Graham plans stock split
Graham Corp. is splitting its stock, 2-for-1, and hiking its quarterly dividend payment by 33 percent, as the Batavia manufacturer’s string of record profits has helped its stock more than triple over the last year.
The stock split will give shareholders two shares of Graham stock that are worth half as much as a single share of the company’s stock today. Companies often split their stock following a sharp run-up to increase the number of shares on the market and to keep the price of those shares within a targeted price range.
The split, wich will take place on Oct. 6, was made possible by a shareholder vote on Thursday that more than quadrupled the number of authorized shares to 26 million.
Graham also increased its quarterly dividend to 4 cents from 3 cents. Once the split takes place, each share will pay a dividend of 2 cents.
Graham’s stock fell $2.62 on Thursday to $89.
