LGT Capital Partners LTD. Purchases New Holdings in Topgolf Callaway Brands Corp. (NYSE:MODG)

LGT Capital Partners LTD. purchased a new stake in shares of Topgolf Callaway Brands Corp. (NYSE:MODG) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 600,000 shares of the company’s stock, valued at approximately $6,588,000. LGT Capital Partners LTD. owned about 0.33% of Topgolf Callaway Brands at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of MODG. Fifth Third Bancorp grew its holdings in Topgolf Callaway Brands by 327.6% during the second quarter. Fifth Third Bancorp now owns 2,527 shares of the company’s stock valued at $39,000 after purchasing an additional 1,936 shares during the period. nVerses Capital LLC bought a new position in Topgolf Callaway Brands during the third quarter valued at $133,000. Dnca Finance bought a new position in Topgolf Callaway Brands during the second quarter valued at $134,000. Koss Olinger Consulting LLC bought a new position in Topgolf Callaway Brands during the second quarter valued at $160,000. Finally, Simon Quick Advisors LLC bought a new position in Topgolf Callaway Brands during the second quarter valued at $161,000. 84.69% of the stock is owned by hedge funds and other institutional investors.

Topgolf Callaway Brands Stock Performance

NYSE MODG opened at $8.17 on Tuesday. The stock’s 50-day simple moving average is $10.02 and its two-hundred day simple moving average is $12.72. Topgolf Callaway Brands Corp. has a twelve month low of $8.16 and a twelve month high of $16.89. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.14 and a current ratio of 1.93.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MODG. B. Riley lowered Topgolf Callaway Brands from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $18.00 to $12.00 in a report on Thursday, October 17th. Bank of America cut their price target on Topgolf Callaway Brands from $14.00 to $12.00 and set a “neutral” rating for the company in a report on Thursday, September 12th. Jefferies Financial Group lowered Topgolf Callaway Brands from a “buy” rating to a “hold” rating and cut their price target for the stock from $40.00 to $12.00 in a report on Thursday, August 29th. Raymond James lowered Topgolf Callaway Brands from an “outperform” rating to an “underperform” rating in a report on Friday, August 23rd. Finally, TD Cowen cut their price target on Topgolf Callaway Brands from $13.00 to $10.00 and set a “hold” rating for the company in a report on Tuesday, September 17th. 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 company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average 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.