Why Callaway Golf Stock Jumped Today [The Motley Fool]
Callaway Golf Company (ELY)
Last callaway golf company earnings: 2/10 04:20 pm
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US:NYSE Investor Relations:
callawaygolf.gcs-web.com/investor-overview
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Source: The Motley Fool
Why Callaway Golf Stock Jumped Today Activist investor Jana has taken a stake and wants to make some changes to increase shareholder value. Shares of Callaway Golf ( NYSE:ELY ) have jumped today, up by 14% as of 11:20 a.m. EDT, after activist hedge fund Jana Partners disclosed a hefty stake in the maker of golf gear. The news comes as the U.S. Open kicks off. In a regulatory filing, Jana revealed that it has been scooping up stock in the open market over the past month or so and now holds nearly 8.7 million shares, or a 9.2% stake in Callaway Golf. The fund spent approximately $136.4 million after paying between $14.70 and $16.09 per share. Jana said that it purchased the shares because it considers them to be "undervalued and represent an attractive investment opportunity." Jana has signed cooperation agreements with three seasoned consumer products executives who disclosed smaller positions: Roger Farah, Cindy Davis, and James Lillie. The fund says it may seek to propose new direct
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