Ironwood Investment Management LLC Reduces Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Ironwood Investment Management LLC lessened its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 4.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 53,578 shares of the company’s stock after selling 2,516 shares during the period. Ironwood Investment Management LLC’s holdings in Topgolf Callaway Brands were worth $421,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Asset Planning Inc purchased a new stake in Topgolf Callaway Brands during the 4th quarter valued at about $33,000. KBC Group NV boosted its holdings in Topgolf Callaway Brands by 81.8% in 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 during the last quarter. PNC Financial Services Group Inc. boosted its holdings in Topgolf Callaway Brands by 170.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 13,757 shares of the company’s stock valued at $108,000 after purchasing an additional 8,672 shares during the last quarter. Quest Partners LLC acquired a new position in Topgolf Callaway Brands in the 3rd quarter valued at about $161,000. Finally, Paloma Partners Management Co acquired a new position in Topgolf Callaway Brands in the 3rd quarter valued at about $200,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Wall Street Analyst Weigh In

MODG has been the topic of several recent analyst reports. JPMorgan Chase & Co. decreased 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. Roth Mkm reiterated a “buy” rating and issued a $11.00 target price (down from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Jefferies Financial Group upgraded shares of Topgolf Callaway Brands from a “hold” rating to a “buy” rating and boosted their target price for the company from $11.00 to $13.00 in a report on Thursday, January 2nd. Finally, Truist Financial decreased their price objective on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Topgolf Callaway Brands has an average rating of “Hold” and an average price target of $13.91.

Topgolf Callaway Brands Price Performance

Topgolf Callaway Brands stock opened at $6.19 on Friday. The firm has a market cap of $1.14 billion, a PE ratio of -77.30 and a beta of 1.70. Topgolf Callaway Brands Corp. has a 52-week low of $5.59 and a 52-week high of $16.89. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. The company’s 50 day moving average is $7.46 and its two-hundred day moving average is $8.72.

Topgolf Callaway Brands (NYSE:MODG) last released its earnings results on Monday, February 24th. The company reported ($0.33) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.07. The company had revenue of $924.40 million for the quarter, compared to analyst estimates of $1.13 billion. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. On average, research analysts expect that Topgolf Callaway Brands Corp. will post 0.16 EPS for the current fiscal year.

Topgolf Callaway Brands 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.