Hormel Foods Corp. said Wednesday its board has approved a 2-for-1 stock split of its common stock, the tenth such move in the company's history. "We anticipate this will also put our stock price in a more attractive trading range for a number of individual investors," Chief Executive Jeffrey Ettinger said in a statement. Hormel shares were not yet active in premarket trade, but closed Tuesday at $71.32. The move must be approved at the company's annual meeting, scheduled for Jan 26. The shares are up 39% in the year, far outperforming the S&P 500, which is up 1.5%.
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