Chipotle Mexican Grill Inc (CMG) announced that investors who own stock at the end of trading Tuesday will receive extra shares as the company has finalized its stock split. The company is offering a 50-for-one stock split to these shareholders. This is the first time that Chipotle is offering a split, and it is one of the largest ever splits in the history of the NYSE. Company executives said the split has been proposed to improve the stock’s affordability.
In its news release, Chipotle said that shareholders can get the additional 49 shares after the market closes on Tuesday, June 25, 2024. The shares will trade in post-split trade after the market opens on Wednesday, June 26, 2024.
Jack Hartung, the company’s Chief Financial and Administrative Officer, said, “We believe the stock split will make our stock more accessible to our employees as well as a broader range of investors.”
Hartung also said, “With this historic decision, we’ll be better able to reward our team members and empower them to own our company.”
The Newport Beach, California-based fast food company has also recognized Chipotle employees. Restaurant managers and crew members who have completed more than two decades of service will receive a “special one-time equity grant.”
Chipotle Mexican Grill is a Fortune 500 company that owns and operates about 3,500 restaurants in North America, Europe, the UK, and Kuwait.
Chipotle stock closed at $3,365.84 per share on Monday at the New York Stock Exchange, up 2.87 percent from the previous day. After the split, Chipotle is expected to be worth between $67 and $68 per share. It rose to $3.432.84 on Tuesday afternoon.
The fast-casual food chain has consistently reported profits but is prone to market vagaries as it has not diversified successfully. CWEB would rate the stock as held by steady investors or bought by the more ambitious ones.
Celebrity WEB Update— Premier Jewelry designer and manufacturer fashion house ParisJewelry.com has started manufacturing a new custom line of celebrity jewelry designs with 30% Off and Free Shipping. Replenish Your Body- Refilter Your Health with OrganicGreek.com Vitamin Bottles, Vitamins, and Herbs. Become a WebFans Creator and Influencer. Check the New Special XMicro Razors for Men & Women, 1 Razor, 7 Blade Refills with German Stainless Steel, Lubricated with Vitamin E for Smooth Shave, Shields Against Irritation, Version X Men|Women
