Texas Instruments Inc. (NYSE: TXN) said Thursday its board of directors approved a 2-for-1 stock split. Its shares closed up 3 1/4 to a 52-week high of 153 1/4.
Company officials said the split will be paid in the form of a dividend to shareholders of record on July 30. The split will take effect Aug. 16.
In its release, TI said its board decided to split the stock in order to broaden its ownership base and increase the number of shares available for trading. TI's last stock split was in November 1997.
Texas Instruments will announced its second quarter results Tuesday with First Call consensus expecting a profit of 86 cents a share.
Last quarter, it topped analysts' estimates, returning a profit of 65 cents a share on sales of $2.03 billion.
The stock hit a 52-week low of 45 3/8 in October.
Twenty-one of the 27 analysts following the stock rate it either a "buy" or "strong buy."
First Call consensus expects TI to rake in $3.21 a share in the fiscal year.