LITTLE FALLS, N.J. (AP) -- Cantel Medical Corp., which anti-infection equipment for hospitals, said Thursday that its board declared a three-for-two split of the company's common stock.
The Little Falls, N.J., company said the split will take place through a stock dividend of three shares for each two shares issued and outstanding. The shares will be paid July 12 to shareholders of record as of July 1.
The company said it will make cash payments based on the closing price of Cantel stock on the record date instead of issuing partial shares.
Also on Thursday, the company said its board authorized a regular semiannual cash dividend for the company's common stock.
Taking into account the stock split, the dividend will be 3.7 cents per share and will be paid on July 31 to shareholders of record as of July 17, the company said.
Cantel President and CEO Andrew Krakauer said the stock split reflects the company's confidence in its future operating results and cash flows.
Cantel shares fell 59 cents, or 1.7 percent, to $33.23 in afternoon trading Thursday. Its shares have traded in a 52-week range of $24.17 to $35.96.