Shares of Sherwin-Williams Co. SHW, +1.78% were indicated up more than 1% in premarket trading Wednesday after the paints and coatings company said it will implement a three-for-one split of its common stock, effective April 1. The company said it was setting the stock split “to make the stock more accessible to employees and a broader base of investors.” The stock split will be in the form of a stock dividend, payable March 31, with shareholders of record on March 23 receiving two additional common shares for each share they own. The stock closed Tuesday at $710.54, which would imply a post-split price of $236.85. The stock, which is still inactive in premarket trading, has rallied 23.6% over the past 12 months, while the S&P 500 SPX, +1.39% has gained 17.8%.
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