Under Armour (UA) said Monday it plans to issue a two-for-one stock split, marking the second such move since the sports apparel giant went public in 2005.
Under Armour currently has a market value of about $12.7 billion and 105.6 million shares outstanding.
The additional Class A and Class B shares will be distributed on or about April 14 to stockholders of record on March 28.
Since it last did a stock split in July 2012, Under Armour’s Class A shares have soared about 150%.
“Our team is proud of the value we have delivered to our stockholders over the long-term, and we believe this stock split may broaden our investor base and improve the trading liquidity of our stock,” chairman and chief executive Kevin Plank said.
In January, the Baltimore-based company reported 28% growth in its fourth-quarter profit amid stronger revenue. Under Armour also provided full-year earnings guidance that beat Wall Street expectations.
Under Armour rallied 2.7% to $120.51 shortly after the opening bell. Through Friday, the stock was already up 34.4% on the year.