Hodges Capital Management Inc. Reduces Stock Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

Hodges Capital Management Inc. lowered its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 70.4% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 484,279 shares of the company's stock after selling 1,153,010 shares during the quarter. Hodges Capital Management Inc. owned approximately 0.26% of Topgolf Callaway Brands worth $5,317,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in MODG. Louisiana State Employees Retirement System increased its holdings in Topgolf Callaway Brands by 1.0% during the second quarter. Louisiana State Employees Retirement System now owns 71,100 shares of the company's stock valued at $1,088,000 after buying an additional 700 shares during the last quarter. Creative Planning increased its stake in shares of Topgolf Callaway Brands by 6.8% in the 2nd quarter. Creative Planning now owns 22,201 shares of the company's stock worth $340,000 after purchasing an additional 1,415 shares in the last quarter. SG Americas Securities LLC raised its holdings in Topgolf Callaway Brands by 5.2% in the 2nd quarter. SG Americas Securities LLC now owns 36,961 shares of the company's stock worth $566,000 after purchasing an additional 1,819 shares during the period. The Manufacturers Life Insurance Company lifted its position in Topgolf Callaway Brands by 2.5% during the second quarter. The Manufacturers Life Insurance Company now owns 78,434 shares of the company's stock valued at $1,200,000 after purchasing an additional 1,888 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in Topgolf Callaway Brands by 327.6% during the second quarter. Fifth Third Bancorp now owns 2,527 shares of the company's stock valued at $39,000 after purchasing an additional 1,936 shares during the period. Institutional investors own 84.69% of the company's stock.

Topgolf Callaway Brands Price Performance

Topgolf Callaway Brands stock traded down $0.04 during midday trading on Friday, reaching $8.02. 2,285,903 shares of the stock traded hands, compared to its average volume of 2,497,115. The stock has a market cap of $1.47 billion, a P/E ratio of -100.24, a PEG ratio of 5.63 and a beta of 1.70. The stock's fifty day moving average is $9.50 and its 200-day moving average is $12.03. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. Topgolf Callaway Brands Corp. has a 12 month low of $7.93 and a 12 month high of $16.89.

Analysts Set New Price Targets

MODG has been the topic of several recent research reports. Roth Mkm reaffirmed a "buy" rating and issued a $16.00 price objective (down previously from $17.00) on shares of Topgolf Callaway Brands in a research note on Thursday, November 14th. Truist Financial lowered their price target on shares of Topgolf Callaway Brands from $16.00 to $14.00 and set a "buy" rating on the stock in a report on Wednesday, November 13th. Jefferies Financial Group cut shares of Topgolf Callaway Brands from a "buy" rating to a "hold" rating and reduced their price objective for the stock from $40.00 to $12.00 in a research note on Thursday, August 29th. Raymond James downgraded shares of Topgolf Callaway Brands from an "outperform" rating to an "underperform" rating in a research report on Friday, August 23rd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Topgolf Callaway Brands from $13.00 to $11.00 and set a "neutral" rating for the company in a report on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Topgolf Callaway Brands has a consensus rating of "Hold" and a consensus price target of $14.92.

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.