Harbor Capital Advisors Inc. Buys 881,535 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG)

Harbor Capital Advisors Inc. boosted its stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 115.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,644,741 shares of the company’s stock after buying an additional 881,535 shares during the quarter. Topgolf Callaway Brands makes up approximately 0.8% of Harbor Capital Advisors Inc.’s portfolio, making the stock its 10th biggest position. Harbor Capital Advisors Inc. owned 0.89% of Topgolf Callaway Brands worth $18,059,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Fifth Third Bancorp raised its position in shares of Topgolf Callaway Brands by 327.6% in the 2nd quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock worth $39,000 after acquiring an additional 1,936 shares in the last quarter. nVerses Capital LLC bought a new position in shares of Topgolf Callaway Brands in the 3rd quarter worth about $133,000. Dnca Finance bought a new position in shares of Topgolf Callaway Brands in the 2nd quarter worth about $134,000. Koss Olinger Consulting LLC bought a new position in shares of Topgolf Callaway Brands in the 2nd quarter worth about $160,000. Finally, Simon Quick Advisors LLC bought a new position in shares of Topgolf Callaway Brands in the 2nd quarter worth about $161,000. 84.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MODG. Truist Financial lowered their price objective on Topgolf Callaway Brands from $20.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. TD Cowen decreased their target price on Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating for the company in a research report on Tuesday, September 17th. Raymond James lowered Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a research report on Friday, August 23rd. The Goldman Sachs Group decreased their target price on Topgolf Callaway Brands from $15.00 to $14.00 and set a “neutral” rating for the company in a research report on Friday, August 9th. Finally, B. Riley lowered Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and decreased their target price for the company from $18.00 to $12.00 in a research report on Thursday, October 17th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $15.31.

Topgolf Callaway Brands Stock Performance

Shares of MODG opened at $9.79 on Friday. 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 moving average price of $10.29 and a two-hundred day moving average price of $13.25. The firm has a market capitalization of $1.80 billion, a P/E ratio of 97.90, a P/E/G ratio of 6.24 and a beta of 1.75. Topgolf Callaway Brands Corp. has a 52 week low of $9.05 and a 52 week high of $16.89.

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