Chipotle plans rare 50-for-1 stock split as share price nears $3,000 -Jermaine Filmore
Chipotle Mexican Grill is planning to lower its stock price and give more shares to its existing investors. The fast-casual restaurant known for burrito bowls and charging extra for guac said this week it will conduct the company's first ever stock split. The unusual 50-for-1 stock split needs shareholder approval first, which the company said it will seek during its annual meeting in June. And if approved by shareholders, the transaction would be one of the largest stock splits in New York Stock Exchange history, Chipotle said. The move will make Chipotle's "stock more accessible to employees, as well as a broader range of investors," a company executive said. "This split comes at a time when our stock is experiencing an all-time high driven by record revenues, profits, and growth," Jack Hartung, Chipotle's chief financial and administrative officer, said in a statement. Chipotle's share price opened Wednesday at $2,797, up nearly 97% from three yea...