MIAMI (AP) -- Heico is declaring 5-for-4 stock splits on both classes of its common stock.
The defense and aerospace contractor's class A common stock and its common stock are nearly identical, but have different voting rights.
The additional shares will be distributed on Oct. 22. Fractional shares will be paid in cash.
The stock splits, which will be in the form of 25 percent dividends, will be paid to those who are shareholders of record on Oct. 11.
Chairman and CEO Laurans Mendelson said in a statement that Heico Corp.'s board plans to boost the regular semi-annual dividend by 7 percent to 6 cents per share when adjusting for the stock split.
Heico has a flight support segment based in Hollywood, Fla., and an electronic technologies group based in Miami.
Its shares rose 41 cents to $68.21 in morning trading. They are near the high end of their 52-week range of $37.35 to $68.50.
- Airline Industry
- stock splits
- common stock