Orvieto Partners L.P. Purchases Shares of 160,000 Topgolf Callaway Brands Corp. (NYSE:MODG)

Orvieto Partners L.P. bought a new position in shares of Topgolf Callaway Brands Corp. (NYSE:MODG - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 160,000 shares of the company's stock, valued at approximately $1,258,000. Topgolf Callaway Brands accounts for approximately 1.1% of Orvieto Partners L.P.'s investment portfolio, making the stock its 28th biggest holding. Orvieto Partners L.P. owned 0.09% of Topgolf Callaway Brands as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Asset Planning Inc purchased a new stake in shares of Topgolf Callaway Brands in the fourth quarter valued at approximately $33,000. Sterling Capital Management LLC increased its position in shares of Topgolf Callaway Brands by 821.5% in the fourth quarter. Sterling Capital Management LLC now owns 4,543 shares of the company's stock valued at $36,000 after buying an additional 4,050 shares in the last quarter. KBC Group NV increased its position in shares of Topgolf Callaway Brands by 81.8% in the fourth quarter. KBC Group NV now owns 8,330 shares of the company's stock valued at $65,000 after buying an additional 3,749 shares in the last quarter. Covestor Ltd increased its position in shares of Topgolf Callaway Brands by 147.2% in the fourth quarter. Covestor Ltd now owns 9,286 shares of the company's stock valued at $73,000 after buying an additional 5,530 shares in the last quarter. Finally, Stifel Financial Corp purchased a new stake in shares of Topgolf Callaway Brands in the fourth quarter valued at approximately $83,000. Institutional investors and hedge funds own 84.69% of the company's stock.

Topgolf Callaway Brands Trading Down 2.6 %

MODG stock traded down $0.18 during trading on Tuesday, reaching $6.62. 694,801 shares of the stock were exchanged, compared to its average volume of 2,679,542. The company has a current ratio of 1.93, a quick ratio of 1.14 and a debt-to-equity ratio of 0.37. The business has a 50 day moving average price of $6.39 and a 200-day moving average price of $7.80. Topgolf Callaway Brands Corp. has a 1 year low of $5.42 and a 1 year high of $16.89. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of -82.68 and a beta of 1.47.

Topgolf Callaway Brands (NYSE:MODG - Get Free Report) last issued its earnings results on Monday, February 24th. The company reported ($0.33) EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $1.13 billion. On average, research analysts predict that Topgolf Callaway Brands Corp. will post 0.16 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MODG. JPMorgan Chase & Co. cut their price objective on Topgolf Callaway Brands from $11.00 to $9.00 and set a "neutral" rating for the company in a research report on Thursday, January 23rd. Roth Mkm restated a "buy" rating and issued a $11.00 price objective (down from $16.00) on shares of Topgolf Callaway Brands in a research report on Tuesday, February 25th. Jefferies Financial Group raised Topgolf Callaway Brands from a "hold" rating to a "buy" rating and increased their price objective for the company from $11.00 to $13.00 in a research note on Thursday, January 2nd. Finally, Truist Financial lowered their target price on shares of Topgolf Callaway Brands from $12.00 to $7.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $11.00.

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.