Hodges Capital Management Inc. Has $25.05 Million Stock Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

Hodges Capital Management Inc. raised its stake in Topgolf Callaway Brands Corp. (NYSE:MODG) by 5.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,637,289 shares of the company’s stock after purchasing an additional 86,913 shares during the quarter. Topgolf Callaway Brands accounts for about 1.7% of Hodges Capital Management Inc.’s portfolio, making the stock its 13th biggest position. Hodges Capital Management Inc.’s holdings in Topgolf Callaway Brands were worth $25,051,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. 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 worth $39,000 after purchasing an additional 1,936 shares during the last quarter. JFS Wealth Advisors LLC raised its stake in shares of Topgolf Callaway Brands by 6,063.5% in the fourth quarter. JFS Wealth Advisors LLC now owns 4,561 shares of the company’s stock worth $65,000 after purchasing an additional 4,487 shares during the last quarter. Dnca Finance purchased a new stake in shares of Topgolf Callaway Brands in the second quarter worth approximately $134,000. Caas Capital Management LP purchased a new stake in shares of Topgolf Callaway Brands in the fourth quarter worth approximately $148,000. Finally, Simon Quick Advisors LLC purchased a new stake in shares of Topgolf Callaway Brands in the second quarter worth approximately $161,000. 84.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MODG has been the subject of several analyst reports. The Goldman Sachs Group lowered their price objective on Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating for the company in a research note on Friday, August 9th. Raymond James lowered Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a report on Friday, August 23rd. Bank of America lowered Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and reduced their target price for the company from $18.00 to $13.00 in a report on Thursday, August 8th. Jefferies Financial Group lowered 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 report on Thursday, August 29th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $17.00 target price (down from $20.00) on shares of Topgolf Callaway Brands in a report on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, Topgolf Callaway Brands presently has an average rating of “Hold” and a consensus target price of $16.31.

Topgolf Callaway Brands Stock Performance

NYSE:MODG traded up $0.24 during trading hours on Wednesday, reaching $10.56. The stock had a trading volume of 202,180 shares, compared to its average volume of 2,384,150. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.15 and a current ratio of 1.93. The stock has a 50 day simple moving average of $13.60 and a 200 day simple moving average of $14.69. Topgolf Callaway Brands Corp. has a 12-month low of $9.84 and a 12-month high of $17.40. The stock has a market cap of $1.94 billion, a P/E ratio of 27.89, a price-to-earnings-growth ratio of 6.62 and a beta of 1.77.

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