Public Sector Pension Investment Board Lowers Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

Public Sector Pension Investment Board lowered its stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 3.4% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 300,281 shares of the company’s stock after selling 10,700 shares during the period. Public Sector Pension Investment Board owned about 0.16% of Topgolf Callaway Brands worth $3,297,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Fifth Third Bancorp boosted 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 worth $39,000 after buying an additional 1,936 shares in the last quarter. nVerses Capital LLC purchased a new stake in shares of Topgolf Callaway Brands during the 3rd quarter worth about $133,000. Dnca Finance acquired a new stake in shares of Topgolf Callaway Brands during the 2nd quarter valued at about $134,000. Koss Olinger Consulting LLC purchased a new position in shares of Topgolf Callaway Brands in the 2nd quarter valued at about $160,000. Finally, Simon Quick Advisors LLC acquired a new position in Topgolf Callaway Brands in the 2nd quarter worth about $161,000. Institutional investors and hedge funds own 84.69% of the company’s stock.

Wall Street Analysts Forecast Growth

MODG has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. cut their price objective on Topgolf Callaway Brands from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, November 13th. Jefferies Financial Group lowered shares of Topgolf Callaway Brands from a “buy” rating to a “hold” rating and dropped their target price for the company from $40.00 to $12.00 in a research report on Thursday, August 29th. TD Cowen decreased their price target on shares of Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating on the stock in a research note on Tuesday, September 17th. The Goldman Sachs Group cut their price objective 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. Finally, Roth Mkm restated a “buy” rating and issued a $16.00 target price (down previously from $17.00) on shares of Topgolf Callaway Brands in a research report on Thursday, November 14th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $14.92.

Topgolf Callaway Brands Price Performance

Shares of NYSE:MODG opened at $8.21 on Wednesday. Topgolf Callaway Brands Corp. has a 52-week low of $7.95 and a 52-week high of $16.89. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93. The business has a fifty day moving average of $9.68 and a two-hundred day moving average of $12.21.

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.