Topgolf Callaway Brands Corp. (NYSE:MODG) Position Cut by Capstone Investment Advisors LLC

Capstone Investment Advisors LLC lowered its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 78.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,460 shares of the company’s stock after selling 41,965 shares during the period. Capstone Investment Advisors LLC’s holdings in Topgolf Callaway Brands were worth $126,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Topgolf Callaway Brands by 1.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 355,256 shares of the company’s stock worth $3,901,000 after buying an additional 3,841 shares in the last quarter. Blueshift Asset Management LLC raised its holdings in Topgolf Callaway Brands by 965.8% during the third quarter. Blueshift Asset Management LLC now owns 133,218 shares of the company’s stock worth $1,463,000 after purchasing an additional 120,719 shares in the last quarter. Quantbot Technologies LP acquired a new stake in Topgolf Callaway Brands in the third quarter worth approximately $1,645,000. Charles Schwab Investment Management Inc. boosted its stake in Topgolf Callaway Brands by 8.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,995,667 shares of the company’s stock valued at $21,912,000 after purchasing an additional 148,451 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new position in shares of Topgolf Callaway Brands during the 3rd quarter valued at $424,000. Institutional investors and hedge funds own 84.69% of the company’s stock.

Topgolf Callaway Brands Price Performance

MODG opened at $8.42 on Monday. The firm has a market capitalization of $1.55 billion, a P/E ratio of -105.25, a PEG ratio of 5.73 and a beta of 1.75. The stock has a fifty day moving average of $9.72 and a 200-day moving average of $12.28. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. Topgolf Callaway Brands Corp. has a 12-month low of $7.95 and a 12-month high of $16.89.

Analysts Set New Price Targets

MODG has been the subject of several research 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 report on Wednesday, November 13th. Morgan Stanley cut their price target on shares of Topgolf Callaway Brands from $11.00 to $10.00 and set an “underweight” rating for the company in a report on Thursday, August 8th. B. Riley cut shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $18.00 to $12.00 in a research note on Thursday, October 17th. Truist Financial dropped their target price on shares of Topgolf Callaway Brands from $16.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. Finally, KeyCorp cut shares of Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 8th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Topgolf Callaway Brands currently has an average rating of “Hold” and an average target price of $14.92.

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.