Wolverine Worldwide to Split Stock
Shoemaker Wolverine Worldwide announced a 2-for-1 stock split Thursday.
Anyone who owns a share of Wolverine Worldwide stock on October 1 will own two shares of stock when the split takes effect on November 1. In practice, however, anyone who owns a share of the stock even after the October 1 record date will, on November 1, find that they own two shares.
Commenting on the move, company CEO Blake W. Krueger explained that, "Declaring a stock split underscores the confidence our Board of Directors has in our Company strategy, our team's ability to execute, and the very significant growth opportunities that lie ahead."
In such situations, a company splitting stock will not ordinarily see a significant change in market capitalization after the split. However, each new "split" share will sell for a share price close to half of what a share cost pre-split.
Wolverine also announced Thursday that its new per-share, quarterly dividend payment will $0.06 after the split. Thus, pre-split, the dividend would have been $0.12. The dividend yield will remain approximately 0.8%.
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