Harbor Capital Advisors Inc. Boosts Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

Harbor Capital Advisors Inc. raised its stake in Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) by 115.5% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,644,741 shares of the company's stock after acquiring an additional 881,535 shares during the period. Topgolf Callaway Brands comprises about 0.8% of Harbor Capital Advisors Inc.'s investment portfolio, making the stock its 10th largest position. Harbor Capital Advisors Inc. owned 0.89% of Topgolf Callaway Brands worth $18,059,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently bought and sold shares of the stock. Fifth Third Bancorp raised its stake in shares of Topgolf Callaway Brands by 327.6% in the second quarter. Fifth Third Bancorp now owns 2,527 shares of the company's stock valued at $39,000 after acquiring an additional 1,936 shares during the last quarter. Dnca Finance bought a new position in Topgolf Callaway Brands in the 2nd quarter valued at $134,000. Koss Olinger Consulting LLC bought a new stake in shares of Topgolf Callaway Brands during the second quarter worth $160,000. Simon Quick Advisors LLC acquired a new position in shares of Topgolf Callaway Brands during the second quarter valued at $161,000. Finally, QRG Capital Management Inc. acquired a new stake in Topgolf Callaway Brands in the first quarter worth about $178,000. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Topgolf Callaway Brands Stock Up 0.8 %

MODG traded up $0.08 during trading on Friday, reaching $9.79. The company had a trading volume of 2,095,476 shares, compared to its average volume of 1,904,484. The company has a market cap of $1.80 billion, a P/E ratio of 97.90, a PEG ratio of 6.24 and a beta of 1.75. Topgolf Callaway Brands Corp. has a 12 month low of $9.05 and a 12 month high of $16.89. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.15. The business's fifty day moving average price is $10.29 and its 200 day moving average price is $13.23.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.42 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.14. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.19 billion. Topgolf Callaway Brands had a return on equity of 2.07% and a net margin of 0.50%. The business's revenue was down 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.39 EPS. Equities analysts anticipate that Topgolf Callaway Brands Corp. will post 0.18 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Jefferies Financial Group lowered shares of Topgolf Callaway Brands from a "buy" rating to a "hold" rating and reduced their target price for the company from $40.00 to $12.00 in a research note on Thursday, August 29th. Raymond James cut shares of Topgolf Callaway Brands from an "outperform" rating to an "underperform" rating in a research note on Friday, August 23rd. The Goldman Sachs Group dropped their target price on shares of Topgolf Callaway Brands from $15.00 to $14.00 and set a "neutral" rating for the company in a research report on Friday, August 9th. Truist Financial reduced their price target on Topgolf Callaway Brands from $20.00 to $16.00 and set a "buy" rating on the stock in a research report on Thursday, August 8th. Finally, Roth Mkm reiterated a "buy" rating and issued a $17.00 price objective on shares of Topgolf Callaway Brands in a report on Thursday, September 5th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $15.31.

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.