Chipotle announces first stock split in its history with shares trading at $2,972

Chipotle is cutting prices—for investors.

The fast-casual food chain has announced a 50-for-1 stock split, the first stock split in its 30-year history. Assuming shareholders approve the deal when they gather in June, that will make the stock much more affordable for investors.

Chipotle stock was trading at $2,972 per share, as of Wednesday morning. Based on that price, the split would bring the price down to a more reasonable $59 per share. The less-expensive shares would begin trading on June 26.

Foot traffic at Chipotle has climbed steadily, bucking industry trends. (Starbucks and McDonald’s have both reported traffic declines.) And as other restaurant chains have struggled to find workers, Chipotle recently underwent a hiring boom, bringing on 19,000 seasonal employees for its busy season (which runs from March through May). As part of that hiring blitz, the company introduced enhanced benefits and an Employee Assistance Program.

For Generation Z, which makes up the vast majority of Chipotle’s workers, that means that once they become eligible for the company’s 401(k) plan, the restaurant will match up to 4% of their salary in 401(k) contributions when those workers make eligible student loan payments.

Both private and federal loans are eligible for the student loan match program.

Put another way… If an employee has monthly loan payments of $150, the company will contribute that amount to their 401(k)—up until they reach 4% of the worker’s annual salary. (Wages at the company  average wage $17 per hour.)

In its most recent fiscal quarter, Chipotle blew past earnings projections, reporting restaurant traffic growth of 7.4% and earnings per share of $10.36, versus an expected $9.75. Revenue came in at $2.52 billion.

The chain opened 121 new locations in the fourth quarter of 2024.

This story was originally featured on Fortune.com