Will Callaway Golf’s Top Institutional Shareholders DOUBLE DOWN on Cost Cuts?

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Year-to-date, Callaway Golf Co.’s (NYSE:ELY) shares are down 1.27 percent. On Wednesday, the company announced it will slash 12 percent of its 2100-employee workforce in an effort to cut costs. They will come across all regions and all levels, according to a corporate statement. The company will see a $40 million pretax charge over the next 12 months from the layoffs.

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CEO Chip Brewer said in a statement, “The company’s business has not recovered at a satisfactory pace and we are taking actions to accelerate the recovery.”

With the layoffs, will Callaway Golf’s largest shareholders decrease their holdings? 176 institutional firms indicated owning shares of Callaway Golf Co. (NYSE:ELY) in Q1 2012. These firms reported owning a total of 56.15 million shares on 03/31/2012. The shares closed at $6.75 on 03/31/2012.

Here are the ten largest positions in Callaway Golf Co. at the end of March 31st, 2012.

Perkins Investment Management LLC held 4,972,300 shares on 03/31/2012 worth $33,612,749. This brought the portfolio total to 0.2%.

Franklin Resources Inc held 4,217,143 shares on 03/31/2012 worth $28,507,888. This brought the portfolio total to 0.02%.

Royce & Associates LLC held 3,664,492 shares on 03/31/2012 worth $24,771,967. This brought the portfolio total to 0.07%.

Vanguard Group Inc held 3,347,804 shares on 03/31/2012 worth $22,631,156. This brought the portfolio total to 0.0%.

FMR LLC held 2,988,460 shares on 03/31/2012 worth $20,201,990. This brought the portfolio total to 0.0%.

Blackrock Fund Advisors held 2,814,651 shares on 03/31/2012 worth $19,027,041. This brought the portfolio total to 0.01%.

Wellington Management Co LLP held 2,571,400 shares on 03/31/2012 worth $17,382,665. This brought the portfolio total to 0.01%.

Lee Munder Capital Group LLC held 2,492,037 shares on 03/31/2012 worth $16,846,171. This brought the portfolio total to 0.41%.

King Investment Advisors Inc/TX held 2,229,481 shares on 03/31/2012 worth $15,071,292. This brought the portfolio total to 4.3%.

Blackrock Institutional Trust Company N.A. held 1,654,112 shares on 03/31/2012 worth $11,181,797. This brought the portfolio total to 0.0%.

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