Paccar Sets 3-for-2 Stock Split
Truck maker Paccar Inc. said Tuesday it will undertake a 3-for-2 split its stock and increase its quarterly dividend by 8%.
The new shares will be issued on Oct. 9 to shareholders of record as of close of business Sept. 25, Paccar said in a statement.
Paccar said that after the split it will pay a dividend of 18 cents a share. Adjusted for the additional shares, that is an increase from the current 25-cent payout, Bloomberg reported.
The new dividend will be paid Dec. 5 to stockholders as of Nov. 19.
Paccar is the parent company of U.S. truck makers Kenworth Truck Co. and Peterbilt Motors Co. and Europe-based DAF Trucks.
