Polaris Industries on Thursday announced that its board of directors has approved a two-for-one split of the company’s outstanding shares of common stock to be effected in the form of a 100 percent stock dividend.
On Sept. 12, Polaris shareholders will receive one additional share of common stock for each share of record they hold at the close of business on Sept. 2. Upon completion of the stock split, Polaris will have approximately 69 million shares of common stock outstanding. In connection with the stock split, the board of directors approved a corresponding increase in the common shares authorized to be issued from 80 million shares to 160 million shares.
Separately, Polaris also declared a regular quarterly $0.45 per share (pre-split) cash dividend payable on Aug. 15 to shareholders of record at the close of business on Aug. 1.
“These announcements underscore our strong market performance, continuing growth prospects, and track record of providing our shareholders with noteworthy, long-term returns. We are confident that we can maintain growth across all products and geographies by providing industry leading, high quality products and focused execution of our strategy,” Polaris CEO Scott Wine said.