Marten Transport to Offer Stock Split in July
Marten Transport will do a stock split July 7 after a vote from the company’s board of directors on June 15.
It’s a 5-for-3 stock split that will consist of a dividend payment to shareholders, who also will receive an additional two-thirds of a share for each outstanding share of common stock held as of June 26.
The split will increase the number of outstanding shares of common stock from about 32.7 million to about 54.5 million, which would affect the market capitalization number used to value a company’s total worth.
“I am pleased to announce this stock split, which reflects our continued strong financial condition. The increased number of outstanding shares should increase trading activity, or float, in our common stock. This stock split, while maintaining our current quarterly cash dividend of $0.025 per share, effectively increases the cash payout to our stockholders by 66 2/3%,” said Chairman and CEO Randolph Marten.
Marten Transport, which is based in Mondovi, Wis., ranks No. 47 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers and No. 5 in the refrigerated sector.
