EMC splits stock, again
The leader in enterprise storage systems, software, and services is splitting its stock two-for-one because of the rocketing rise in market price for its stock over the past year.
The split is yet to be approved by the company's shareholders who will vote during their annual meeting on May 5. If the proposal is approved by the stockholders, the record date for the stock split will be May 14, 1999, and the distribution date will be May 28, 1999.
"The split will decrease the price per share and make EMC stock more accessible to a broader audience of investors looking for technology companies with high growth rates and profitability, sustained market leadership, and proven track records of success," EMC chief executive Michael Ruettgers said in a statement.
Shares of EMC have nearly tripled in the past year. The stock split would be EMC's fifth since 1992. EMC's most recent stock split, a two-for-one, was in November 1997. EMC stock began trading publicly in 1986.
The Fortune 500 company, based in Hopkinton, Massachusetts, is the technology and market leader in the rapidly growing market for intelligent enterprise storage systems, software, and services. The company's products store, retrieve, and manage information from all major computing environments, including Unix, Windows NT, and mainframe platforms.
EMC is a component of the S&P 500 Index.
The stock closed down 3.06 percent yesterday at 105. Still, EMC shares are trading near their 52-week high of 109.88. The stock hit a low of 34.5 during the past 52 weeks.