Teza Capital Management LLC Lowers Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Teza Capital Management LLC trimmed its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 91.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,660 shares of the company's stock after selling 129,213 shares during the quarter. Teza Capital Management LLC's holdings in Topgolf Callaway Brands were worth $100,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in MODG. Crossmark Global Holdings Inc. lifted its holdings in shares of Topgolf Callaway Brands by 7.8% during the fourth quarter. Crossmark Global Holdings Inc. now owns 37,329 shares of the company's stock valued at $293,000 after purchasing an additional 2,712 shares during the last quarter. SG Americas Securities LLC bought a new stake in Topgolf Callaway Brands during the 4th quarter valued at about $433,000. Requisite Capital Management LLC bought a new stake in Topgolf Callaway Brands during the 4th quarter valued at about $2,426,000. KBC Group NV increased its stake in Topgolf Callaway Brands by 81.8% during the 4th quarter. KBC Group NV now owns 8,330 shares of the company's stock valued at $65,000 after purchasing an additional 3,749 shares in the last quarter. Finally, Empowered Funds LLC increased its stake in Topgolf Callaway Brands by 5.1% during the 4th quarter. Empowered Funds LLC now owns 325,106 shares of the company's stock valued at $2,555,000 after purchasing an additional 15,857 shares in the last quarter. 84.69% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Topgolf Callaway Brands

In other news, CEO Oliver G. Brewer III purchased 20,000 shares of the stock in a transaction on Wednesday, May 14th. The shares were acquired at an average price of $6.40 per share, with a total value of $128,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,009,297 shares of the company's stock, valued at $6,459,500.80. This trade represents a 2.02% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Russell L. Fleischer purchased 30,000 shares of the stock in a transaction on Wednesday, May 14th. The shares were purchased at an average cost of $6.41 per share, for a total transaction of $192,300.00. Following the acquisition, the director now directly owns 116,187 shares of the company's stock, valued at approximately $744,758.67. This represents a 34.81% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought 60,000 shares of company stock valued at $388,900 over the last 90 days. 2.40% of the stock is currently owned by corporate insiders.

Topgolf Callaway Brands Stock Performance

Shares of MODG traded up $0.16 on Tuesday, reaching $6.41. The company's stock had a trading volume of 238,772 shares, compared to its average volume of 2,746,433. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14. The stock has a market capitalization of $1.18 billion, a P/E ratio of -79.68 and a beta of 1.25. The stock's 50 day simple moving average is $6.54 and its two-hundred day simple moving average is $7.34. Topgolf Callaway Brands Corp. has a 12-month low of $5.42 and a 12-month high of $16.89.

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

Wall Street Analysts Forecast Growth

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

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.