Farm and ranch store chain Tractor Supply (TSCO 3.30%) announced today that it's splitting its stock 2-for-1 on September 26 for holders of record on September 18.
Investors will receive an additional share for each one they own on the record date of the stock split. The market price of each share will adjust to the split and individual investors will end up owning roughly the same dollar amount of stock after the split as they owned before it.
Noting the move represents the fourth 2-for-1 stock split since 2002, Tractor Supply Executive Chairman Jim Wright said, "We are very pleased to announce the two-for-one split of the Company's common stock. This action is the result of our strong operating results and stock price performance, and reflects the confidence that the Board and management have in our long-term business strategy and our ability to continue returning value to our shareholders."
The rationale for the split is to make the stock more affordable for investors. It closed trading today at $123.78 per share. It's also intended to increase the liquidity and accessibility of the stock.
Headquartered in Brentwood, Tenn., Tractor Supply operates 1,223 stores in 46 states.
