State of New Jersey Common Pension Fund D Raises Position in Topgolf Callaway Brands Corp. (NYSE:MODG)

State of New Jersey Common Pension Fund D grew its holdings in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) by 45.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 203,621 shares of the company’s stock after purchasing an additional 63,268 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.11% of Topgolf Callaway Brands worth $2,920,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. North Star Investment Management Corp. increased its holdings in shares of Topgolf Callaway Brands by 57,166.7% during the 4th quarter. North Star Investment Management Corp. now owns 120,260 shares of the company’s stock worth $1,725,000 after buying an additional 120,050 shares during the last quarter. Vanguard Group Inc. increased its holdings in Topgolf Callaway Brands by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 13,557,515 shares of the company’s stock valued at $187,636,000 after purchasing an additional 116,267 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in Topgolf Callaway Brands by 422.9% in the 4th quarter. State of Alaska Department of Revenue now owns 87,406 shares of the company’s stock valued at $1,253,000 after purchasing an additional 70,689 shares in the last quarter. Louisiana State Employees Retirement System acquired a new stake in Topgolf Callaway Brands in the 4th quarter valued at $1,020,000. Finally, Thompson Investment Management Inc. increased its holdings in Topgolf Callaway Brands by 40.9% in the 4th quarter. Thompson Investment Management Inc. now owns 355,344 shares of the company’s stock valued at $5,096,000 after purchasing an additional 103,134 shares in the last quarter. Hedge funds and other institutional investors own 84.69% of the company’s stock.

Wall Street Analyst Weigh In

MODG has been the subject of several recent research reports. Raymond James increased their price target on Topgolf Callaway Brands from $14.00 to $16.00 and gave the company an “outperform” rating in a report on Thursday, January 4th. KeyCorp lowered their price target on Topgolf Callaway Brands from $20.00 to $18.00 and set an “overweight” rating for the company in a report on Wednesday, February 14th. Finally, Tigress Financial reiterated a “buy” rating and issued a $38.00 price target on shares of Topgolf Callaway Brands in a report on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.64.

Insiders Place Their Bets

In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.55, for a total value of $72,750.00. Following the sale, the director now owns 777,959 shares in the company, valued at $11,319,303.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Topgolf Callaway Brands news, Director Erik J. Anderson sold 5,000 shares of Topgolf Callaway Brands stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.55, for a total value of $72,750.00. Following the transaction, the director now owns 777,959 shares in the company, valued at $11,319,303.45. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Erik J. Anderson sold 2,028 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $14.79, for a total transaction of $29,994.12. Following the completion of the transaction, the director now directly owns 2,242 shares of the company’s stock, valued at approximately $33,159.18. The disclosure for this sale can be found here. 11.97% of the stock is currently owned by corporate insiders.

Topgolf Callaway Brands Stock Performance

Shares of MODG stock opened at $15.85 on Monday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.88 and a current ratio of 1.72. Topgolf Callaway Brands Corp. has a one year low of $9.84 and a one year high of $22.79. The company’s 50-day simple moving average is $15.18 and its 200-day simple moving average is $13.91. The stock has a market capitalization of $2.91 billion, a price-to-earnings ratio of 34.46, a PEG ratio of 1.69 and a beta of 1.87.

Topgolf Callaway Brands (NYSE:MODG) last issued its earnings results on Tuesday, February 13th. The company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.04. Topgolf Callaway Brands had a net margin of 2.22% and a return on equity of 2.39%. The firm had revenue of $897.10 million for the quarter, compared to analysts’ expectations of $867.25 million. During the same quarter last year, the company posted ($0.27) earnings per share. Topgolf Callaway Brands’s revenue was up 5.4% on a year-over-year basis. Equities analysts anticipate that Topgolf Callaway Brands Corp. will post 0.29 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.