Stay Curious. Stay Connected.
MailNewsletters♡Donate Now
Sign up
*Password must be at least 8 characters and contain one uppercase letter, one lowercase letter, one number and one symbol.
Already have an account?
By submitting, you consent that you are at least 18 years of age and to receive information about MPR's or APMG entities' programs and offerings. The personally identifying information you provide will not be sold, shared, or used for purposes other than to communicate with you about MPR, APMG entities, and its sponsors. You may opt-out at any time clicking the unsubscribe link at the bottom of any email communication. View our Privacy Policy.
Sign in to your profile
Forgot Password?
New to MPR News?
Welcome back
to news
for you
Reset Password

Enter the username on file and we'll send you a code to reset your password.

Still require assistance or not sure what your User Name is?
Welcome back
to news
for you
Email Verification

A verification code has been emailed to

Still awaiting the code?
Austin, Minn. (AP)

Hormel Foods board approves 2-for-1 stock split

Go Deeper.

Create an account or log in to save stories.

Log inCreate a free Account

Like this?

Thanks for liking this story! We have added it to a list of your favorite stories.

Show me!

Hormel Foods Inc. said Monday that its board has approved a 2-for-1 stock split, which would be its first in a decade.

Chairman Jeffrey Ettinger said the split should put the company's stock price "in a more attractive trading range for a number of individual investors."

Hormel's stock closed at $50.65 on Friday. Over the past 52 weeks, shares have traded between $37.40 and $50.66.

The proposed stock split for the maker of Spam and other prepared foods must be approved by Hormel's shareholders and will be voted on at the company's annual meeting on Jan. 31. 2011.

The proposal would boost the number of authorized shares of voting stock to 800 million from 400 million.

Shareholders of record Jan. 31, 2011 will be entitled to receive the split shares. One additional share will be issued to stockholders around Feb. 14. 2011 for each share held Jan. 31, 2011.

Hormel, based in Austin. Minn., reported last month that its fourth-quarter net income climbed on better turkey prices and lower grain costs.

(Copyright 2010 by The Associated Press. All Rights Reserved.)