Paloma Partners Management Co Invests $200,000 in Topgolf Callaway Brands Corp. (NYSE:MODG)

Paloma Partners Management Co bought a new stake in Topgolf Callaway Brands Corp. (NYSE:MODG) during the third quarter, HoldingsChannel.com reports. The fund bought 18,217 shares of the company’s stock, valued at approximately $200,000.

Several other hedge funds have also bought and sold shares of the company. Louisiana State Employees Retirement System boosted its holdings in shares of Topgolf Callaway Brands by 1.0% during the 2nd quarter. Louisiana State Employees Retirement System now owns 71,100 shares of the company’s stock worth $1,088,000 after buying an additional 700 shares during the period. Creative Planning boosted its holdings in shares of Topgolf Callaway Brands by 6.8% during the second quarter. Creative Planning now owns 22,201 shares of the company’s stock worth $340,000 after acquiring an additional 1,415 shares during the period. SG Americas Securities LLC grew its position in shares of Topgolf Callaway Brands by 5.2% in the second quarter. SG Americas Securities LLC now owns 36,961 shares of the company’s stock valued at $566,000 after purchasing an additional 1,819 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Topgolf Callaway Brands by 2.5% during the second quarter. The Manufacturers Life Insurance Company now owns 78,434 shares of the company’s stock worth $1,200,000 after purchasing an additional 1,888 shares during the period. Finally, Fifth Third Bancorp lifted its holdings in Topgolf Callaway Brands by 327.6% during the 2nd quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock worth $39,000 after purchasing an additional 1,936 shares during the last quarter. 84.69% of the stock is currently owned by institutional investors and hedge funds.

Topgolf Callaway Brands Stock Performance

NYSE:MODG opened at $8.02 on Friday. Topgolf Callaway Brands Corp. has a twelve month low of $7.93 and a twelve month high of $16.89. The company has a quick ratio of 1.14, a current ratio of 1.93 and a debt-to-equity ratio of 0.37. The stock’s 50-day simple moving average is $9.50 and its 200 day simple moving average is $12.05. The firm has a market capitalization of $1.47 billion, a PE ratio of -100.17, a price-to-earnings-growth ratio of 5.63 and a beta of 1.70.

Wall Street Analyst Weigh In

MODG has been the subject of a number of recent research reports. JPMorgan Chase & Co. reduced their target price on shares of Topgolf Callaway Brands from $13.00 to $11.00 and set a “neutral” rating for the company in a research report on Wednesday, November 13th. Truist Financial cut their price objective on shares of Topgolf Callaway Brands from $16.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. 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 report on Tuesday, September 17th. Jefferies Financial Group downgraded Topgolf Callaway Brands from a “buy” rating to a “hold” rating and reduced their price target for the stock from $40.00 to $12.00 in a research report on Thursday, August 29th. Finally, Raymond James cut Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a report on Friday, August 23rd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus 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.