Edgestream Partners L.P. Invests $417,000 in Topgolf Callaway Brands Corp. (NYSE:MODG)

Edgestream Partners L.P. acquired a new stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 37,941 shares of the company’s stock, valued at approximately $417,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Leonard Green & Partners L.P. acquired a new position in shares of Topgolf Callaway Brands in the second quarter worth $97,173,000. Dimensional Fund Advisors LP increased its position in Topgolf Callaway Brands by 21.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,646,731 shares of the company’s stock worth $132,296,000 after purchasing an additional 1,549,222 shares during the last quarter. American Century Companies Inc. raised its stake in shares of Topgolf Callaway Brands by 60.8% during the 2nd quarter. American Century Companies Inc. now owns 3,178,681 shares of the company’s stock worth $48,634,000 after purchasing an additional 1,202,347 shares in the last quarter. Granite Investment Partners LLC acquired a new stake in shares of Topgolf Callaway Brands during the 2nd quarter valued at about $13,757,000. Finally, Harbor Capital Advisors Inc. increased its holdings in Topgolf Callaway Brands by 115.5% in the third quarter. Harbor Capital Advisors Inc. now owns 1,644,741 shares of the company’s stock worth $18,059,000 after buying an additional 881,535 shares during the last quarter. Institutional investors and hedge funds own 84.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on MODG shares. B. Riley cut shares of Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and reduced their target price for the company from $18.00 to $12.00 in a research note on Thursday, October 17th. Roth Mkm reaffirmed a “buy” rating and issued a $16.00 price objective (down previously from $17.00) on shares of Topgolf Callaway Brands in a research note on Thursday, November 14th. TD Cowen lowered their target price on shares of Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating on the stock in a research report on Tuesday, September 17th. Bank of America reduced their price target on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, September 12th. Finally, KeyCorp lowered Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a report on Thursday, August 8th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $14.92.

Topgolf Callaway Brands Stock Performance

MODG opened at $8.06 on Friday. Topgolf Callaway Brands Corp. has a 12-month low of $7.95 and a 12-month high of $16.89. The firm has a market capitalization of $1.48 billion, a P/E ratio of -100.75, a price-to-earnings-growth ratio of 5.58 and a beta of 1.70. The stock’s 50 day moving average price is $9.60 and its two-hundred day moving average price is $12.13. 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 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.