Callaway Golf Wins A New Investor: Jana Partners

Callaway Golf Company ELY shares are trading higher following a new 9.22% stake from Barry Rosenstein's Jana Partners.

Callaway Golf manufactures golf clubs, among other golf-related accessories. It sells its line of Big Bertha, Great Big Bertha and Biggest Big Bertha oversize metal woods and conventional-style metal woods, irons, wedges and putters. Sales of metal woods account for approximately 60% of the company's total sales.

In its SEC filing, Jana said "it intends to have discussions with Callaway's board of directors and management regarding strategic alternatives, including exploring a divesting of assets or a sale of the company."

Callaway Golf traded up 12.2% to $17.84 at time of publication Thursday morning.

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