Co. dropped their price objective on Topgolf Callaway Brands from $8.00 to $7.00 and set a "neutral" rating for the company in a research note on Tuesday, May 27th. Wall Street Zen raised Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Morgan Stanley initiated coverage on Topgolf Callaway Brands in a research note on Friday, July 18th. They set an "equal weight" rating and a $9.50 price objective for the company. Cfra reissued a "hold" rating and set a $9.00 price objective on shares of Topgolf Callaway Brands in a research note on Friday, July 11th. Finally, B. Riley reissued a "neutral" rating and set a $9.50 price objective (up previously from $7.00) on shares of Topgolf Callaway Brands in a research note on Monday, August 11th. Three investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $10.00.

Insider Buying and Selling at Topgolf Callaway Brands

In other Topgolf Callaway Brands news, CEO Artie Starrs sold 106,734 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $8.64, for a total transaction of $922,181.76. Following the completion of the transaction, the chief executive officer owned 105,823 shares of the company's stock, valued at approximately $914,310.72. This trade represents a 50.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Erik J. Anderson sold 25,704 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $9.25, for a total value of $237,762.00. Following the transaction, the director directly owned 20,607 shares of the company's stock, valued at $190,614.75. This represents a 55.50% decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.40% of the company's stock.

About Topgolf Callaway Brands

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.