Hormel Shareholders OK 2-For-1 Stock Split
AUSTIN, Minn. (AP) -- Hormel Foods Corp., which makes Spam and other prepared foods, said Tuesday its shareholders have approved a two-for-one stock split.
The stock split, which was approved by the company's board in November, will be Hormel's first in a decade.
In December Chairman Jeffrey Ettinger said the split should put the company's stock price "in a more attractive trading range for a number of individual investors."
Hormel's stock closed at $49.40 on Monday. It has traded between $38.60 and $52.27 over the last year.
Shareholders voted on the stock split during their annual meeting on Monday.
The stock split boosts the number of authorized shares of voting stock to 800 million from 400 million.
Shareholders of record on Monday will receive one additional share for each share they owned on that date.
The annual dividend rate will be 51 cents when adjusted for the stock split.
Hormel is based in Austin, Minn.
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