Bank of New York Mellon Corp Has $7.46 Million Stock Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Bank of New York Mellon Corp lowered its stake in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 14.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 948,781 shares of the company's stock after selling 158,599 shares during the period. Bank of New York Mellon Corp owned 0.52% of Topgolf Callaway Brands worth $7,457,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of MODG. Geode Capital Management LLC increased its stake in shares of Topgolf Callaway Brands by 0.7% in the 3rd quarter. Geode Capital Management LLC now owns 3,255,232 shares of the company's stock valued at $35,749,000 after buying an additional 22,003 shares during the period. Charles Schwab Investment Management Inc. increased its position in Topgolf Callaway Brands by 8.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,995,667 shares of the company's stock worth $21,912,000 after purchasing an additional 148,451 shares during the period. Harbor Capital Advisors Inc. raised its holdings in Topgolf Callaway Brands by 14.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 1,886,496 shares of the company's stock worth $14,828,000 after purchasing an additional 241,755 shares during the last quarter. Principal Financial Group Inc. lifted its position in Topgolf Callaway Brands by 2.9% during the 4th quarter. Principal Financial Group Inc. now owns 686,480 shares of the company's stock valued at $5,396,000 after purchasing an additional 19,257 shares during the period. Finally, LGT Capital Partners LTD. bought a new position in shares of Topgolf Callaway Brands in the 3rd quarter valued at about $6,588,000. Institutional investors own 84.69% of the company's stock.

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Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MODG. Truist Financial dropped their price target on shares of Topgolf Callaway Brands from $14.00 to $12.00 and set a "buy" rating for the company in a research note on Tuesday, January 7th. Roth Mkm reissued a "buy" rating and issued a $11.00 price target (down previously from $16.00) on shares of Topgolf Callaway Brands in a research note on Tuesday, February 25th. JPMorgan Chase & Co. decreased their price objective on Topgolf Callaway Brands from $11.00 to $9.00 and set a "neutral" rating for the company in a research note on Thursday, January 23rd. Finally, Jefferies Financial Group raised Topgolf Callaway Brands from a "hold" rating to a "buy" rating and increased their target price for the company from $11.00 to $13.00 in a research note on Thursday, January 2nd. Two investment 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 data from MarketBeat.com, Topgolf Callaway Brands currently has an average rating of "Hold" and a consensus price target of $13.91.

Topgolf Callaway Brands Stock Up 4.2 %

NYSE MODG traded up $0.26 during trading hours on Wednesday, reaching $6.49. 993,253 shares of the company's stock were exchanged, compared to its average volume of 3,186,661. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -81.05 and a beta of 1.70. The company's 50-day moving average is $7.36 and its two-hundred day moving average is $8.63. Topgolf Callaway Brands Corp. has a one year low of $5.59 and a one year high of $16.89.

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 (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.07. Topgolf Callaway Brands had a negative net margin of 0.29% and a positive return on equity of 1.20%. The company had revenue of $924.40 million during the quarter, compared to the consensus estimate of $1.13 billion. On average, analysts forecast that Topgolf Callaway Brands Corp. will post 0.16 EPS 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.