Steve Madden investors will suddenly have significantly more shares in the company on October 1. The company has set that as the distribution date for the 3-for-2 common stock split it announced last month. On that day, shareholders of record as of the close of business September 20 will receive one additional share for every two they already own.
According to the firm, it will have roughly 68.8 million shares outstanding following the split. Its current tally is around 45.9 million.
Although the company's number of shares will rise after the split, their overall value will not change substantially. Proportionally, therefore, stockholders will hold the same stake in the company as they did previously.
So far this year, Steve Madden's stock has risen by nearly 30%. It currently trades at $53.68 per share.
In its most recently reported quarter, the company posted net sales of $298 million, and attributable net profit of just under $29 million, or $0.65 per diluted share. All figures were higher than those of the same quarter of 2012, which saw the firm post a top line of $289 million, attributable net profit of almost $27 million, and $0.61 diluted EPS.
The article Steve Madden Sets Stock Split Distribution Date originally appeared on Fool.com.
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