The Andersons Splits Stock 2-for-1

CEO Mike Anderson cites strong stock appreciation.
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The Andersons (ANDE) - Get Report set a 2-for-1 stock split.

The Maumee, Ohio, ethanol giant says people holding shares on June 1 will get new shares June 28. The news comes as the grain-processing stock has fallen from a recent 52-week high but remains up more than fourfold over a year ago.

"Our stock's recent outstanding performance has enabled us to provide this added benefit to shareholders," said CEO Mike Anderson. "Additionally, this split enables a larger universe of investors to purchase our shares."

The board also approved a 4.5-cent dividend on postsplit shares, payable July 24 to holders of record July 3. The dividend maintains the current quarterly rate.

The Andersons has interests in the grain, ethanol and plant nutrient sectors of U.S. agriculture, as well as in railcar marketing, industrial products formulation, turf products production and general merchandise retailing.

The Andersons shares fell $5.67 during regular trading Friday before rising $1.54 in after-hours action to $112.75.