Benzinga | Dec 14, 2021 07:28AM EST

Callaway Golf Plans $50M Stock Buyback

* Callaway Golf Co (NYSE:ELY) said its Board of Directors had authorized the repurchase of up to $50 million of its common stock in the open market or private transactions.

* The new approval replaces the pre-pandemic repurchase program, which was terminated by the Board of Directors.

* Callaway held $513.9 million in cash and equivalents as of September 30, 2021.

* Price Action: ELY shares are trading higher by 1.70% at $28.05 in premarket on the last check Tuesday.