Monaco Coach Corp. stock opened at $17.16 today (Sept. 10), down sharply from Friday’s closing price of $26.90, to reflect a three-for-two stock split.
The 9.5 million new Monaco shares created as a result of the stock split were distributed to shareholders after the New York Stock Exchange closed Friday.
Now, there are 28.5 million Monaco shares outstanding, compared with 19 million shares prior to the stock split.
The 52-week high and 52-week low for Monaco’s stock also were adjusted to reflect the stock split. Monaco’s 52-week high now is $22.25 and its 52-week low now is $9 a share.
Monaco’s management decided to distribute more shares to stockholders in order to lower the market price to keep Monaco stock affordable to more investors.