AREX Capital Management LP reduced its stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 42.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 598,800 shares of the company's stock after selling 438,891 shares during the period. Topgolf Callaway Brands comprises 6.7% of AREX Capital Management LP's investment portfolio, making the stock its 4th biggest position. AREX Capital Management LP owned approximately 0.33% of Topgolf Callaway Brands worth $4,707,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also bought and sold shares of the company. Alliancebernstein L.P. lifted its stake in Topgolf Callaway Brands by 97.6% during the fourth quarter. Alliancebernstein L.P. now owns 2,152,565 shares of the company's stock worth $16,919,000 after purchasing an additional 1,063,033 shares during the last quarter. ExodusPoint Capital Management LP bought a new position in Topgolf Callaway Brands during the 4th quarter valued at approximately $4,769,000. Claar Advisors LLC purchased a new stake in Topgolf Callaway Brands in the fourth quarter worth $4,716,000. Invesco Ltd. increased its position in shares of Topgolf Callaway Brands by 41.9% during the fourth quarter. Invesco Ltd. now owns 1,591,742 shares of the company's stock valued at $12,511,000 after buying an additional 469,728 shares during the period. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Topgolf Callaway Brands in the fourth quarter worth $2,796,000. 84.69% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
MODG has been the topic of a number of analyst reports. JPMorgan Chase & Co. cut their price target on Topgolf Callaway Brands from $11.00 to $9.00 and set a "neutral" rating on the stock in a research note on Thursday, January 23rd. Roth Mkm restated a "buy" rating and set a $11.00 target price (down from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. Finally, Truist Financial lowered their price target on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Topgolf Callaway Brands presently has a consensus rating of "Hold" and an average target price of $11.00.
Check Out Our Latest Research Report on Topgolf Callaway Brands
Topgolf Callaway Brands Stock Performance
NYSE:MODG traded up $0.06 during midday trading on Tuesday, hitting $6.87. The company's stock had a trading volume of 1,587,454 shares, compared to its average volume of 2,696,453. 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 firm's 50 day moving average is $6.38 and its 200-day moving average is $7.67. Topgolf Callaway Brands Corp. has a fifty-two week low of $5.42 and a fifty-two week high of $16.89. The firm has a market cap of $1.26 billion, a P/E ratio of -85.80 and a beta of 1.25.
Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its quarterly earnings data on Monday, February 24th. The company reported ($0.33) earnings per share for the quarter, topping analysts' consensus estimates of ($0.40) by $0.07. The business had revenue of $924.40 million during the quarter, compared to the consensus estimate of $1.13 billion. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. Equities analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.
Topgolf Callaway Brands Profile
(
Free Report)
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.
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