Hollencrest Capital Management Trims Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

Hollencrest Capital Management lowered its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG) by 57.7% during the fourth quarter, Holdings Channel.com reports. The firm owned 25,403 shares of the company’s stock after selling 34,597 shares during the period. Hollencrest Capital Management’s holdings in Topgolf Callaway Brands were worth $200,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Asset Planning Inc purchased a new stake in Topgolf Callaway Brands in the fourth quarter valued at $33,000. KBC Group NV raised its position in 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 purchasing an additional 3,749 shares during the period. PNC Financial Services Group Inc. raised its position in Topgolf Callaway Brands by 170.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 13,757 shares of the company’s stock valued at $108,000 after purchasing an additional 8,672 shares during the period. Quest Partners LLC purchased a new stake in Topgolf Callaway Brands in the third quarter valued at $161,000. Finally, Paloma Partners Management Co purchased a new stake in Topgolf Callaway Brands in the third quarter valued at $200,000. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on MODG. Jefferies Financial Group upgraded Topgolf Callaway Brands from a “hold” rating to a “buy” rating and lifted their target price for the company from $11.00 to $13.00 in a research report on Thursday, January 2nd. Roth Mkm reiterated a “buy” rating and issued a $11.00 price objective (down previously from $16.00) on shares of Topgolf Callaway Brands in a report on Tuesday, February 25th. Truist Financial cut their price objective on Topgolf Callaway Brands from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. JPMorgan Chase & Co. lowered their target price 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, The Goldman Sachs Group lowered their target price on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a research note on Thursday, November 14th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $13.91.

Topgolf Callaway Brands Trading Up 8.4 %

MODG opened at $6.15 on Thursday. Topgolf Callaway Brands Corp. has a 12 month low of $5.59 and a 12 month high of $16.89. The stock has a market capitalization of $1.13 billion, a price-to-earnings ratio of -76.80 and a beta of 1.70. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14. The business has a fifty day moving average price of $7.58 and a 200 day moving average price of $8.77.

Topgolf Callaway Brands (NYSE:MODG) last released 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. The business had revenue of $924.40 million during the quarter, compared to analysts’ expectations of $1.13 billion. Topgolf Callaway Brands had a positive return on equity of 1.20% and a negative net margin of 0.29%. Sell-side analysts expect that Topgolf Callaway Brands Corp. will post 0.16 earnings per share 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.