Northern Trust Corp Decreases Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

Northern Trust Corp cut its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 19.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,541,601 shares of the company's stock after selling 360,921 shares during the quarter. Northern Trust Corp owned approximately 0.84% of Topgolf Callaway Brands worth $12,117,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. Augustine Asset Management Inc. grew its holdings in 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 purchasing an additional 1,500 shares during the period. MetLife Investment Management LLC grew its stake in shares of Topgolf Callaway Brands by 2.9% in the 4th quarter. MetLife Investment Management LLC now owns 82,820 shares of the company's stock worth $651,000 after buying an additional 2,303 shares during the last quarter. Crossmark Global Holdings Inc. increased its position in Topgolf Callaway Brands by 7.8% during the 4th quarter. Crossmark Global Holdings Inc. now owns 37,329 shares of the company's stock valued at $293,000 after buying an additional 2,712 shares in the last quarter. KBC Group NV raised its stake in Topgolf Callaway Brands by 81.8% during the fourth quarter. KBC Group NV now owns 8,330 shares of the company's stock valued at $65,000 after buying an additional 3,749 shares during the last quarter. Finally, Two Sigma Securities LLC boosted its holdings in Topgolf Callaway Brands by 35.2% in the fourth quarter. Two Sigma Securities LLC now owns 15,270 shares of the company's stock worth $120,000 after acquiring an additional 3,977 shares in the last quarter. 84.69% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Roth Mkm reaffirmed a "buy" rating and issued a $11.00 price target (down previously from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. B. Riley assumed coverage on shares of Topgolf Callaway Brands in a research note on Friday. They issued a "neutral" rating and a $7.00 target price on the stock. Truist Financial cut 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. Finally, JPMorgan Chase & Co. dropped their target price on shares of Topgolf Callaway Brands from $11.00 to $9.00 and set a "neutral" rating on the stock in a report on Thursday, January 23rd. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $10.50.

Topgolf Callaway Brands Stock Performance

NYSE MODG traded up $0.22 on Tuesday, hitting $6.79. 2,757,025 shares of the company traded hands, compared to its average volume of 2,741,664. The company has a current ratio of 1.93, a quick ratio of 1.14 and a debt-to-equity ratio of 0.37. The business's 50 day moving average price is $6.53 and its 200-day moving average price is $7.46. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of -84.86 and a beta of 1.25. Topgolf Callaway Brands Corp. has a 52-week low of $5.42 and a 52-week high of $16.89.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last announced 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 firm had revenue of $1.09 billion during the quarter, compared to analysts' expectations 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 company's revenue for the quarter was down 4.5% compared to the same quarter last year. During the same period in the prior year, the company posted $0.08 earnings per share. Equities analysts expect that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Russell L. Fleischer acquired 30,000 shares of the firm's stock in a transaction dated Wednesday, May 14th. The shares were acquired at an average cost of $6.41 per share, with a total value 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. The trade was a 34.81% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Glenn F. Hickey bought 10,000 shares of the stock in a transaction dated Monday, May 19th. The shares were purchased at an average price of $6.86 per share, with a total value of $68,600.00. Following the completion of the transaction, the executive vice president now directly owns 10,000 shares in the company, valued at approximately $68,600. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 60,000 shares of company stock worth $388,900. Corporate 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.