Meat Loaf dies at 74 Intel's $100B chip 'megafab' Twitter will showcase your NFTs Netflix confirms Squid Game season 2 Free COVID-19 test kits Wordle tips

ADC Telecom issues stock split

ADC Telecommunications Inc. (Nasdaq: ADCT) said Thursday it will issue a 2-for-1 stock split, payable for shareholders on record Jan. 25.

The new shares will be distributed on February 15, the company said. ADC also authorized an increase in the number of common shares to 600 million from 300 million.

The stock split is just the latest dose of good news for ADC shareholders.

Last month, ADC delivered strong fourth quarter results. In the quarter, ADC pocketed $71 million, or 46 cents a share, on sales of $582 million.

First Call consensus expected it to earn 43 cents a share in the quarter.

On the heels of the strong earnings report, a bevy of brokerage firms upgraded the stock, raised the company's fiscal 2000 earnings estimate and boosted its 12-month price target.

Prudential Securities bumped ADC Telecom from a "hold" to an "accumulate" recommendation while both SG Cowen and Volpe Brown Whelan raised it from a "neutral" rating to a "buy."

ABN AMRO analyst Kenneth Leon reiterated his "buy" recommendation and lifted his 12-month price target from $55 a share to $75.

"We are confident ADC will realize higher sales and earnings trends in fiscal 2000 and 2001," Leon said.