Wolverine World Wide Inc. announced Thursday it will implement a two-for-one stock split, effective Oct. 1.
Stockholders of record on that date will receive one new share of common stock for each share they already own. Shares issued after the stock split will be issued on Nov. 1.
Wolverine’s president, chairman and CEO, Blake Krueger, said in a statement, “Declaring a stock split underscores the confidence our board of directors has in our company strategy, our team’s ability to execute and the very significant growth opportunities that lie ahead. We believe that these actions today support our goal of increasing shareholder value.”
Don Grimes, the firm’s SVP and CFO, explained, “We’re pleased to see the performance of our stock price this week after the strong second-quarter release. But we like the idea of the stock trading in a range of $30 to $40 a share. That’s the comfort level with where it’s historically traded.”
Simultaneously, the Rockford, Mich.-based firm also declared a quarterly cash dividend of 6 cents a share, to be payable on Nov. 1 to stockholders of record on Oct. 1.