Marten Transport, Ltd. (MRTN) said Monday that its Board of Directors has declared a three-for-two stock split of the company's common stock.
The stock split will be effected in the form of a stock dividend payable on June 14 to stockholders of record as of May 28.
Holders of the company's common stock will receive an additional one-half share for each outstanding share of common stock held as of the record date.
The stock split will increase the number of outstanding shares of common stock from about 22.15 million to about 33.22 million.
Marten Transport Chairman and Chief Executive Officer Randolph Marten said, "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 50%."
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