Grace & White Inc. NY Has $4.65 Million Stake in Topgolf Callaway Brands Corp. $MODG

Grace & White Inc. NY decreased its stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 0.7% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 577,144 shares of the company’s stock after selling 4,200 shares during the period. Grace & White Inc. NY’s holdings in Topgolf Callaway Brands were worth $4,646,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of MODG. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Topgolf Callaway Brands during the 4th quarter worth approximately $289,000. Dynamic Advisor Solutions LLC acquired a new stake in shares of Topgolf Callaway Brands during the 1st quarter worth approximately $66,000. New World Advisors LLC lifted its holdings in shares of Topgolf Callaway Brands by 24.2% in the 1st quarter. New World Advisors LLC now owns 34,925 shares of the company’s stock worth $230,000 after purchasing an additional 6,800 shares in the last quarter. Boyar Asset Management Inc. lifted its holdings in shares of Topgolf Callaway Brands by 1.7% in the 1st quarter. Boyar Asset Management Inc. now owns 109,984 shares of the company’s stock worth $725,000 after purchasing an additional 1,857 shares in the last quarter. Finally, Novem Group bought a new position in shares of Topgolf Callaway Brands in the 1st quarter worth $538,000. Institutional investors and hedge funds own 84.69% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Morgan Stanley assumed coverage on Topgolf Callaway Brands in a report on Friday, July 18th. They issued an “equal weight” rating and a $9.50 target price on the stock. Zacks Research upgraded Topgolf Callaway Brands from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. B. Riley reiterated a “neutral” rating and issued a $9.50 target price (up from $7.00) on shares of Topgolf Callaway Brands in a report on Monday, August 11th. Wall Street Zen upgraded Topgolf Callaway Brands from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Finally, Cfra reiterated a “hold” rating and issued a $9.00 target price on shares of Topgolf Callaway Brands in a report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $9.75.

Insiders Place Their Bets

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

Topgolf Callaway Brands Price Performance

MODG opened at $8.40 on Friday. 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 company has a market capitalization of $1.54 billion, a price-to-earnings ratio of -1.03 and a beta of 1.24. The firm’s fifty day moving average price is $9.36 and its two-hundred day moving average price is $8.10. Topgolf Callaway Brands Corp. has a 1 year low of $5.42 and a 1 year high of $11.09.

Topgolf Callaway Brands (NYSE:MODG) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.21. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.08 billion. Topgolf Callaway Brands had a negative net margin of 36.08% and a positive return on equity of 0.37%. The business’s revenue for the quarter was down 4.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.42 EPS. As a group, analysts anticipate that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current fiscal year.

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.