Northern Trust Corp Sells 28,842 Shares of 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 decreased its stake in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 1.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,512,759 shares of the company's stock after selling 28,842 shares during the quarter. Northern Trust Corp owned 0.82% of Topgolf Callaway Brands worth $9,969,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of MODG. Ameriprise Financial Inc. increased its position in shares of Topgolf Callaway Brands by 57.8% in the fourth quarter. Ameriprise Financial Inc. now owns 2,086,700 shares of the company's stock worth $16,401,000 after acquiring an additional 764,322 shares in the last quarter. Shapiro Capital Management LLC boosted its stake in Topgolf Callaway Brands by 3.6% in the 4th quarter. Shapiro Capital Management LLC now owns 10,520,632 shares of the company's stock worth $82,692,000 after purchasing an additional 366,192 shares during the period. Prentice Capital Management LP purchased a new position in Topgolf Callaway Brands during the 4th quarter worth approximately $2,510,000. Cubist Systematic Strategies LLC purchased a new position in Topgolf Callaway Brands during the 4th quarter worth approximately $2,364,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Topgolf Callaway Brands by 8.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,478,250 shares of the company's stock worth $16,332,000 after buying an additional 191,531 shares during the period. Institutional investors and hedge funds own 84.69% of the company's stock.

Insider Activity

In other Topgolf Callaway Brands news, CEO Artie Starrs sold 106,734 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $8.64, for a total transaction of $922,181.76. Following the transaction, the chief executive officer directly owned 105,823 shares in the company, valued at $914,310.72. This trade represents a 50.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Erik J. Anderson sold 25,704 shares of the firm's stock in a transaction dated 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 owned 20,607 shares in the company, valued at approximately $190,614.75. This trade represents a 55.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.49% of the stock is owned by company insiders.

Topgolf Callaway Brands Stock Up 0.2%

MODG traded up $0.02 during trading on Wednesday, reaching $9.15. 1,101,083 shares of the stock traded hands, compared to its average volume of 2,898,420. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of -1.12 and a beta of 1.25. Topgolf Callaway Brands Corp. has a fifty-two week low of $5.42 and a fifty-two week high of $11.28. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.85 and a quick ratio of 1.25. The stock's 50-day simple moving average is $9.28 and its two-hundred day simple moving average is $7.63.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $1.08 billion. During the same period last year, the company earned $0.42 earnings per share. The business's revenue was down 4.1% compared to the same quarter last year. As a group, equities research analysts expect that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently commented on MODG shares. JPMorgan Chase & Co. decreased their target price on 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. Cfra reaffirmed a "hold" rating and issued a $9.00 target price on shares of Topgolf Callaway Brands in a research report on Friday, July 11th. Morgan Stanley started coverage on Topgolf Callaway Brands in a research report on Friday, July 18th. They issued an "equal weight" rating and a $9.50 target price for the company. Wall Street Zen raised Topgolf Callaway Brands from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, B. Riley reaffirmed a "neutral" rating and issued a $9.50 target price (up previously from $7.00) on shares of Topgolf Callaway Brands in a research report on Monday, August 11th. Three research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, Topgolf Callaway Brands currently has an average rating of "Hold" and an average target price of $10.00.

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.