Lattice Semiconductor Corp. (Nasdaq: LSCC) will split its stock next month.
After market close Wednesday, the maker of programmable logic devices announced plans for a 2-for-1 stock split in the form of a dividend payable Sept. 16 to shareholders of Aug. 26 record. Lattice currently has about 24 million shares outstanding.
Wednesday's announcement marks the second stock split in the history of Lattice, which previously divided its stock in 1993. "This stock split should benefit our stockholders and the Company by broadening our stockholder base and improving the liquidity of the market for our stock," stated Cyrus Y. Tsui, president and CEO.
The move comes as Lattice trades close to is 52-week high, with the stock closing Wednesday up 4 to 62 7/8. The stock was recently upgraded to "buy" from "outperform" by Lehman Bros. analyst James Barlage, who set a 12-month price target of $85 per share.
Recent notable moves by Lattice include a $500 million acquisition of AMD's Vantis unit. "The acquisition of Vantis could provide significant sales an earnings synergy to Lattice in the programmable logic market, one of the semiconductor industry more attractive niches," Barlage noted in a research note released last week.>