Under Armour announced a two-for-one stock split Monday of its outstanding common stock.
Shares of the Baltimore-based sports apparel and footwear maker have skyrocketed, climbing nearly 35 percent this year to $117.35 Friday. Shares were trading up nearly 2.5 percent Monday morning.
"Our team is proud of the value we have delivered to our stockholders over the long-term, and we believe this stock split may broaden our investor base and improve the trading liquidity of our stock," CEO and Chairman Kevin Plank said in the announcement.
Companies typically use stock splits to lower the price of a high-priced stock and attract investors.
The company's board approved the split, in the form of one share of Class A common stock for each share of Class A common stock outstanding and one share of Class B common stock for each share of Class B common stock outstanding.
Additional shares issued in the split will be distributed on or about April 14 to stockholders of record as of March 28.
Under Armour's last stock split was in July 2012, the first since it went public in Nov. 2005.Copyright © 2014, The Baltimore Sun