Sanmina (Nasdaq: SANM) will split its stock next month.
After market close Wednesday, the contract electronics manufacturer said its board approved a 2-for-1 stock split, payable Jan. 8 to shareholders of Dec. 18 record. The company expects to have 305 million shares outstanding following the split.
It would be the fourth stock split for Sanmina since the company began trading on the Nasdaq.
Shares of Sanmina have held up well this year compared to the overall market. Prior to Sanmina's declines over the last two days, the stock gained more than 46 percent since May 10, compared to an 11 percent drop for the overall Nasdaq.
The company has reported strong results all year, including the latest fiscal quarter, when Sanmina topped consensus analyst estimates by 20 percent.
Sanmina fell 11.6875 to 73.375 in Wednesday's regular trading, ahead of the stock split announcement.>