Blueshift Asset Management LLC Acquires 120,719 Shares of Topgolf Callaway Brands Corp. (NYSE:MODG)

Blueshift Asset Management LLC grew its holdings in Topgolf Callaway Brands Corp. (NYSE:MODG) by 965.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 133,218 shares of the company’s stock after purchasing an additional 120,719 shares during the period. Blueshift Asset Management LLC’s holdings in Topgolf Callaway Brands were worth $1,463,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Leonard Green & Partners L.P. purchased a new stake in Topgolf Callaway Brands in the 2nd quarter valued at about $97,173,000. Vanguard Group Inc. increased its holdings in Topgolf Callaway Brands by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 15,484,400 shares of the company’s stock worth $250,383,000 after purchasing an additional 81,021 shares during the period. Harbor Capital Advisors Inc. raised its position in Topgolf Callaway Brands by 115.5% during the 3rd quarter. Harbor Capital Advisors Inc. now owns 1,644,741 shares of the company’s stock valued at $18,059,000 after purchasing an additional 881,535 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of Topgolf Callaway Brands in the 3rd quarter worth $3,396,000. Finally, Sei Investments Co. increased its stake in shares of Topgolf Callaway Brands by 61.8% during the second quarter. Sei Investments Co. now owns 391,343 shares of the company’s stock valued at $5,987,000 after buying an additional 149,545 shares during the period. 84.69% of the stock is currently owned by institutional investors.

Topgolf Callaway Brands Price Performance

Shares of NYSE MODG opened at $8.31 on Wednesday. The company’s fifty day moving average price is $9.90 and its 200 day moving average price is $12.45. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.93 and a quick ratio of 1.14. Topgolf Callaway Brands Corp. has a 1 year low of $7.95 and a 1 year high of $16.89.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MODG. KeyCorp downgraded shares of Topgolf Callaway Brands from an “overweight” rating to a “sector weight” rating in a research note on Thursday, August 8th. B. Riley downgraded Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $18.00 to $12.00 in a report on Thursday, October 17th. Roth Mkm restated a “buy” rating and set a $16.00 price target (down previously from $17.00) on shares of Topgolf Callaway Brands in a research note on Thursday, November 14th. Bank of America reduced 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, September 12th. Finally, TD Cowen dropped their target price on 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. Two 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. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $14.92.

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.