Tractor Supply plans 2-for-1 stock split
Brentwood, Tenn.-based Tractor Supply approved a 2-for-1 stock split, to be initiated Sept. 18.
It will be the company’s fourth 2-for-1 split since 2002.
"This action is the result of our strong operating results and stock price performance, and reflects the confidence that the board and management have in our long-term business strategy and our ability to continue returning value to our shareholders," said executive chairman Jim Wright.
The company said the move is intended to make the stock more affordable to investors, and increase liquidity and accessibility.
Shares of Tractor Supply (TSCO) were just under $120 yesterday. Adjusted for splits, the stock’s share price traded in the mid- to high-teens in 2002.
Pending home sales decline in July
The Pending Home Sales Index for July declined 1.3% to 109.5 as higher mortgage rates dampened enthusiasm for home buyers, according to the National Association of Realtors (NAR).
The NAR’s Chief Economist Lawrence Yun didn’t seem concerned by what he called a "modest decline in sales."
The Pending Home Sales Index is a forward-looking indicator based on contract signings. The index has remained above year-ago levels for 27 consecutive months.
The South and Midwest showed little change, but the Northeast and the West fell 6.5% and 4.9%, respectively.
The NAR projects existing-home sales to increase 10% to about 5.1 million for all of 2013. The forecast for 2014 is about 5.2 million.