Following strong earns, Hormel anounces 2-for-1 stock split
NEW YORK (AP) — Hormel is announcing a two-for-one split a day after the company reported a strong fourth quarter and outlook.
The company is projecting higher sales from organic meats producer Applegate, which it bought earlier this year.
Chairman and CEO Jeffrey Ettinger said Wednesday that the split "demonstrates our confidence that we will continue to grow our sales and earnings."
Shares hit an all-time high Tuesday.
The stock split, which would increase the number of shares to 1.6 billion from 800 million, requires shareholder approval.
Hormel Foods Corp., based in Austin, Minnesota, set Jan. 26 as the record date for shareholders to be eligible for the split. It would be effective around Feb. 9.